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Kasten Chase Applied Research Ltd -
Year end results
Kasten Chase Applied Research Ltd
KCA
Shares issued 37128867
1998-03-09 close $1.01
Wednesday Mar 11 1998
Mr Paul Hyde reports Net income for the year ended December 31
1997 was $667,000 ($0.01 per share), compared to a net loss before
discontinued operations in 1996 of $2.9 million ($0.08 per share). This
$3.6 million turnaround in net income was accomplished through
continued strong margins and cost savings following the 1996 merger.
Cash flow from operations in 1997 was $1.3 million, versus a deficit of
$4.3 million in 1996. The company is pleased with the progress
realized during the year in returning it to profitability while, at the same
time, focusing efforts on its latest and most advanced technologies in
wireless, secure remote access, and communications management.
Kasten Chase enjoys an extremely strong financial position, with no
debt and $15.4 million in cash, an improvement of $1.8 million in cash
during the last quarter. During 1997, the company successfully
adjusted its cost structure so that it can take full advantage of the
opportunities in the new high growth market sectors that represent the
future thrust of Kasten Chase. Entering 1998, Kasten Chase is well
positioned with the financial strength to realize accelerated growth as
its new technologies and products enjoy increased market place
acceptance. During 1997 Kasten Chase acquired a total of 569,000
shares under its normal course issuer bid, bringing the total
outstanding common shares at year end to 39,999,887. To date, in
1998, an additional 220,000 shares have been acquired for
cancellation.
FINANCIAL HIGHLIGHTS
Year ended December 31
($ 000's)
1997 1996
Revenues $29,898 $30,365
Restructuring costs - (565)
Net income (loss)
before discontinued
operations 667 (2,884)
Settlement of note
from discontinued
operations - 650
------- -------
Net income (loss) $ 667 ($ 2,234)
======= =======
Income (loss) per
share:
Before discontinued
operations $0.01 ($0.08)
Net income (loss) $0.01 ($0.06)
Cash flow from
operations $1,316 ($4,305)
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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