Monday March 15, 8:10 am Eastern Time
Company Press Release
Sand Technology Systems International Reports Second Quarter Results
MONTREAL, QUEBEC--SAND TECHNOLOGY SYSTEMS INTERNATIONAL INC. (NASDAQ:
SNDCF - news) today reported a net loss for its fiscal quarter ended
January 31, 1999 of $(1,789,166) or $(0.21) per share on sales of
$409,134 as compared to a loss of $(61,678) or $(0.01) per share on
sales of $404,183 for the second quarter ended January 31, 1998. Losses
from operations were $(1,984,753) for second quarter of fiscal 1999 as
compared to a deficit of $(662,431) for the second 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 Company continued
to concentrate the bulk of its efforts on leveraging and growing its
existing network of value-added resellers and distributors to expand its
distribution channels for its Nucleus products''. He added ''that Sand
continues to cement its strategic relationships with companies such as
IBM, Compaq, Brio, Hitachi Data Systems and IBI. These strategic
relationships provide for enhanced technology integration with partner
technology as well as increased market exposure and sales opportunities
for the Company's Nucleus products and services.''
Mr. Ritchie observed that ''as a result of the introduction of the
WIN/NT and WIN/95 versions of Nucleus, the Company anticipates that it
will be able to address a broader market for the product.''
In concluding, Mr. Ritchie stated that ''management continues to look
for a turnaround in the third and fourth quarters of the current fiscal
year based on a number of positive factors, some of which, however, are
not within the Company's control.''
SAND TECHNOLOGY SYSTEMS INTERNATIONAL INC. 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 (VDB) 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 Nucleus series of products 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 6 Months 3 Months 6 Months
Ended Ended Ended Ended
Jan. 31, Jan. 31, Jan. 31, Jan. 31,
1999 1999 1998 1998
_______________________________________________________________
Net Sales $409,134 $1,055,856 $404,183 $945,119
(Loss) earnings
from
operations $(1,984,753) $(3,644,090) $(662,431) $(1,117,820)
Income from
Affiliate $173,185 $588,120 $510,237 $802,770
Net (loss)
earnings $(1,789,166) $(3,104,477) $(61,678) $(141,077)
(Loss) earnings
per share $(0.21) $(0.36) $(0.01) $(0.02)
Weighted
average number
of shares
outstanding 8,520,206 8,520,206 8,912,864 8,912,864
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