Good Sir Robin,
June 30, 1999 - Second Quarter, Fiscal Year 1999 Results
For the quarter ended June 30, 1999, Burnt Sand reports revenues of $7.31 million, an increase of 80% over revenues of $4.07 million for the quarter ended June 30, 1998, and EBITDA of $332,097 for the quarter compared to a loss of $419,132 for the same quarter in the previous fiscal year. Final results for the quarter were a loss of $134,846, ($0.00 per share) compared with a loss of $607,711, ($0.02 per share) for the same quarter in 1998. As previously reported, Burnt Sand is amortizing goodwill associated with recent acquisitions over a three year period thereby incurring significant short term charges.
For the second quarter of 1999, services revenue was $4,590,649, an increase of 270% over the $1,705,280 posted a year earlier and a 57% increase over the previous quarter. "Our service revenues, and ratios, continue to grow as planned, and the impact of their higher margins is beginning to show in our financial performance," commented Paul Bertin, President of Burnt Sand Solutions Inc. "This was our strongest quarter in the history of the company, with record financial performance, and 19 project victories that will help ensure future performance. We continue to attract and hire truly remarkable talent, an important compliment to our acquisition success. "
"Burnt Sand continues to position itself for growth and positive fiscal performance," stated Jim Yeates, Burnt Sand?s Chairman and CEO. "Burnt Sand?s growing reputation as a premier North American e-Solutions integrator, validates our strategy of focusing on customer facing, front office, Internet enabled e-Solutions. The Burnt Sand order book has an excellent mix of Canadian and US blue chip accounts. The completion of the Next Generation Solutions Inc. acquisition, in the first month of Q3, combined with the strength of our order book, presents an excellent opportunity for record performance during the second half of the fiscal year."
burntsand.com
Bill C(odfish) |
