Q2 results (from Aug 9)
Q2, 1999 Results - The Strongest Quarter in Company History, Over 270% Increase in Services Revenue From Previous Year
VANCOUVER, Aug. 9 /CNW/ - Burnt Sand Solutions Inc. (``Burnt Sand')
(TSE: BRT) is pleased to announce it's financial results for the second fiscal
quarter ended June 30th , 1999.
June 30, 1999 - Second Quarter, Fiscal Year 1999 Results
For the quarter ended June 30, 1999, Burnt Sand reports revenues of $7.31
million, an increase of 80% over revenues of $4.07 million for the quarter
ended June 30, 1998, and EBITDA of $332,097 for the quarter compared to a loss
of $419,132 for the same quarter in the previous fiscal year. Final results
for the quarter were a loss of $134,846, ($0.00 per share) compared with a
loss of $607,711, ($0.02 per share) for the same quarter in 1998. As
previously reported, Burnt Sand is amortizing goodwill associated with recent
acquisitions over a three year period thereby incurring significant short term
charges.
For the second quarter of 1999, services revenue was $4,590,649, an
increase of 270% over the $1,705,280 posted a year earlier and a 57% increase
over the previous quarter. ``Our service revenues, and ratios, continue to
grow as planned, and the impact of their higher margins is beginning to show
in our financial performance,' commented Paul Bertin, President of Burnt Sand
Solutions Inc. ``This was our strongest quarter in the history of the company,
with record financial performance, and 19 project victories that will help
ensure future performance. We continue to attract and hire truly remarkable
talent, an important compliment to our acquisition success.'
``Burnt Sand continues to position itself for growth and positive fiscal
performance,' stated Jim Yeates, Burnt Sand's Chairman and CEO. ``Burnt
Sand's growing reputation as a premier North American e-Solutions integrator,
validates our strategy of focusing on customer facing, front office, Internet
enabled e-Solutions. The Burnt Sand order book has an excellent mix of
Canadian and US blue chip accounts. The completion of the Next Generation
Solutions Inc. acquisition, in the first month of Q3, combined with the
strength of our order book, presents an excellent opportunity for record
performance during the second half of the fiscal year.'
About Burnt Sand Solutions Inc.
Without the application of human intellect and creativity, current
e-Commerce technology is only burnt sand. We are Burnt Sand Solutions,
architects of success for Business to Business (``B2B') e-Solutions. Burnt
Sand's solutions encompass strategy, implementation and support, with time to
market measured in weeks, not years! Six Canadian and one US location, coupled
with enviable growth, has made Burnt Sand a success story. Burnt Sand's
success is derived solely from successful clients, and our ability to make
major e-Solutions impact in the areas of energy & commodity e-Trade,
e-Customer Relationship Management, e-Security, e-Business Intelligence and
e-Commerce. Burnt Sand's e-Solutions deliver competitive advantage, and are
based on the Burnt Sand B2B e-Cosystem(TM) Foundation. The Burnt Sand
e-Cosystem(TM) fuses Burnt Sand's corporate alliances, knowledge base, proven
methodologies, and world class craftsmanship into a powerful e-Solutions
integration asset. To learn more about Burnt Sand, visit us on the Toronto
Stock Exchange, TSE-BRT, or at www.burntsand.com.
For further information: Jim Yeates, Chairman and CEO, Burnt Sand
Solutions Inc., (604) 608-6407, E-mail: jyeates(at)burntsand.com; Gerry Van
Gaans, CFO, Burnt Sand Solutions Inc., (604) 608-6416, E-mail:
gvangaans(at)burntsand.com / |
