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Technology Stocks : CrossKeys Systems Corp [CKEY and CKY/TSE]

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To: Francois Lavoie who wrote (720)	7/7/2000 9:34:10 AM
From: Francois Lavoie	Read Replies (1) of 792

From the Ottawa Business Journal: Posted Thursday July 6, 2000 CrossKeys can't post a profit By Steve Ladurantaye Business Media Network Despite a 182% increase in revenues CrossKeys Systems Corp. couldn't post a gain for the quarter, losing nine cents per share. For the fourth quarter CrossKeys reported revenue of $14.5 million compared to $5.2 million for the same period last year. The net loss was $1.7 million or nine cents per share compared to a net loss of $6.8 million or 37 cents per share last year. CrossKey's reported losses last time around with Q3 results that included a loss of nine cents per share. "Our continued revenue growth is a clear indicator that our new business model has started to pay off," said Ian McLaren, president and CEO. "Our record revenue is based on dramatic increases in core product sales-from 60% of total revenue last year to 90% this year." McClaren said he has been working closely with new-kid-in-town Alcatel - 90% of the quarter's sales were to the French firm. Alcatel took over Newbridge earlier in the year. CrossKeys was a Newbridge spinoff. He said Alcatel should account for more than 50% of Crosskey's sales going forward. "Alcatel is very excited about what our products can do - we've had several meetings with them over the last couple of weeks and found areas we feel we can work closel together. I feel we can grow the Alacatel business consistently," he said. McLaren hinted that it would not be too long before investors could expect to see a profit. "Our successful acquisition of Dynamic Broadband Networks, and the subsequent launch and sales of the first product from the acquisition, underlines our strategy to expand our product portfolio. We have already set teams to work on bringing four new CrossKeys products to market for this fiscal year," he said. "CrossKeys has changed its direction and increased our capacity in the field. There are numerous challenges ahead but we have the muscle to meet them and the foundation necessary for profitability."

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