Ezenet announces record quarterly growth
PUBLIC FLOAT: 2.2 million shares ASE Symbol - EZE
ISSUED SHARES: 7.46 million shares CUSIP No. 655416 10 5
TORONTO, Nov. 22 /CNW/ - The results for the third quarter ended
September 30, 1999, reflect record quarterly growth in revenues and earnings.
Revenues increased to $912,706, net income after taxes rose to $160,222 and
earnings per share were 2.1 cents per share. Year to date revenues now stand
at $2,296,755 and net after tax profits at $405,104 or 5.3 cents per share.
These figures represent significant increases over last year's revenues and
profits while the company was still private. For the first time revenues in
this quarter reflected sales of INSTAbase software in the U.K., Europe, United
States, and Canada. The full financial results are available on the SEDAR web
site at www.sedar.com and on the company's web site at www.ezenet.com.
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FINANCIAL HIGHLIGHTS
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Details Q2 ended Q3 ended % Growth 9 Months ended
30/6/99 30/9/99 Q3 over Q2 Sept. 30, 1999
------------------------------------------------------------------------
Revenues $ 743,802 $ 912,706 23% $ 2,296,755
Net Earn.
A/Taxes $ 127,064 $ 160,222 26% $ 405,104 *
Earnings Per
Share 1.7 cents 2.1 cents 23% 5.3 cents
Cash Flow/Share 1.7 cents 3.7 cents 117% 12 cents
Net Income/Sales 17% 18% 6% 17%
------------------------------------------------------------------------
>>
* Reflects changes in the treatment of Deferred Taxes to reflect a more
conservative tax treatment.
"We are particularly pleased to report that INSTAbase shipments began
late in the third quarter to the major US distributors and retailers with whom
agreements were signed in the last several months. At a recent trade show
attended by several of our senior officers, it was obvious that our efforts
have placed INSTAbase in a position to capitalize on the huge US market,"
stated Haron Ezer, President and CEO of EZENET Corp. "We have also started to
receive repeat orders from our European distributors. The alliance signed with
ValueWeb was another significant step taken towards the success of INSTAbase.
INSTAbase has completed its development phase and we moved to full production
this quarter. We have also begun writing off the deferred development expenses
with a charge against earnings this quarter of $40,000 before taxes," advised
Haron Ezer.
Mr. Ezer continued, "EZENET's strategy is to continue to expand its
software solutions. EZENET is fully Y2K compliant. We are excited about the
prospects for the year 2000 for both our Internet Software Development and our
Banking Software. Our strategic plan for 2000 and beyond includes seeking
acquisition opportunities that will increase our market share of the bank
servicing market as well as the release of new Internet software products. We
have committed significant resources to Research & Development which we expect
to be funded from internally generated cash flows. We expect these initiatives
to continue to impact positively on sales and profits. We also encourage all
our shareholders and interested parties to visit our web sites at
www.ezenet.com and www.instabase.com for the latest information on Ezenet".
EZENET Corp. (symbol "EZE") is a publicly traded company on the Alberta
Stock Exchange.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
For further information: Terry Rogers, CFO, Ezenet Corp., Phone:
(416) 482-3037, Fax: (416) 482-0707, E-Mail: terry@ezenet.com, Internet:
www.ezenet.com; For Investor Relations information: Gary Perkins, Phone:
(905) 889-1711, Toll Free: 1-800-225-2744, Fax: (905) 889-2511, E-Mail:
investorrelations@ezenet.com |
