Hi Catawbakid,
Just thought I post the News Release in here. Do you know what time it was released? Nobody seems to have noticed those outstanding numbers!!
Br
Roger
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TeleBackup Reports Second Quarter 1998 Results
449% Revenue Growth Produces First Quarterly Profit in Company
History
CALGARY, AB. - July 13, 1998 - TeleBackup Systems Inc.(ASE-TBP), a leading developer of data backup software
solutions, today announced financial results for the period ended June 30, 1998.
Revenue for the second quarter of fiscal 1998 grew to $1.217 million, up from $271,000 for the same period last year
representing an increase of 449%. For the first half of 1998, revenue increased 332% to $1.925 million, up from $580,000 for
the first six months of 1997.
The increased revenues produced second quarter net income of $23,500, or ($0.00) per share compared to a loss of $217,000
or ($0.04) per share for the second quarter of 1997. For the six month period, the company was still in a net loss position
amounting to $177,000 or ($0.02) per share, an improvement over last year's loss of $298,000 or ($0.04) per share for the
same period. Despite the marginal loss, the company produced a positive cash flow for the first half of fiscal 1998.
"The second quarter was our most productive to date and clearly demonstrates our successful transition from R&D to
commercialization and market acceptance of our products" commented Byron Osing, President and CEO of TeleBackup. "
Our recently announced agreement with VERITAS Software was a highlight and was our second significant OEM deal this
year, further validating our organization and technology as the best-of-breed in our industry."
"We look forward to a continuation of our rapid growth and are scaling up our organization to meet new product and customer
demand," added Mr. Osing." We are rapidly adding software engineering, technical support, testing, documentation, product
management, and internal customer support sales resources. We are significantly ahead of our internally projected 1998
revenue plan, and are well on our way to a solid fiscal year of revenue growth and profitability."
During the quarter the company issued a Notice of Redemption to all holders of share purchase warrants issued last fall under
the company's rights offering, effectively forcing conversion of these warrants. If fully converted the company will receive
additional proceeds of approximately $2.74 million in the current quarter.
TeleBackup Systems Inc. is a leading developer of new concepts for data backup, archiving and retrieval. TeleBackup's
flagship product, TSInfoPRO, is a recognized, best-of breed technology that provides users with a flexible, easy-to-use,
automated backup/restore capability which is unmatched in online data transfer efficiency. |
