Cygnal nine-month results
Cygnal Technologies Corp CYN
Shares issued 10,128,718 Nov 22 close $2.60
Tue 23 Nov 99 News Release
Mr. J. Douglas Young reports
Revenues for the third quarter ended Sept. 30, 1999, were a record
$17.5-million, compared with $8.4-million for the same period in 1998.
Cygnal also recorded earnings before interest, taxes, depreciation and
amortization (EBITDA) of $948,523 as compared with EBITDA of $536,775 for
the same period in 1998. The increase in revenues is a reflection of
internal growth as well as the acquisition of White Radio in October, 1998.
Net earnings before taxes for the quarter increased 90 per cent to $602,492
from $316,751 for the same period in 1998. Gross margins also improved to
23.6 per cent in the current quarter from 20.7 per cent in the third
quarter of 1998.
For the first nine months of 1999, revenues totalled $43.7-million,
compared with $14.2-million for the first nine months of 1998. Net earnings
before taxes for the first nine months were $273,023 versus $186,116 for
the corresponding period in 1998. Results for the first nine months of 1999
include non-recurring charges of $264,000 associated with Cygnal's
acquisitions and reorganization program.
"We continue to be pleased with our progress and results," commented Doug
Young, president and chief executive officer of Cygnal Technologies. "We
recorded our highest quarterly revenues and earnings in the company's
history, and our third consecutive quarter of record results. Our continued
strong performance is a direct result of our expertise and flexible
approach to providing our customers with the best solutions for their
broadband networks."
FINANCIAL HIGHLIGHTS
Three months ended Sept. 30
1999 1998
Revenues $17,457,414 $8,444,269
EBITDA 948,523 536,775
EBITDA per share 11 cents 11 cents
Net earnings
before taxes 602,492 316,751
Earnings
per share 7 cents 7 cents
FINANCIAL HIGHLIGHTS
Nine months ended Sept. 30
1999 1998
Revenues $43,694,095 $14,192,766
EBITDA 1,522,143 590,715
EBITDA per share 20 cents 16 cents
Net earnings
before taxes 273,023 186,116
Earnings
per share 4 cents 5 cents
Recent highlights in wireless broadband:
developed the strategy that will permit Bell ExpressVu to migrate its more
than 230,000 Direct-to-Home subscribers from the Anik E-2 satellite to the
new, high-powered NIMIQ satellite, resulting in more TV and music channels
and added satellite features;
installed a high-speed, wireless wide area network (WAN), connecting 30
locations for the Energy School Board in Mauricie, Que.;
installed the first Canadian satellite-based automated meter reading (AMR)
device, allowing utilities to remotely read meters using the Orbcomm
satellite network and to retrieve data over the Internet;
awarded a contract to install a communications infrastructure connecting 18
buildings using fibre optic cable, copper cable, Gigaspeed cable, and a
wireless local area network (LAN) for Noranda's Magnola magnesium
extraction smelter in Asbestos, Que.;
added additional satellite uplink capacity to its growing fleet of
satellite and microwave vehicles used for wireless news gathering and
special events; and
received a contract to supply Peterborough Utilities Commission with 1,000
load controllers, which operate over a wireless network and allow the
utility to remotely control customers' hot water heaters and decrease the
utility's load factor.
"We will continue to build on our momentum and leadership position in the
design, construction and integration of broadband networks," added Mr.
Young. "We are also continuing with our plan to identify and acquire
strategic and complementary companies to build further value for Cygnal and
its shareholders."
Also during the quarter, Cygnal received approval to list on the Toronto
Stock Exchange. Cygnal's common shares began trading on the TSE just
subsequent to the quarter's end, on Oct. 1, 1999.
|
