Con-Space Communications Ltd. reports record 3rd quarter revenue of $1.95 Million, 9-month revenue of $3.9 million
5/5/04
May 05, 2004 (M2 PRESSWIRE via COMTEX) --
Richmond, British Columbia CANADA, May 05, 2004 /FSC/ - Con-Space Communications Ltd. (CCB - TSX Venture),
James L. Swanson, Chairman, CON-SPACE Communications Ltd., (TSX-V: CCB) announced today that once again the Company has set a new quarterly sales record with sales of $1,951,356 for Q3 2004 ended March 31, 2004 and resulted in net profits of $360,142 or $0.04 per share. The record revenue represents a 3.4% increase over the $1,886,498 reported for the same quarter a year ago.
SALES RECORD ALSO ESTABLISHED FOR 9-MONTHS (Q1-Q3) ENDED MARCH 31, 2004
The exceptional quarter also helped set a new 9-month sales record for CON-SPACE and resulted in net profits of $426,941 or $0.05 per share.
'Our first three-quarters of fiscal 2004 have shown continued phenomenal growth closing with year-to-date sales of $3,928,536. That is a 3.2% increase over the $3,805,793 in sales for the same period last year,'stated Swanson. 'In addition, we concluded the 3rd quarter with a backlog of close to $500,000 due to some orders being received too late to be shipped during March and a number of orders that were delayed due to raw material and component delivery shortages. The positive from this is it will all ship in the 4th quarter,'concluded Swanson.
CON-SPACE CONTINUES TO INVEST FOR GROWTH
In response to continued sales growth and demand for CON-SPACE products internationally, as well as, anticipated growth and demand for the foreseeable future, the Company continued to invest in an infrastructure that will be capable of meeting and servicing such growth. For example, on March 4, 2004, CON-SPACE announced the expansion of its workforce from 31 to 37, representing an increase of 20%.
To this end, operating expenses for the third quarter increased by 25.3% to $494,382 compared to last year's third quarter of $394,478. For the first three-quarters of fiscal 2004 ended March 31, 2004 operating expenses closed at $1,402,218 up 28.6% from $1,090,629 one year earlier.
As a result, third-quarter operational profits (before amortization, depreciation and taxes) were $372,985 or $0.04 per share for the third quarter, compared to last year's third quarter operating profit of $478,877 or $0.05 per share. For the 9-months ended March 31, 2004, operational profits were $465,166 or $0.05 per share, compared to $815,700 and $0.09 per share for the same period last year.
Net profit for the third quarter ended March 31, 2004, closed at $360,142 or $0.04 per share, compared to last year's third quarter net profit of $458,886 or $0.05 per share. Net profit for the first three-quarters was $426,941 or $0.05 per share, compared to last year's net profit of $755,751 or $0.09 per share.
'We made the clear and prudent decision to invest a higher portion of our profits back into the business so that we could be prepared to reap the greater benefits of long-term accelerating growth,'stated Swanson. 'Nonetheless, CON-SPACE was still able to report 5 cents per share of net profit while building anticipatory capacity with a goal towards significantly higher profits and earnings per share,'concluded Swanson.
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit agoracom.com and view the CON-SPACE Investor Contact &Information Centre. Alternatively, investors are asked to e-mail all questions and correspondence to CCB@Agoracom.com
About CON-SPACE Communications Ltd. con-space.com
CON-SPACE is recognized worldwide as the leading designer and manufacturer of specialized voice communication equipment used by Police, Fire, Rescue, Government Agencies, Militaries, Municipalities and general industry. The Company has distribution throughout North America, Great Britain, Australia, and parts of Asia, South America, and Europe. The Company also supplies many other manufacturers with Private Labeled products. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
'Forward-looking'statements in this release involve risks and uncertainties associated with, among others, economic, industry conditions, technological development, and competition and should not be relied upon as actual results may differ materially from those projected. |
