SAN MATEO, Calif., Nov. 12 /PRNewswire/ -- Sanctuary Woods Multimedia
Corporation (VSE: SWD), today reported a net loss of $420,259 on sales of
$1,175,972 for the second quarter ended September 30, 1996. The net loss of
$420,259 ($0.02 per share) in the fiscal 1997 second quarter compares to net
income of $901,362 ($0.05 per share) on sales of $9,352,065 in the comparable
quarter last year.
For the quarter ended June 30, 1996, the Company reported net income of
$342,978, which consisted of a net loss of $532,183 and a gain of $875,161 on
the sale of the Company's Victoria, Canada entertainment studio to Disney
Interactive and the disposal of other assets.
For the six months ended September 30, 1996, the Company reported a net
loss of $77,280 (0.02 per share), including the previously mentioned gain on
the sale and disposal of assets, on net sales of $3,096,341, compared to a net
loss of $2,360,946 ($0.11 per share) on net sales of $11,410,935 for the six
months ended September 30, 1995.
"While we completed the reorganization of the Company around our
educational products in the June quarter, the September quarter was a key
quarter for us to recapitalize the Company and roll-out our Fall products,"
said Charlotte Walker, President.
The Company placed $5.3 million in convertible debt in September, 1996,
allowing it to strengthen its balance sheet. "While we made continued
progress improving the Company's position and maintaining tight cost control,
industry conditions remained difficult and hindered our making further
progress," said Ms. Walker. In the 1996 September quarter two important
distributors of the Company's products experienced severe financial
difficulties.
Sanctuary Woods is the developer of innovative educational software,
including Major League(TM) Math, NFL(TM) Math, NFL(TM) Reading, Franklin's
Reading World and Franklin Learns Math. The Company was founded in 1988 and
is headquartered in San Mateo. Calif. |
