Exerpt from NR today;
Mitec Announces Third Quarter Results
MONTREAL, QUEBEC--mitec telecom inc. today reported results for
the third quarter and nine months ended January 31, 1999 as
follows:
/T/
Third Quarter
1999 1998 Change
______________________________________________________________
Revenue 8,235 8,854 -7 percent
Net Income 551 566 -3 percent
Net Income Per
Share
Basic 0.06 0.06 0 percent
Fully diluted 0.06 0.06 0 percent
______________________________________________________________
Summary of Financial Highlights
______________________________________________________________
($ in thousands, except per share amounts)
Nine months
1999 1998 Change
_______________________________________________________________
Revenue 29,934 23,303 28.5 percent
Net Income 2,631 1,663 58 percent
Net Income Per
Share
Basic 0.27 0.17 59 percent
Fully diluted 0.27 0.17 59 percent
________________________________________________________________
/T/
As reported last week, mitec has been awarded two contracts from
its OEM customers totaling Cdn$9.3 million. This brings the
Company's backlog of firm orders to $14 million at the end of
February. At the close of the third quarter the backlog stood at
$7.2 million, compared with $12.5 million for the same period last
year.
Mitec's Vice President, Finance and Chief Financial Officer, Keith
Findlay stated the flat quarter is a result of a delay in
anticipated orders.
"There is no doubt that delays in the realization of anticipated
orders will impact our year-end results. However, with Mitec's
existing strong backlog and continuing growth, we are confident of
a solid onset to mitec's Fiscal 2000," added Myer Bentob Chairman
and CEO.
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