Attention Business/Financial Editors:
Big Picture posts fifth consecutive record quarter
CALGARY, April 28 /CNW/ - Big Picture Technologies Inc. (CDNX:BPI) Big
Picture Technologies Inc. today released first quarter results for the period
ending March 31, 2000. Revenues for the first quarter reached a new record
level of $1,322,124, an increase of more than 20% from the previous quarter
and nearly 7 times the $189,621 recorded for the same period in 1999.
"We are pleased to have sustained our fifth consecutive quarter of
revenue momentum," said Michael Anthony, Big Picture President and CEO.
"Product sales continue to track ahead of target and are a key driver of the
Company's expansion. In fact, product sales for the first quarter alone are
nearly 50% of that booked for all of 1999. At this level, we are well on track
to meet or exceed last year's 5 fold increase in revenue."
Gross margin for the period improved by 43% over the previous quarter,
while net loss for the first quarter of $1,229,040 ($0.04 per share) compares
to $908,081 ($0.05 per share) for the previous quarter.
Investment in sales and marketing, which at $660,651 is up 82% over the
previous quarter, represents the single largest component of total operating
expenses of $1,512,636, up from $992,383 in Q4 1999.
"We made a conscious decision to invest heavily in strategic marketing
initiatives - early in the year - to ensure the longest possible return on
that investment," Anthony added. "One such initiative, the recent RetailVision
show has already yielded accelerated product sales and expanded business and
partnership opportunities. In part, our expectation of generating positive
earnings per share during 2000 is predicated on the productivity and
effectiveness of these investments."
Greg Kosinski, CFO Big Picture Technologies, noted that "the Company is
in a very solid financial position. With more than $2.9 million in cash and
cash equivalents on hand at quarter end, Big Picture has the resources
necessary to meet its operating requirements. With our aggressive growth
plans, now centered around U.S. acquisitions, we are stepping up efforts to
access and win support in the U.S. capital markets."
Big Picture Technologies Inc. (CDNX:BPI) is a developer of award winning
Internet, e-commerce, and e-service software and is a designer of world class
e-business solutions. The Big Picture website is located at bigpic.com.
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CERTAIN STATEMENTS MADE IN THIS PRESS RELEASE, WHICH DESCRIBE THE
COMPANY'S INTENTIONS, EXPECTATIONS OR PREDICTIONS, ARE FORWARD-LOOKING
AND ARE SUBJECT TO RISKS AND UNCERTAINTIES BEYOND THE CONTROL OF THE
COMPANY. FROM TIME TO TIME, THE COMPANY MAY UPDATE OR REVISE ANY FORWARD-
LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS
OR CHANGING MARKET AND BUSINESS CONDITIONS.
-0- 04/28/2000
For further information: Michael Anthony, President & CEO, Big Picture Technologies Inc., (403) 265-8018,
anthony@bigpic.com; Greg Kosinski, CFO, Big Picture Technologies Inc., (403) 265-8018, gkosinski@bigpic.com; To request
a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw.
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