Q1 results
Burnt Sand Solutions Inc. Announces Q1, 1999 Results Highlighted by a 70% Increase in
Strategic Services
VANCOUVER, May 21 /CNW/ -Burnt Sand Solutions Inc. (''Burnt Sand'')
(TSE:BRT) is pleased to announce its financial results for the first fiscal
quarter ended March 31st, 1999.
March 31, 1999 - First Quarter, Fiscal Year 1999 Results
For the quarter ended March 31, 1999, Burnt Sand reports revenues of
$4.77 million, an increase of 9% over revenues of $4.37 million for the
quarter ended March 31, 1998, and EBITDA for the first quarter of fiscal 1999
was $149,000 compared to a loss of ($205,000) for the same quarter in the
previous fiscal year. Final results for the quarter were a loss of $335,000
($0.01 per share) compared to a loss of $397,000 ($0.01 per share) for the
quarter ended March 31, 1998. As was previously reported, Burnt Sand is
amortizing the goodwill associated with recent acquisitions over a two-year
period. The company also had in excess of $9,000,000 in cash on its balance
sheet as at March 31, 1999.
For the first quarter of 1999, services revenues increased by 70% and
license revenues increased by 13%. Network infrastructure revenues decreased,
as anticipated by 68% compared to the first fiscal quarter of 1998. ''The
continued rapid growth in our service revenues marks progress we have made
towards our strategy of focusing on our core, higher value strategic
services,'' commented Paul Bertin, President, Burnt Sand Solutions Inc. ''Our
E-Business strategic services area is gaining great acceptance and demand is
unprecedented. During Q1, we also succeeded in recruiting many talented
professionals to fill key positions both at the senior executive and
individual contributor roles. These new people position us to manage the high
growth rates we are experiencing in our E-Commerce, Knowledge Management and
Data Warehousing practices. In addition, a number of our business units kicked
off the year with significant investments in training and recruiting in
anticipation of the continued strong demand we are experiencing in our core
practice areas.''
''We expect to see strong growth in the remainder of the year due to
continued internal expansion combined with strategic acquisitions such as
Choreo Systems Inc., which we expect to close next week,'' commented Jim
Yeates, Chairman and CEO of Burnt Sand. ''Our direction and commitment is to
become a leader in helping our clients achieve their growth, financial, and
customer loyalty objectives through the deployment of Internet-enabled
strategies and solutions.''
Paul Bertin added, ''During the first quarter, key projects were secured
with new customers such as Sony Pictures Entertainment, Universal and
Phillips, Hager & North for our Data Warehousing practice, Alfa Laval Group
and Research in Motion Limited for Customer Relationship Management Solutions,
and Ritchie Bros. Auctioneers, TransCanada (TCPL/Nova), and eVideo USA, Inc.
for our Internet and E-Commerce practice. Burnt Sand also secured a number of
new projects from existing customers such as BCT.TELUS, Ledalite Architectural
Products, Inc., BC Rail Ltd., Fletcher Challenge Canada, Dial Corporation,
Dairyworld Foods, Overwaitea Food Group, Eddie Bauer, SMED International,
National Research Council, The Globe & Mail, ATI Technnogies Inc., E.B. Eddy
Forest Products Inc. and Canadian Airlines International.''
In addition, ''The recent announcement of Burnt Sand's appointment as a
Sun Authorized Java Center(SM) is a key foundation block and recognition for
the continued expansion of our E-Business services. The extensive service
offering of the Java Center will allow us to expand the capabilities we offer
our clients,'' stated Paul Bertin.
About Burnt Sand Solutions Inc.
Burnt Sand Solutions Inc. is a leading new breed of management consulting
and systems integration firm. The company helps its clients achieve their
competitive advantage requirements through the delivery of high quality
strategic Internet services and the deployment of Internet enabled strategic
business solutions such as E-Commerce, Knowledge Management Solutions,
Customer Relationship Management, Energy Marketing and E-Trading, Data
Warehousing, and Business Intelligence Solutions. Burnt Sand partners with
clients in three core disciplines: Burnt Sand Strategies helps clients develop
breakthrough business models and processes through business strategy
consulting and needs analysis. Burnt Sand Professional Services provides
expert application design, development and project implementation services to
help clients build and deploy solutions that create competitive advantage.
Burnt Sand Solutions Integration delivers complete solutions in the practices
of enterprise-wide Customer Relationship Management Solutions and Net
Solutions including network architecting, security and systems engineering
services for complex network applications. Burnt Sand has seven offices and
approximately 150 employees throughout Canada and the United States. For more
information visit our Web site at www.burntsand.com. |
