(BSNS WIRE) CTIG Announces Results for Fiscal Year
CTIG Announces Results for Fiscal Year
Business Editors
VALLEY FORGE, Pa.--(BUSINESS WIRE)--July 12, 1999--CTI Group
(Holdings) Inc. (OTC:CTIG) announced its financial results for the
fiscal year ended March 31, 1999.
CTIG reported revenues of $7,043,026 for its fiscal year ended
March 31, 1999 compared to $3,598,720 for the prior year. The 96%
increase in revenue is primarily attributable to the inclusion of one
full year of operational activity of the acquired operations of
Databit Ltd. in the United Kingdom for 1999 compared to two months of
operational activity in 1998.
Net loss for the year ended March 31, 1999 amounted to $414,843
or $0.06 per share compared to $1,727,821 or $0.27 per share for the
prior period. The reduction in net loss is primarily the result of
improvements in operational efficiencies.
Despite the net loss of $414,843 the Company was able to generate
positive cash flow of $396,679 from operations for the year which
helped cash and cash equivalents to increase from $628,329 to $776,146
as of March 31, 1999.
Commenting on the financial results Mr. Johns, Chairman and CEO
stated "the 1999 fiscal year was a significant turning point for the
Company, whereby the financial condition of the Company has been
enhanced especially considering the elimination of the Siemens'
promissory note. Furthermore, the continued higher level of orders
being received should translate to a profitable start to our new
fiscal year 2000."
This release contains forward-looking statements that involve
risks and uncertainties. These statements may differ materially from
actual future events or results. Readers are referred to documents
filed by CTIG with the U.S. Securities and Exchange Commission,
specifically the most recent Form 10-KSB.
--30--DS/ph*
CONTACT: CTI Group (Holdings) Inc., Valley Forge
Anthony P. Johns, Chairman & CEO, 610/666-1700
Fax. 610/666-7707
KEYWORD: PENNSYLVANIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED TELECOMMUNICATONS
EARNINGS
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