Infowave reports a correction in the presentation of its statements of operations for the three months ended December 31, 1999 and 1998.
BURNABY, BC, March 24 /CNW/ - Infowave Software, Inc. (TSE: IW) reports
that it has learned of an incorrect presentation in its news release issued
March 23, 2000 relating to its statements of operations for the three months
ended December 31, 1999 and 1998.
The following corrections apply exclusively to the unaudited statements
of operations for the three months ended December 31. The corrections do not
affect the reported annual financial results for 1999 and 1998.
Operating profit (loss) for the three months ended December 31, 1998
appeared as $(294,379) when it should have appeared as $294,379. Net income
(loss) and net income (loss) per share for the three months ended December 31,
1998 appeared as $(307,049) and $(0.02) respectively when they should have
appeared as $307,049 and $0.02.
Operating profit (loss) for the three months ended December 31, 1999
appeared as $1,478,171 when it should have appeared as $(1,478,171). Net
income (loss) for the three months ended December 31, 1999 was correctly
reported as $(1,431,378) and $(0.08) per share.
The correct statements of operations for the three months ended December
31 are as follows:
STATEMENTS OF OPERATIONS
Three months ended December 31
1999 1998
Sales $1,766,609 $4,573,150
Cost of Goods Sold 490,251 2,148,879
--------- ---------
Gross Profit 1,276,358 2,424,271
Research and Development 995,821 633,003
Sales and Marketing 1,034,648 979,898
Administrative and Finance 724,059 516,991
--------- ---------
Total Operating Expenses 2,754,528 2,129,892
Operating Profit (Loss) (1,478,171) 294,379
Other Income (Expenses) 46,793 12,670
--------- ---------
Net Income (Loss) (1,431,378) 307,049
Earnings (Loss) per Share $(0.08) $0.02
About Infowave
Founded in 1984, Infowave develops, markets and sells specialized
software solutions for wireless computing and printing and is headquartered in
Vancouver, Canada. Infowave's Wireless Division builds mobile business
solutions that use the power of wireless communications to extend the reach of
enterprise computing. Infowave for Exchange and Infowave for the Net are
advanced and secure wireless solutions for connecting mobile workers to key
corporate information and applications. Symmetry(TM) provides interactive
wireless access to Microsoft(R) Outlook(R) email, schedules, contacts and
calendar from pagers and PCS phones. Infowave's Imaging Division builds
award-winning printing solutions - PowerPrint(R) and StyleScript(R) software
kits provide Apple(R) Macintosh(R) users with improved print quality and
access to more than 1,600 printers |
