Scangraphics Announces Record Revenues for 3rd Quarter 1998
LIMERICK, Pa.--(BUSINESS WIRE)--Oct. 16, 1998-- Expects revenues and earnings to continue to improve
quarter to quarter
Scangraphics(R) Inc. (NASDAQ: SCNG), Friday announced preliminary financial results for the quarter ended Sept. 30, 1998.
The Company expects revenues for the third quarter of 1998 will increase 29% to $1.73 million versus $1.34 million a year earlier. The Company also expects revenues for the nine months ended Sept. 30, 1998 to increase 24% to $4.48 million versus $3.62 million the prior year.
The Company indicated that its third quarter results are in line with expectations, and the Company is expecting to continue its quarter-to-quarter improvement trend for the 4th quarter and into 1999.
The Company is expecting its net loss before preferred dividends to decrease by 64% to $833,000 for the third quarter of 1998, compared to $2,285,000 for the same quarter a year earlier. The Company plans to issue its complete financial results the week of Nov. 9, 1998.
Larry Osterwise, president and CEO of Scangraphics Inc. stated that "I am very pleased to report that the Company, led by Tangent Imaging Systems, has again achieved record revenues in the 3rd quarter. And, with recent contract awards, TRC's backlog now exceeds $500,000 for the first time in its history.
"The Tangent and TRC business units continue to open new markets and applications for their respective products and services, and both of these business units are projected to be profitable for the remainder of 1998."
Osterwise went on the say that "The response to Sedona's SpatialVision is exciting. Since the formal launch of SpatialVision suite of software products in August, and with the support of Oracle, more than thirty enterprise sites have been added to Sedona's Beta and evaluation program, representing a well-rounded mix of industries and disciplines including data warehousing vendors, retail, financial, utility, and service industries.
"While there is still a lot of work to be done, I continue to believe that Sedona's SpatialVision has the potential for explosive growth." |
