Most recent quarterly report
[Note the full report to shareholders (available on SEDAR) is a PDF
file which I can't reproduce here without the tables being
misaligned. One piece of information not mentioned in the
release below (since balance sheet data is not presented) is that
the company has no long term debt.]
NOVEMBER 4, 1998
Aastra Reports Record Revenue And Profits
TORONTO, ONTARIO--Aastra Technologies Limited - is pleased to
report another record quarterly profit as a result of record net
sales for the sixth consecutive quarter. Net sales for the three
months ended September 30, 1998 were $10,627,500, a 190 percent
increase from sales of $3,636,800 for the same period in 1997.
Net sales for the nine months ended September 30, 1998 were
$23,845,200 compared to sales of $8,227,800 for the nine months
ended September 30, 1997.
As a result of this significant increase in sales, Aastra recorded
a net income of $611,000 or $0.07 per share for the third quarter
ended September 30, 1998 compared to a net income of $11,500 or
$Nil per share for the third quarter of 1997. The net income for
the nine months ended September 30, 1998 was $692,700 or $0.08 per
share compared to a net loss of $493,400 or $0.06 per share for
the same period in 1997.
During the third quarter, the Company began to see its selling
efforts in Latin America produce results with significant sales
to customers in Chile and Mexico. In addition, consistent with the
past five quarters, Aastra continued to experience strong growth
in its two key markets, the North American retail and telephone
company ("Telco") channels. Total North American Telco sales grew
110 percent when compared to the same period last year. In the
retail market, driven by strong sales of BELL(R) Equipment branded
products in the United States, net sales grew by more than 225
percent from the third quarter last year. With further growth from
all the above markets, the Company expects to see continued
revenue growth during the fourth quarter and into 1999.
The third quarter results mark an important milestone in the
growth of the Company. Aastra's third quarter profit alone has
earned back the total operating losses that were incurred during
its first two years as a public company. During this period,
Aastra has been actively investing in the infrastructure required
to achieve and support its current rapid growth.
Aastra Technologies Limited develops and distributes
telecommunications equipment. Aastra products include basic
telephone sets, caller ID devices and custom-engineered telephone
sets that incorporate Telco services including caller ID, call
waiting, call forwarding and distinctive ringing. Aastra sells to
all the major Telcos in Canada and to several U.S. Telcos
including GTE, Sprint, Bell Atlantic and Pacific Telesis. In the
retail market, Aastra has the exclusive license to use the
"BELL(R) Equipment - SONECOR" trademark for telephones sets and
its products are distributed to Circuit City, Radio Shack, Office
Depot, The Future Shop and other mass retailers. The Alberta
Stock Exchange has neither approved nor disapproved of the
information included in this press release.
AASTRA TECHNOLOGIES LIMITED
1998 THIRD QUARTER HIGHLIGHTS
(Canadian Dollars)
Year-to-date nine months ended
September 30, 1998 1997
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Net sales $23,845,157 $ 8,227,831
Net income (loss) for the period $ 692,666 $ (493,417)
Net income (loss) per share for the
period $ 0.08 $ (0.06)
Common shares outstanding as at September 30, 1998 - 8,498,439
Third quarter three months ended
September 30, 1998 1997
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Net sales $10,627,489 $ 3,636,798
Net income for the period $ 611,009 $ 11,490
Net income per share for the period $ 0.07 $ 0.00
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