Mercury Scheduling fourth-quarter results
Mercury Scheduling Systems Inc MRY
Shares issued 16,500,000 Jul 13 close $1.08
Wed 14 Jul 99 News Release
Mr. Michael Forster reports
Mercury Scheduling Systems Inc. has achieved revenues of $637,747 for the
fourth quarter ended April 30, 1999, an increase of 221 per cent over the
same period last year. Revenues for the year ended April 30, 1999, were
$2,126,367, an increase of 74 per cent over the prior year.
The increase in revenue was primarily due to the growth of product and
services revenue as a result of the sale of the company's NOVA and Cygnus
products to new airline customers and revenues received from British
Airways Regional for the company's Magellan product. The British Airways
Regional project is proceeding on schedule with installation of Magellan
expected to be complete in the fall of this year.
Approximately 20 per cent of the company's revenues during the year were
derived from Magellan, the company's flagship product. This percentage will
increase significantly in the upcoming fiscal year as a result of the
British Airways Regional and DHL Airways projects.
The company deferred an additional $378,000 in payments from a number of
customers, including British Airways Regional. This amount relates to
integration and installation work and will be recorded as revenue in the
fiscal year ended April, 2000.
Expenses for the fourth quarter were $1,170,594, a decrease of 35 per cent,
compared with the same period last year. The decline in expenses is
primarily due to reduced amortization costs combined with lower sales and
marketing costs. Expenses for the year ended April 30, 1999, were
$4,602,811, a decrease of 7 per cent as compared with the prior year.
The operating loss for the fourth quarter was $532,847 (three cents per
share), a substantial improvement as compared with the previous period's
loss of $1,599,881 (13 cents per share). The operating loss for the year
was $2,477,444 (13 cents per share), a decline of 33 per cent as compared
with the prior year. The company's working capital remains strong with cash
on hand at April 30, 1999, totalling $2.38-million.
CONSOLIDATED STATEMENT OF OPERATIONS
Year ended April 30
1999 1998
Revenues
Products and
services $1,996,068 $1,143,285
Government
grants 63,277 78,600
Interest 66,022 -
---------- ----------
2,125,367 1,221,885
---------- ----------
Expenses
Research and
development 1,136,829 1,484,836
General and
admin 1,591,309 1,337,028
Sales and
marketing 795,503 956,071
Amortization 137,235 687,329
Costs of products
and services 921,403 387,437
Interest 20,532 78,622
---------- ----------
4,602,811 4,931,323
---------- ----------
Loss for
the period $2,477,444 $3,709,438
========== ==========
Loss per
share 13 cents 29 cents
CONSOLIDATED STATEMENT OF OPERATIONS
Three months ended April 30
1999 1998
Revenues
Products and
services $ 611,338 $ 215,515
Government
grants 8,870 (17,400)
Interest 17,539 -
---------- ----------
637,747 198,115
---------- ----------
Expenses
Research and
development 85,209 368,866
General and
admin 515,665 411,188
Sales and
marketing 156,794 470,327
Amortization 40,270 462,104
Costs of products
and services 368,377 77,720
Interest 4,279 7,791
---------- ----------
1,170,594 1,797,996
---------- ----------
Loss for
the period $ 532,847 $1,599,881
========== ==========
Loss per
share 3 cents 13 cents
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