Fiscal 1999 results. This puppy is selling at two times sales.
May 31, 1999 YEAR-END FINANCIAL RESULTS REFLECT CONTINUED GROWTH
Ms. Denise Page, the company?s Chief Financial Officer, today released Technovision?s financial statements for the year ended May 31, 1999. The statements reflect growth that we can be proud of Ms. Page said, and the results meet all of our forecasts and objectives.
Revenue for the 12 - month period increased to over $5 million, up from $3.2 million the previous year. Income before tax is $1.1 million, or $0.10 per share, a 55% jump from fiscal 1998. Additionally, working capital has grown to over $600,000 from $10,000 and capital assets as at May 31, 1999, totalled $2.6 million, up from $1.1 million.
At the fiscal year-end we had 23,000 dial-up customers and that number has now grown to over 30,000 as of September 15. Our gross monthly cash flow including taxes for the month of August, 1999, was $532,000 or an average of approximately $18.00 per dial-up customer.
A complete set of financial statements along with the accompanying notes and management discussion is available oat our web site www.tvs.net/
BY ORDER OF THE BOARD TECHNOVISION SYSTEMS, INC.
______________________________
Gordon Tremain, President
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN |
