Earings are out!!!!
MDSI Mobile Data Solutions Inc MMD Shares issued 3,990,793 Jan 28 close $26.00 Tue 28 Jan 97 News Release Mr Erik Dysthe reports
Revenues for the three months ended December 31 1996 were $21,134,295, an increase of 1,415%, compared to $1,394,253 in the same quarter of 1995 and an increase of 35%, compared to the previous quarter ended September 30 1996. Total revenues for the twelve months ended December 31 1996 increased 385% to $45,142,570, compared to $9,313,215 for the same period in 1995.
In accordance with generally accepted accounting principles in the US, net income for the quarter increased to $1,241,073 from a loss of $2,840,615 in the same quarter in 1995. Earnings per share for the quarter were $0.24, compared to a loss of $0.69 per share for the same period in 1995. After expensing $8,523,363 in research and development costs associated with the purchase of Spectronics MicroSystems Ltd, the net loss for the twelve months ended December 31 1996 was $6,014,129 or $1.23 per share, compared to a net loss of $1,532,767 or $0.37 per share in the twelve months ended December 31 1995.
In accordance with generally accepted accounting policies in Canada, net income for the quarter was $936,666 or $0.20 per share, compared to a loss of $2,840,615 or $0.71 per share for the same quarter in 1995. Earnings in the current quarter reflected the deduction of $448,125 in amortization associated with the acquisitions of Spectronics and TelSoft Mobile Data. Net income for the twelve months ended December 31 1996 increased to $1,900,420 or $0.46 per share, compared to a net loss of $1,532,767 or $0.38 per share for the twelve months ended December 31 1995,
A US public offering of 1,495,000 shares in the fourth quarter raised approximately C$30 million. A portion of the proceeds were used to repay $8.6 million in notes payable arising from the acquisition of Spectronics. The success that MDSI's mobile workforce management solutions have achieved is clearly demonstrated in the results for the year ended December 31 1996. Product sales during the year were remarkable, particularly in the utility market, with strong momentum building in the telecommunications market segment as the company concluded the fourth quarter. The past year has resulted in considerable change as MDSI increased its operations in Canada and extended its international operations by acquiring Spectronics in Great Britain and successfully entering the taxi, courier, and delivery markets. As the company enters the new fiscal year, the MDSI team is dedicated to becoming the leading provider in workforce management solutions, and is focused on meeting the challenges of extending its reach around the world.
STATEMENT OF EARNINGS
Three months ended December 31
1996 1995
Revenues
Software and
services $ 5,743,977 $ 1,208,271
Terminals and
infrastructure 6,474,270 -
Maintenance and
support 909,022 185,982
Third party
products and
services 8,007,026 -
----------- -----------
21,134,295 1,394,253
Direct costs 14,838,692 348,027
----------- -----------
Gross profit 6,295,603 1,046,226
Expenses
Research and
development 1,537,851 432,334
Sales and
marketing 1,857,958 728,474
General and
admin 1,115,416 441,111
Amortization of
intangible
assets 143,718 -
Acquired
research and
development - -
Restructuring
costs - 2,017,819
Reorganization
costs - 688,374
----------- -----------
4,654,943 4,308,112
----------- -----------
Operating
income 1,640,660 (3,261,886)
Other income 61,731 95,144
----------- -----------
Income (loss)
before tax
provision 1,702,391 (3,166,742)
Recovery of
(provision for)
income taxes (461,318) 326,127
----------- -----------
Net income
(loss) $ 936,666 $(2,840,615)
=========== ===========
Earnings (loss)
per share $ 0.20 $ (0.71)
STATEMENT OF EARNINGS
Year ended December 31
1996 1995
Revenues
Software and
services $18,387,600 $ 8,584,112
Terminals and
infrastructure 8,708,078 -
Maintenance and
support 2,819,429 729,103
Third party
products and
services 15,227,463 -
----------- -----------
45,142,570 9,313,215
Direct costs 28,320,887 3,010,363
----------- -----------
Gross profit 16,821,683 6,302,852
Expenses
Research and
development 4,356,884 1,963,495
Sales and
marketing 5,688,455 1,840,839
General and
admin 3,124,748 951,272
Amortization of
intangible
assets 331,411 -
Acquired
research and
development 8,523,363 -
Restructuring
costs - 2,017,819
Reorganizations
posts - 688,374
----------- -----------
22,024,861 7,461,799
----------- -----------
Operating
income (5,203,178) (1,158,947)
Other income 113,664 151,167
----------- -----------
Income (loss)
before tax
provision (5,089,514) (1,007,780)
Recovery of
(provision for)
income taxes (924,615) (524,987)
----------- -----------
Net income
(loss) $ 1,900,420 $(1,532,767)
=========== ===========
Earnings (loss)
per share $ 0.46 $ (0.38) |
