dba Telecom Announces 1999 Results
dba Telecom Corporation
CDNX: DBA
News Release
dba Telecom Announces 1999 Results
May 5, 2000; North Vancouver, B.C. -- dba Telecom Corporation (CDNX: DBA) announced today its 1999 financial results, reflecting a year of transition.
Following the financial restructuring and addition of several new directors in late 1998, the company continued the process of rebuilding in fiscal 1999 with several additions to the management team, intensive market research, and product refinements and enhancements.
Total revenues for the year were $4.5 million, representing a 4% increase over the previous year. Revenues came from a diverse customer base including repeat customers as well as several new international customers. Gross margin on sales increased by 1% over the previous year to 32.6%. Total company expenses were $4.6 million, a 13% increase over the previous year; the bulk of these increased expenditures occurred in selling and R&D. The net loss for the year was $3.1 million, or $0.13 per share, compared to a loss of $723 thousand ($0.07 per share), after the restructuring gain, in 1998.
In November, the company raised $3,128,000 through a private placement with a majority of the subscriptions coming from existing shareholders. A further private placement of $1.5 million was completed in February, 2000.
Garry Hines, President and CEO of dba Telecom, said "we made many positive changes in 1999. Almost all of our management team was added during the year, we added 5 sales staff to our international team, our R&D department tripled in size, and we substantially improved product quality. We are continuing to build on these areas in 2000 and expect to see the results of our efforts shortly."
Known internationally as "the SmarTalk Company", dba Telecom provides a unique range of intelligent network handsets for use in a variety of applications in the Centrex, Computer Telephony and Communication Server markets. dba Telecom has sales and support offices in Atlanta, Charlotte, Los Angeles, Hong Kong, London and Sydney with engineering, marketing and administration located in Vancouver.
The Company's shares are traded on the Canadian Venture Exchange under the symbol DBA.
The Canadian Venture Exchange has neither approved nor disapproved the information contained herein.
Contact:
Investor Relations, dba Telecom Corporation
Tollfree: 1-877-645-4848
Tel: (604) 257-4262
Fax: (604) 608-2949
Email: invest@dbatele.com |
