A couple of days late....but....
Thanks, Kent.
Friday February 14 9:15 AM EDT
Sanctuary Woods Posts Third Quarter Results
SAN MATEO, Calif., Feb. 14 /PRNewswire/ -- Sanctuary Woods Multimedia Corporation (Vancouver: SWD), today
reported a net loss of $1,537,857 ($0.07 per share) on sales of $1,201,782 for the third quarter ended December 31, 1996.
This loss in the fiscal 1997 third quarter compares to a net loss of $13,440,503 ($0.74 per share) in the same quarter last year
on revenues of negative ($1,934,953).
For the nine months ended December 31, 1996 the Company reported a net loss of $1,615,137 ($0.07 per share) on sales of
$4,298,123 compared to a net loss of $15,801,449 ($.92 per share) on sales of $9,475,982 for the nine months ended
December 31, 1995.
"The current quarter is not comparable to last year when the Company wrote down numerous assets and took extraordinarily
high reserves to account for product returns and price markdowns related mostly to its discontinued entertainment business,"
said Charlotte Walker, President. Also in the December 1996 quarter, the Company restarted its marketing efforts, closed its
Toronto office, and incurred significant bad debt expense due to weakened distributors.
Since the company completed a financing in September 1996, the three month period ended December 1996 represents the
first full quarter in 1996 in which the Company was able to allocate resources to its marketing efforts. The Company allocated
over $400,000 to sales and marketing programs. Other expenses incurred in the quarter included $138,000 in bad debt
expense, $106,000 in interest expenses related to the September 1996 financing and over $100,000 in charges related to the
shutdown of the Toronto office and other expenses. Legal and professional fees continue to be significant expenses as the
Company completes its reorganization.
"Market conditions remain very challenging, however we believe that our efforts to open new sales channels and focus on our
Head Coach(TM) and Franklin(TM) line of educational products will position us for growth in 1997," added Ms. Walker.
Sanctuary Woods develops innovative educational software including Major League(TM) Math, NFL(TM) Math, NFL(TM)
Reading, Franklin's(TM) Reading World and Franklin(TM) Learns Math. The Company is headquartered in San Mateo, Calif.
NFL is a trademark of the National Football League. Major League is a trademark of Major League Baseball Properties, Inc.
Sanctuary Woods is a registered trademark and Head Coach is a trademark of Sanctuary Woods Multimedia Corporation.
Franklin the Turtle is a trademark of Kids Can Press Ltd. SOURCE Sanctuary Woods Multimedia Corporation |
