NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: STERNE STACKHOUSE INC.
ASE SYMBOL: SSX
OCTOBER 9, 1998
Sterne Stackhouse Inc. reports financial results for the
third quarter ended July 31, 1998
CALGARY, ALBERTA--Sterne Stackhouse Inc. ("SSX:ASE") today
announces (unaudited) financial results for the third quarter
ended July 31, 1998.
Despite weak oil prices, the company's products continue to
generate market success. Year to date revenue growth exceeds 60
percent over fiscal 1997, while 3rd quarter revenues tripled over
the same period last year.
In his quarterly report to shareholders, Ron Sterne, the Company's
Chief Executive Officer, stated: "We have remained profitable
while funding infrastructure appropriate to support substantial
growth. The linear progression of increased costs to support
Calgary's petroleum industry will ultimately service exponential
growth of our business within other industries."
/T/
Financial Results
Third quarter ended July 31, 1998
Three months ended Nine months ended
July 31 July 31 July 31 July 31
1998 1997 1998 1997
$ $ $ $
--------------------------------------------------------------
Revenue $ 483,716 $ 162,483 $1,596,692 $ 994,679
Operating expenses 517,584 333,410 1,528,594 991,043
Depreciation &
amortization 87,300 49,781 258,251 169,266
Earnings (loss) before
tax (33,868) (170,927) 68,098 3,636
Deferred income taxes - - 42,000 -
Net income (loss) (33,868) (170,927) 26,098 3,636
Earnings per share (0.006) (0.031) 0.005 0.001
Outstanding shares 5,564,496 5,564,496 5,564,496 5,564,496
--------------------------------------------------------------
/T/
Sterne Stackhouse Inc. is a Canadian software development company,
which has been specializing in data retrieval technology for
business since 1981. The company launched the
Labrador(R)(Retriever) project in early 1993. The company has two
major business thrusts. One is to use the Labrador(R)(retriever)
technology to create an application suite of products for oil and
gas companies, called Petro-LAB(TM). The other is to use the
Labrador(R) technology as a generic data retriever in other
vertical markets such as health care or finance.
In the oil and gas sector, management continues to be optimistic
about the prospects, despite weak oil prices, as the company is
currently engaged in a number of major opportunities.
Petro-LAB(TM)'s broad scope of capabilities provides the
opportunity for petroleum companies to rationalize redundant
software, and thereby reduce costs materially over time.
Petro-LAB(TM) is a software solution that can service the data
query and retrieval requirements across the entire corporation.
Senior executives now see the value in Petro-LAB(TM), and are
being involved in decisions about the software.
Labrador(R), for vertical markets outside of oil and gas, is also
proceeding well. The oil and gas business has served, in one
sense, as a research laboratory to develop generic data retrieval
and reporting capabilities to support both remote and internal
relational databases. Labrador(R) has been rewritten in Java,
making it portable and Internet capable. The first release of the
Labrador(R) "Tool-Kit" is on schedule for October 31st, 1998. The
Labrador(R) "Tool-Kit" will give programmers the ability to model
relational databases, and to automatically generate SQL code to
retrieve any data request. The company is currently engaged in
serious discussions to provide this capability to several other
industries.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Sterne Stackhouse Inc.
Darryl Stackhouse
Chief Financial Officer
(403) 263-6325
The Alberta Stock Exchange has neither approved nor disapproved of
this release. |
