Earth Search Sciences Posts All-Time High Revenue in Reporting
Fiscal-year Financial Performance
McCALL, Idaho, Jul 27, 1999 (BUSINESS WIRE via COMTEX) -- EarthSearch
Sciences, Inc., (OTC BB:EDIS) today reported an all-time high revenue
of $881,006 for the fiscal year ended March 31, 1999.
The company's revenue is up more than 14 times over the $55,000
reported during the prior year.
For the fiscal year, Earth Search Sciences reported a net loss of $2.3
million, or ($.025) per share on a diluted basis. The loss compares to
a net loss of $5.8 million, or ($.077) per share, for the previous
year.
"Earth Search Sciences has proven itself as a revenue-generating
technology provider and we are energized by the many opportunities in
front of us to grow revenue and raise shareholder value," said Dr. John
Peel, Earth Search Sciences' chief executive officer. "In the current
fiscal year, we expect to grow into a role as an owner and global
provider of unique, proprietary information over the Internet. We will
continue to grow our business delivering first-of-its kind mineral
information to clients who want to know more about their potential land
and mineral assets or their environmental challenges."
Peel said Earth Search Sciences expects to have a second Probe-1
instrument available for revenue service to begin after testing and
calibration is completed this summer.
In addition, through its memorandum of understanding with Boeing
Phantom Works and in other initiatives, Peel said Earth Search Sciences
is taking hyperspectral remote sensing to new levels of precision --
with delivery to clients of hyperspectral information that the company
believes is more accurate than any other commercially available data.
Earth Search Sciences during the fiscal year ended March 31, 1999,
completed the first full year of data-collection projects under a
three-year multimillion-dollar agreement with Noranda Mining and
Exploration, Inc. (Toronto Stock Exchange:NOR).
About Earth Search Sciences, Inc:
Earth Search is a world leader in airborne hyperspectral remote
sensing. The Probe-1 flies aboard small aircraft and, together with
computer-driven systems to process hyperspectral images, delivers
precision data to clients by identifying mineral "signatures" for the
animals and vegetation on a client's lands. These signatures enable
clients to make critical decisions about mineral prospects; crop,
forest and range health; environmental issues, and other challenges.
According to KPMG, the global remote sensing market is projected to
reach $1.2 billion in the year 2000.
This news release includes forward-looking statements that involve a
number of risks and uncertainties. Financial forecasts involve
estimates as to the future that may or may not prove to be accurate.
The forecast information reflects numerous assumptions as to industry
performance, general business and economic conditions, regulatory and
legal requirements, taxes and other matters, many of which are beyond
the control of the company. Similarly, this information assumes certain
future business decisions that aresubject to change. There can be no
assurance that the results predicted will be realized. Actual results
will vary from those presented by the forecasts and those variations
may be material.
Consolidated Statement of Loss
For the Years Ended March 31, 1999, 1998 and 1997
March 31,
-----------------------------------------------
1999 1998 1997
---------------- ------------- ---------------
Revenue $ 881,006 $ 55,000 $ --
Costs of services
provided (767,570) (132,083) --
------------ ------------ ------------
Gross margin (deficit) 113,436 (77,083) --
Expenses:
Research and development
and exploration 68,229 356,988 606,169
General and
administrative 1,417,514 3,105,437 1,675,731
------------ ------------ ------------
1,485,743 3,462,425 2,281,900
Loss from operations (1,372,307) (3,539,508) (2,281,900)
Interest income -- 17,449 --
Interest expense
(Note 5 and 6) (773,288) (689,600) (305,297)
Other expense (10,810) (473,340) --
------------ ------------ ------------
Loss before
minority interest (2,156,405) (4,684,999) (2,587,197)
Minority interest in
losses of consolidated
subsidiaries -- -- 37,374
------------ ------------ ------------
Loss before
extraordinary item (2,156,405) (4,684,999) (2,549,823)
Extraordinary item
(Note 3) (115,023) (1,165,000) --
------------ ------------ ------------
Net loss $ (2,271,428) $ (5,849,999) $ (2,549,823)
============ ============ ============
Shares applicable to
basic and diluted
loss per share 90,388,446 76,369,220 66,566,995
Basic and diluted
loss per share $ (0.025) $ (0.077) $ (0.038)
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Media: Scott Peyron, 208/388-3800
Investors: Ken Danchuk, 250/765-6064
info@peyron.com earthsrch@aol.com www.earthsearch.com
WEB PAGE: businesswire.com
GEOGRAPHY: IDAHO
INDUSTRY CODE: AEROSPACE/DEFENSE
COMPUTERS/ELECTRONICS
COMED
MINING/METALS
EARNINGS |
