CSI Cred Sys: First Quarter Fiscal 1999 Financial Results 10/13/98
CSI CREDIT SYSTEMS INTERNATIONAL INC ("CSU-V")
- First Quarter Fiscal 1999 Financial Results
- Q1 Sales Up 131% versus Prior Year
CSI Credit Systems International Inc. ("CSI") announces financial
results for first quarter of fiscal 1999 ending August 31, 1998.
CSI enjoyed rapid growth in revenues this quarter achieving record sales of $966,836 up 131% over the same period last year. Cash increased 136% over last year to $657,000 following the exercise of 1,032,225 warrants for a total of $723,658. Shares issued and outstanding now total 11,912,907.
During this quarter, our primary business accomplishments included:
* Shipment of 400 CSI GT-100 terminals for Best Western Hotels
Inc. representing 80% of the total order, the balance will
be completed in the second quarter.
* Establishment of an alliance with DataCard Financial Systems
Corp. ("DataCard") of Minneapolis, MN, to market ERNEX(tm)
loyalty programs as a value-added feature for its own
transaction terminals, which gives CSI access to its first
significant distribution channel in the United States.
* Launch of two customer tracking and loyalty programs using
CSI's ERNEX service by Superstar Group Ltd. of Vancouver,
BC, at 54 store locations in Canada. In addition, Superstar
Group purchased CSI's GT-100 terminals to process
transaction information at all locations.
In (C$ 1000)
Revenue Net Income -EPS-
Q1 / 99 - Three months to
August 31, 1998 $ 966 $ ( 97) $(0.008)
Q1 / 99 - Three months to
August 31, 1997 $ 418 $ ( 122) $(0.012)
% Change 131% 20%
A reorganization of CSI Parking Systems Inc. ("CSI Parking") is now complete. This change allows both companies to focus on their respective businesses and increases management incentive in CSI Parking. The reorganization included an equity investment of $126,200 in CSI Parking by two officers of that Company. The investment creates a 15% minority interest in CSI Parking which was previously a 100% owned subsidiary of CSI.
CSI Credit Systems International Inc. is a transaction information company specializing in business to customer transactions. CSI offers retail businesses the opportunity to market products and services on a customer specific basis through a comprehensive and fully integrated network of customer information gathering software and hardware.
CSI Credit Systems Int'l. Inc.
August August % Change
31/98 31/97 Yr / Yr
Condensed Balance Sheet (Cdn$)
Current Assets 1,731,574 993,988 74%
Capital Assets and Marketing
Rights 525,187 429,860 22%
$2,256,761 $1,423,848 58%
Current Liabilities 526,993 431,609 22%
Non-controlling interest 43,189 -
Shareholder's Equity 1,686,579 992,239 70%
$2,256,761 $1,423,848 58%
Condensed Statement Of Operations - Three Months Ended:
Sales 966,836 418,948 131%
Gross Margin 455,854 422,088 8%
Operating Expenses 572,114 544,243 5%
Net Income (Loss) before
non-controlling interest $(116,260) $(122,155) 5%
Non-controlling interest (18,731) -
Net Income (Loss) (97,529) (122,155) 20%
Earnings (Loss) per Share $(0.008) $(0.012) |
