FULL TEXT-Sand Tech Q1 results
December 14, 1998 03:20 PM
(Full text of press release from Canadian Corporate News)
DECEMBER 14, 1998 Sand Technology Systems International Reports First
Quarter Results
MONTREAL, QUEBEC--SAND TECHNOLOGY SYSTEMS INTERNATIONAL INC.
(NASDAQ: SNDCF) today reported a net loss for its fiscal quarter ended October
31, 1998 of $(1,315,311) or $(0.15) per share on sales of $646,722 as compared to
a loss of $(79,399) or $(0.01) per share on sales of $540,936 for the fiscal quarter
ended October 31, 1997. Earnings from operations show a deficit of $(2,289,337)
for first quarter of fiscal 1999 as compared to a deficit of $(455,389) for the first
quarter of fiscal 1998.
Arthur Ritchie, President and Chief Executive Officer, observed that "it had been
expected that Sand would incur losses in both the first and second quarters of the
current fiscal year as the Corporation continued to concentrate the bulk of its
efforts on developing, training and supporting its distribution channels and OEM
partners to achieve successful penetration of the Nucleus products suite into the
market place." He added "that Sand continues to cement its strategic relationships
with companies such as IBM, Compaq, Brio, Hitachi Data Systems and IBI." Mr.
Ritchie further explained that "programs such as these take a great deal of time to
complete, but clearly these programs will far outreach any short term programs
that Sand would put together on its own."
Mr. Ritchie concluded by saying that the "new products introduced over the past
months have been very well received by customers as well as by leading analysts
and industry journals. Sand is committed to ensure the success of the Nucleus
product suite."
SAND TECHNOLOGY SYSTEMS INTERNATIONAL provides high performance,
scaleable software solutions for data mining, data marts, data warehouses and
on-line analytical processing (OLAP). Sand's product suite, the Nucleus Series
brings patented technology to the business user allowing for more timely and
accurate decision processing within the disconnected client, desktop, workgroup,
departmental and enterprise computing environments. More information on Nucleus
is provided at the Sand website at http:/www.sandtechnology.com.
Nucleus, Nucleus Server and N-Vector are registered trademarks of Sand
Technology Systems International Inc. and Nucleus Exploration Mart, Nucleus
Exploration Warehouse and Nucleus Virtual Database are trademarks of Sand
Technology Systems International Inc. Other trademarks are the property of their
respective owners.
The earnings projections contained in this release are forward looking statements
based on reasonable assumptions. However, some assumptions may not
materialize and unanticipated events may occur which could cause actual results
to differ materially from those forecasted. Competitive pressures, availability and
cost competitiveness of supplies or competing products, timing of significant
orders, market acceptance of the Sand Enterprise Nucleus Server and other risks
and uncertainties described in Sand's reports to Securities and Exchange
Commission are important factors which could cause actual results to differ
materially from those projected.
SAND TECHNOLOGY SYSTEMS INTERNATIONAL INC. Consolidated Statement
of Operations (Unaudited)
IN CANADIAN DOLLARS 3 Months Ended 3 Months Ended
October 31, 1998 October 31, 1997 ---------------------------------------------------------------
Net Sales $646,722 $540,936 (Loss) earnings from operations $(2,289,337)
$(455,389) Income from Affiliate $414,935 $292,533 Net (loss) earnings
$(1,315,311) $(79,399) (Loss) earnings per share $(0.15) $(0.01) Weighted average
number of
shares outstanding 8,488,206 8,488,206
FOR FURTHER INFORMATION PLEASE CONTACT: Sand Technology Systems
International Inc. Vice President, Finance and Administration (514) 939-3477
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