Company Press Release
Mytec Announces Third-Quarter Results
TORONTO--(BUSINESS WIRE)--Nov. 14, 1997--(TSE:MYT - news) Mytec Technologies Inc., which specializes in
privacy and security technologies, announced today revenue of $8,818,000 for the nine months ended September 30, 1997, an
18 per cent increase from $7,485,000 recorded last year. Cash flow from operations during this period was significantly higher
at $1,315,000 compared to the same period last year at $1,146,000.
Earnings before interest, amortization and depreciation were $1,472,000 in the first nine months of 1997 compared to
$1,571,000 for the same period in 1996. Net earnings for the first nine months of 1997 decreased to $367,000 from
$817,000. The lower earnings in 1997 were essentially caused by a decrease in interest income, together with increased
start-up costs of our new monitoring centre in Vancouver, one-time conversion costs in replacing the computer system in our
Toronto monitoring centre, and increased administration costs related to commercialization of the Touchstone(TM) product.
On a fully diluted basis, earnings per share for the nine months of 1997 were 1.6 cents based on a weighted average of
22,894,163 shares outstanding, compared with 3.7 cents for the same period a year earlier based on a weighted average of
22,172,633 shares outstanding.
At September 30, 1997, the Company had $3,126,000 in cash and no debt.
The Company is on schedule with its manufacturing plans for Touchstone(TM), Mytec's new finger pattern reader. It has
received a letter of intent from a major U.S. based aerospace and electronics company for its first significant shipment,
commencing in the fourth quarter of 1997. The customer will use Touchstone(TM) for secured network access and password
management.
Mytec Technologies Inc. is developing optical processing techniques which allow an individual's unique finger pattern to be
used either for positive identification or as an encryption key to code data. Mytec's products are designed to enable secure
transmission of information across the Internet and to eliminate fraud associated with unauthorized use of health, welfare, credit
and financial services cards. Through its wholly-owned subsidiary, Counterforce, Mytec also provides alarm monitoring
services to more than 600 partner/dealers who sell, install and service security alarm systems.
Mytec is a public company listed on The Toronto Stock Exchange under the trading symbol MYT.
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