Mindready Reports 14% Sequential Growth for First
Quarter: Revenues Increase to $21.5 Million, Cash
Earnings Totalled $1.3 Million
MONTREAL, QUEBEC--APRIL 18, 2001 - 11:41 EDT
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 its first quarter ended March
31, 2001.
Revenues for the current quarter totalled $21.5 million, as
compared to $18.8 million for the previous quarter's results ended
December 31, 2000 and $4.2 million for the first quarter of fiscal
2000. This represents an increase of 14% over revenues for the
quarter ended December 31, 2000 and 415% over revenues for the
corresponding quarter in fiscal 2000. Cash net earnings (earnings
before amortization of goodwill) stand at $1.3 million or 6.1% of
revenues as compared with $553,000 or 13.3% of revenues for the
same period last year and $1.8 million or 9.6% of revenues for the
previous quarter. Cash net earnings per share, on a fully diluted
basis stand at $0.10 per share as compared with $0.19 per share
for the previous quarter and $0.15 per share for the corresponding
quarter in 2000.
"Given the current market conditions, we are satisfied with
Mindready's financial performance" said Daniel Dussault, President
and CEO of Mindready Solutions Inc. "While our profitability has
been reduced due to the slow-down that some of our clients have
experienced in their business, our focus on their most strategic
lines of business has allowed us to minimize the impact of this
slow-down".
"We believe that the business environment should continue to be
challenging. This volatile environment may create additional
risks which may have a negative impact. However, we believe that
our unique position will allow us to benefit from new
opportunities generated by the growing outsourcing trend among
large OEM customers. We intend to capture those opportunities by
positioning Mindready as an "end-to-end test solution provider"
thus assisting our clients in reducing costs and improving
flexibility".
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. |
