ASIC 3rd Quarter earnings report!!!! just posted on web site.
FOR IMMEDIATE RELEASE: April 26, 1999
CONTACT: Denis Marchand
Vice President of Finance & Administration
Access Solutions International, Inc.
401-295-2691
ACCESS SOLUTIONS REPORTS THIRD QUARTER RESULTS
NORTH KINGSTOWN, R.I.—Access Solutions International, Inc. (OTC EBB: ASIC), announced today the unaudited results for the company's third quarter ended March 31, 1999.
For the most recent quarter, the company posted a net loss of $96,257 or $0.02 per share of common stock (3,963,940 weighted average common shares outstanding) on net sales of $211,931 versus a net loss of $483,908 or $0.12 per share of common stock (3,963,940 weighted average common shares outstanding) on net sales of $294,253 for the comparable quarter last year. For the nine months ending March 31, 1999, the company posted a net loss of $498,951 or $0.13 per share of common stock (3,963,940 weighted average common shares outstanding) on net sales of $649,711 versus a net loss of $1,475,286 or $0.37 per share of common stock (3,963,940 weighted average common shares outstanding) on net sales of $1,168,985 for the nine months ending March 31, 1998.
Reduced operating expenses, which decreased 67% from $650,343 for the third quarter of Fiscal 1998 to $216,431 for the recent third quarter, and 191% from $2,233,600 to $709,811 for the nine months ending March 31, 1999 contributed to the more favorable result. Operating expenses were reduced due to lower research and development expenditures as a result of completing the company's software development projects in the second quarter of Fiscal 1998.
Access Solutions International, Inc. designs, develops, assembles and markets mainframe information storage and retrieval systems, including both software and hardware, for large companies.
NOTE: Any statements released by Access Solutions International, Inc. that are forward looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements involve risks and uncertainties, which may affect the company's business prospects and performance. These include economic, competitive, governmental, technological and other factors discussed in the company's filings with the SEC on forms 10-KSB and 10-QSB.
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For More Information Contact:
Access Solutions International, Inc.
650 Ten Road, North Kingstown, RI 02852
Tel: 401-295-2691
FAX: 401-295-1851
Internet: Denis L. Marchand
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Last modified: April 26, 1999
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