NSI earnings increase in first quarter
NSI Communications Inc NSII
Shares issued 44,232,328 2000-05-16 close $1.18
Wednesday May 17 2000
Mr. David Ben-David reports
NSI Communications has completed its first quarter 2000 financial results. Revenue for the period ending March 31, 2000, increased to over $7-million from approximately $6-million for the first quarter of 1999. Net income increased almost 50 per cent from $101,933 in the first quarter of 1999 to $151,954 for the current quarter.
"The results are right on track with our targets," commented David Ben-David, NSI's president. "With over $14-million in orders already booked since the beginning of the year, I am sure that this year, we will top last years record results. We are also on schedule to complete the acquisition of TIW Systems shortly and this will give our sales and earnings an extra boost."
WARNING: The company relies on litigation protection for "forward-looking" statements.
CONSOLIDATED STATEMENT OF OPERATIONS
Three months ended March 31
2000 1999
Sales $7,009,477 $6,015,087
Cost of sales 3,373,501 2,490,676
---------- ----------
3,635,976 3,524,411
---------- ----------
Operating
expenses
Research and
development, net
of investment
tax credits 1,207,216 939,370
Selling, general
and admin 2,186,588 2,200,605
Financial 90,218 282,503
---------- ----------
3,484,022 3,422,478
---------- ----------
Net income
before income
taxes 151,954 101,933
Income tax
expense - -
---------- ----------
Net income $ 151,954 $ 101,933
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Net income per
common share
(cents) .3 .2
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