NOVEMBER 24, 1999
Speedware Announces Results For Fiscal 1999 Year-End
MONTREAL, QUEBEC--
Well-Positioned After Year of Investing in People and Products
Speedware Corporation (TSE: SPW) announced today the results for
the year ended September 30, 1999. Revenues for the year rose to
$26.7 million from $24.8 million in fiscal 1998, producing net
earnings of $1.2 million or $0.15 per common share compared to a
loss of $5.4 million or $0.64 per common share last year.
Through fiscal 1999, Speedware focused its efforts on cost
efficiencies and on building the Company's core strengths as a
global vendor of client/server and Internet products for business
intelligence and development technology solutions. In contrast to
fiscal 1999, during the fourth quarter of fiscal 1998 a special
charge of $2.9 million was incurred to provide for costs
associated with a restructuring of the Company's operations to
improve profitability.
As a result of this focus and investment, Speedware's cash
earnings, defined as earnings before interest, taxes,
depreciation, amortization and the special charge, rose to $2.9
million in 1999 from a loss of $916,000 in 1998.
The Company's balance sheet also improved compared to last year.
During 1999 the Company's long term debt was eliminated, and as at
September 30, 1999 cash and short term investments had grown to
$1.9 million.
"In addition to generating solid profits from operations, fiscal
1999 was a period of investing in our products and our people,"
commented William Thomson, Chief Executive Officer. "Speedware has
undergone a profound cultural change over the past year, and we
look ahead confident in our ability to capitalize on our enhanced
suite of products well positioned in our niche markets."
During fiscal 1999 Speedware established a new subsidiary,
Visionyze.com, to capitalize on the Company's sophisticated suite
of web-enabled Business Intelligence analytical products aimed at
the telecommunications and customer support markets. The Company
has been diligently seeking sources of funding for this new
subsidiary, while investing in the development of its focused
suite of industry-specific applications. The Company has recently
received indications of interest from a number of investment
sources in the United States, and is confident a financing
arrangement will be concluded in the current fiscal year.
"I am very proud of our accomplishments and progress over the past
year," Mr. Thomson concluded. "Our focus is now to capitalize on
the investments we have made in our products and infrastructure to
grow revenues both from new license sales and recurring
professional services."
/T/
Financial Highlights
Year Ended September 30,
(in $,000 except per share amounts) 1999 1998
Revenues 26,725 24,765
Earnings before interest, taxes, depreciation,
amortization and special charge
2,866 (916)
Net Earnings 1,240 (5,415)
Net Earnings per Share $0.15 $(0.64)
/T/
Speedware Corporation (TSE: Symbol SPW) is a global vendor of
client/server and Internet solutions for business intelligence and
development technology. It has sales and marketing centers in six
countries, plus a worldwide network of distributors and
value-added resellers. Speedware's Internet home page
(www.speedware.com) includes detailed corporate information and
interactive demonstrations of Speedware's leading edge technology. |
