Con-Space posts profit of $779,315 at year-end
2003-09-23 14:03 ET - News Release
Mr. James Swanson reports
CON-SPACE YEAR-END PROFITS UP 275%
Con-Space Communications (CCB-V) has posted an overall increase in annual profits of 275.6 per cent and an increase in sales of 51 per cent for the fiscal year end June 30, 2003, over fiscal 2002.
"We are delighted with the extremely positive outcome of fiscal year 2003," said Mr. Swanson. "We have shown growth in all areas of our business with the greatest growth coming from our operation in the United Kingdom. The results speak for themselves, sales increased by 50.7 per cent over fiscal 2002, giving a substantial net profit of $779,315, or nine cents per share. This far outperformed last year's profit of $207,168 or three cents per share and added nearly $800,000 to our bottom line."
Sales for the year were $4,787,117 compared with $3,176,903 for fiscal 2002. Gross profits for 2003, along with other income increased by 51.7 per cent to $2,380,826 and operating expenses increased by only 26.9 per cent or $380,955 to $1,794,891 compared with 2002's expenses of $1,413,936.
The company's net profit for the year ending June 30, 2003, was $779,315 or nine cents per share, exceeding forecasted profits of $313,261 significantly and increasing year-to-year profit by $572,147 or six cents per share based on last year's net profit of $207,168 or three cents per share.
Complete financial documentation will be released in late September or early October. |
