Mercury Scheduling six-month results
Mercury Scheduling Systems Inc MRY
Shares issued 16,500,000 Dec 7 close $1.38
Wed 8 Dec 99 News Release
Mr. Graham Whitmarsh reports
Mercury Scheduling Systems has posted operating revenues of $471,880 for
the second quarter ended Oct. 31, 1999, an increase of 28 per cent over
operating revenue during the same period last year.
The increased revenue growth is because of an increase in product and
services revenue as a result of the recognition of milestone payments
received from British Airways Regional for installation of the Magellan
decision support system, as well as incremental consulting revenue.
Total revenues for the second quarter ended Oct. 31, 1999, were $462,763
compared with $408,984 for the previous year. Total expenses remained
relatively constant at $1,276,062 compared with $1,116,078 for the same
period last year.
For the six months ended Oct. 31, 1999, total revenue was $1,298,603
compared with $861,204 for the same period last year, a cumulative increase
of 50 per cent. Total expenses were $2,400,679 compared with $2,347,898 the
previous year.
The company's cash balance at Oct. 31, 1999, remains strong at $1,196,096
compared with $1,858,769 at Oct. 31, 1998.
Mercury's president and chief executive officer, Graham Whitmarsh, says:
"The company remains focused on product delivery and its efforts to achieve
new sales of its airline operations software products. The recent
acceptance of the Magellan system at British Airways Regional is a
significant milestone for the company, proving that the system works as
designed and can be used operationally."
Mercury's second installation of Magellan at Legend Airways is now complete
and the company expects to finalize negotiations with DHL Airways for the
delivery of its Magellan and NOVA products in the near future.
CONSOLIDATED STATEMENT OF OPERATIONS
Six months ended Oct. 31
1999 1998
Revenues
products and
services $ 1,252,835 $ 773,149
Government
grants 9,195 48,485
Interest 36,573 39,570
----------- -----------
1,298,603 861,204
----------- -----------
Expenses costs
of products
and services 1,053,598 310,977
Research and
development 173,422 758,760
General and
administrative 841,336 686,515
Interest 14,810 12,426
Sales and
marketing 243,463 527,938
Amortization 74,050 51,282
----------- -----------
2,400,679 2,347,898
----------- -----------
Income (loss)
for the period $(1,102,076) $(1,486,694)
=========== ===========
Income (loss)
per share 5 cents 9 cents
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