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Here are MYTECs second quarter results.
Second quarter results
Mytec Technologies Inc MYT
Shares issued 23,094,780 Aug 15 close $3.00
Mon 18 Aug 97 News Release
Ms Brenda Lawless reports
Mytec had record revenue of $5.9 million for the six month period ended
June 30 1997, a 20% increase from $4.9 million recorded during the same
period last year. Cash flow from operations was higher at $935,056 during
this period, compared with $313,874 for the same period last year.
Net earnings before interest and depreciation were $999,524 in the first
six months of 1997 compared to $1,040,311 in the first half of 1996.
Increased costs associated with setting up a new monitoring station in
Vancouver and the corresponding increases in selling, general and
administrative costs contributed to the reduction in earnings. Net earnings
including interest for the first half of 1997 decreased to $301,758 from
$563,595 a year earlier. Interest income decreased because of higher
capital spending resulting from continuing research and development costs
plus expenditures leading to the commercialization of biometric products.
On a fully diluted basis, earnings per share for the first six months were
$0.013 based on a weighted average of 22,798,626 shares outstanding, as
compared with $0.025 for the same period a year earlier based on a weighted
average of 22,029,804 shares outstanding.
At June 30 1997 the company had $4.2 million in cash and no debt.
Pilot testing of Mytec's biometric products continue to generate positive
response. An interim report from the Louvre Museum in Paris indicates
Mytec's biometric system is successfully performing to expectation. The
Louvre is pilot testing a system that includes four biometric readers to
monitor time and attendance of outside contractors. Early indications show
that Mytec's system addresses the Louvre's problem of over billing by
outside contractors. Testing will be completed early in the fall when the
Louvre will decide on expanding the system for security purposes.
Beta testing of Mytec's newest biometric reader, Touchstone, will commence
in two weeks and full production will begin later in October with a number
of companies. Orders for Touchstone are now being accepted by Mytec.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
