Mercury increases in third quarter
Mercury Scheduling Systems Inc MRY
Shares issued 11,424,514 Feb 24 close $1.68
Thu 25 Feb 99 News Release
Mr. Michael Forster reports
The company has posted product and service revenue of $611,581 for the
third quarter ended Jan. 31,1999, an increase of 81 per cent over the same
period last year.
Total revenues for the nine month period ended Jan. 31, 1999 were
$1,487,620 an increase of 45 per cent over the nine month period ended Jan.
31, 1998. The increase in revenues was primarily due to a sale of the
company's Cygnus software to Braathens airline based in Norway and an
initial deposit received from British Airways. This increase was achieved
with only 5 per cent of the British Airways contract recognized in revenue.
The compant anticipates the remainder of this contract value will be
recognized over the next 14 months.
Expenses for the third quarter ended Jan. 31, 1999 were $1,084,319 a
decrease of 10 per cent as compared with the same period last year.
Expenses for the nine month period ended Jan. 31, 1999 were $3,432,217 as
compared with $3,133,127 for the same period in the prior year, an increase
of 10 per cent.
Operating loss was $457,000 or 2 cents per share for the period, a
significant reduction compared with a loss of $759,000 or 7 cents per share
for the corresponding period last year.
The company's cash balance as at Jan. 31, 1999 was $1,616,911 as compared
with $75,423 as at Jan. 31, 1998.
STATEMENT OF OPERATIONS
Three months ended Jan. 31
1999 1998
Revenues
Products and
services $ 611,581 $ 337.$25
Government grants 5,922 90,000
Interest 8,913 -
---------- ----------
626,416 433,826
Expenses
Costs of products
and services 242,049 120,001
Research and
development 292,860 421,691
General and
administrative 389,129 337,222
Interest 3,827 18,018
Sales and marketing 110,771 233,925
Amortization 45,683 72,732
--------- ---------
1,084,319 1,203,639
Loss for the
period 457,903 769,813
========= =========
Loss per share 2 cents 7 cents
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