Mindready Reports Strong Fourth Quarter FY2000 Results
MONTREAL, QUEBEC-- JANUARY 25, 2001 - 17:02 EST
Revenues increase to $18.8 million, cash earnings increase to $1.8
million
Mindready Solutions Inc., a leading supplier of test engineering
and real-time communications solutions for the telecommunications,
aerospace and multimedia industries today released its financial
results for the fourth quarter ended December 31, 2000.
Revenues for the current quarter totaled $18.8 million, as
compared to $14.7 million for the previous quarter's results ended
September 30, 2000 and $ 2.5 million for the fourth quarter of
fiscal 1999. This represents an increase of 28% over revenues for
the quarter ended September 30, 2000 and 652% over revenues for
the corresponding quarter in fiscal 1999. Cash net earnings
(earnings before goodwill amortization) stands at 10.3% of
revenues or $1.8 million.
For the year ended December 31, 2000, Mindready generated
consolidated revenues of $46.0 million, representing an increase
of 713% over the $5.7 million generated for the 13-month period
ended December 31, 1999. Cash net earnings increased to $4.6
million or 10% of total revenues.
"We are very pleased with these financial results," said Daniel
Dussault, President and CEO of Mindready Solutions Inc. "I
believe that our ability to successfully complete our initial
public offering on the Toronto Stock Exchange on December 21,
2000, in spite of difficult market conditions, is a clear
demonstration of the soundness of our business plan , based on
strong profitable growth."
"Mindready will continue in 2001 its growth strategy mainly
focused on leveraging its privileged relationship with Nortel
Networks as well as penetrating new vertical markets where our
expertise is a rare skill. We intend to carry out our acquisition
plan initiated in the last fiscal year by targeting companies that
will allow us to continue our international expansion as well as
our diversification strategy by developing relationships with
world best known industry leaders."
Mindready Solutions Inc.
Mindready is a leading supplier of test engineering services and
real-time communications solutions for embedded systems for the
telecommunications, aerospace and multimedia industries.
Recognized as a leader in IEEE-1394-based products, Mindready
offers complete innovative solutions based on this technology.
Mindready's expertise covers design and development of real-time
applications, as well as complete test engineering solutions for
complex embedded systems. Mindready's clients include Nortel
Networks, Hewlett-Packard, WindRiver, Boeing, Fujitsu, Maxtor,
Xerox and Texas Instruments. More information about Mindready and
its products and services can be found at www.mindready.com. |
