This out last night. Haven't read it yet.
As for your position, WASSA MADDA WIS U?? GET AHEAD OF THE .70 !
Foster some DEMAND for the stock!!!!!!
I haven't got that many heartbeats left (:^)
Stockwatch: Telular Canada Inc - News Release
Date: Wed, 27 May 1998 15:13:32 -0700
From: newsout@canada-stockwatch.com
Third quarter results
Telular Canada Inc TC
Shares issued 14,500,000 May 26 close $0.90
Wed 27 May 98 News Release
Mr. Harry R. Klein reports
Telular Canada had sales of $2,428,371 for the period ended March 31, 1998,
representing a 27 per cent increase over sales of $1,913,887 for the third
quarter ended March 31, 1997.
Operating expenses of $1.83-million contributed to a net loss of $1,067,599
(7 cents) per share during the quarter compared to operating expenses of
$1.73-million and a net loss of $892,841 (6 cents) per share for the
comparable period last year. Operating expenses net of amortization and
depreciation were essentially unchanged over both quarters. Amortization
and depreciation for the current quarter totalled $298,000.
As a result of a management decision, the company decided to increase its
investment in research and development during the quarter, which resulted
in higher operating expenses versus those reported in the second quarter
ended Dec. 31, 1997. These increased engineering resources were used to
complete the Featherweight product and prepare the technology for shipping
which began in late March of this year. Engineering costs also increased as
a result of new development in the NOVAS product, Granite's new DOS based
hand-held device.
Telular made a decision to invest in new technology today to drive revenues
in the future. Upon completion of the NOVAS product the company's spending
on research and development will decrease resulting in a reduction in
operating expenses.
Sales in the current quarter were higher as the company began shipping
initial product to Intermec Technologies, Granite's OEM partner for the
distribution of its FeatherWeight product. These shipments will continue in
the fourth quarter as the company completes delivery of its initial product
order. Sales growth was further enhanced as the company's Global Data
Wireless group began shipping second phase product to its U.S.
Telecommunications customer.
Gross margins for the quarter remained at approximately 30 per cent of
sales, which is down slightly from the 34 per cent level achieved in the
same period last year. The company expects that gross margins will continue
at approximately 30 per cent for the remainder of the fiscal year.
The NOVAS product was formally unveiled at ID Expo in May 1998, where
customer response to the new technology was favourable. Telular was pleased
with the response to the new product and is currently responding to the
over 50 qualified leads generated at this year's show.
The Wireless Business group was also successful in releasing new products
during the quarter. These products were recently profiled in the New
Product Showcase at the Canadian WIRELESS 98 show held in Toronto, May 20 -
22. The new products were developed under a new business plan concentrating
on new wireless applications in the utility and electric power industry.
Finally, during the quarter Granite received an order for an additional 160
hand-helds for use in the French Chronopost. This new order valued at
approximately $400,000 brings the total number of fielded hand-helds for
this application to 1,700 units.
STATEMENT OF EARNINGS
Three months ended March 31
1998 1997
Net sales $2,428,371 $1,913,887
Cost of sales 1,704,927 1,263,662
---------- ----------
Gross profit 723,444 650,225
Operating
expenses 1,834,957 1,733,336
---------- ----------
Operating (loss) (1,111,513) (1,083,111)
Interest and
other income 3,412 83,036
Writedown of
inventory and
other assets 0 (102,921)
Restructuring
recovery
(provision) 0 210,656
Gain on sale
of investment 40,502 (501)
---------- ----------
Net (loss)
income (1,067,599) (892,841)
========== ==========
(Loss) earnings
per share (cents) (7) (6)
STATEMENT OF EARNINGS
Nine months ended March 31
1998 1997
Net sales $6,208,234 $7,596,432
Cost of sales 4,287,188 5,125,631
---------- ----------
Gross profit 1,921,046 2,470,801
Operating
expenses 5,335,328 5,182,565
---------- ----------
Operating (loss) (3,414,282) (2,711,764)
Interest and
other income (2,820) 72,879
Writedown of
inventory and
other assets 0 (102,921)
Restructuring
recovery
(provision) 0 210,656
Gain on sale
of investment 931,036 1,999,115
---------- ----------
Net (loss)
income (2,486,066) (532,035)
========== ==========
(Loss) earnings
per share (cents) (17) (4)
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
