Q1 numbers
MERCURY SCHEDULING SYSTEMS INC ("MRY-V;MYSYF-L") - 85% Increase In Quarterly Revenues
Mercury Scheduling Systems Inc. has posted revenues of $835,840 for the three months ended July 31,1999, an increase of 85 percent over the same period last year.
The increase in revenue was primarily due to an increase in product and services revenue as a result of the recognition of Phase One milestone payments received from British Airways Regional for installation of the Magellan real-time decision support system.
Total expenses for the three months ended July 31,1999 were $1,124,617 compared with $1,229,820 for the same period last year. The decrease in expenses was primarily due to reduced sales and marketing, and research and development expenses, which offset the increase in product and services costs.
The Company's cash balance as at July 31,1999 was $1,856,922 as compared to $2,451,991 as at July 31,1998.
Mercury's President & CEO, Graham Whitmarsh, says the Company is also continuing to focus its efforts on new sales of its suite of airline operations software products, including Magellan. "This is the first quarter that the Company was almost completely performing service and support activities rather than being primarily focused on research and development," Whitmarsh said. " Mercury also signed a Letter of Intent with DHL Airways Inc. for our Magellan and NOVA systems in this first quarter, and we expect that we will continue to focus on the licensing and delivery of our products."
Mercury Scheduling Systems Inc. is a Vancouver-based software company that has developed and licensed innovative airline operations software throughout the world since 1982. The Company has an established client base that includes some of the world's leading airlines: American Airlines, British Airways Regional, Aloha Airlines, Ansett Australia and Canadian Regional Airlines.
On behalf of the Board of Directors of Mercury Scheduling Systems Inc., Graham Whitmarsh, President & CEO
ENQUIRIES MAY BE DIRECTED TO: Investor Relations: (604) 683-8668 or toll-free at 1-888-614-1111 or investors@mercury.bc.ca Visit our website: mercury.bc.ca
Mercury Scheduling Systems Inc., Suite 400, 601 W. Cordova St., Vancouver, BC, Canada V6B 1G1
Mercury Scheduling Systems Inc.
Consolidated Statement of Operations
For the Three Months Ended July 31, 1999
First Quarter of the 2000 Fiscal Year
July 31, July 31,
1999 1998
Revenues
Products and services $780,955 $405,966
Government grants 32,021 32,485
Interest 22,864 13,769
835,840 452,220
Expenses
Costs of products and services 556,941 160,568
Research and development 13,376 391,461
General and administrative 346,049 342,572
Interest 5,986 7,738
Sales and marketing 168,016 301,842
Amortization 34,249 25,641
1,124,617 1,229,822
Loss for the period (288,777) (777,602)
Deficit, beginning of period (8,357,046) (5,879,602)
Deficit, end of period (8,645,823) (6,657,204)
Loss per share $ (0.05) $ (0.05)
|
