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Gold/Mining/Energy : MGI Software (MGI on the TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Jim P who wrote (508)	12/6/1999 8:03:00 PM
From: Marc	Read Replies (1) \| Respond to of 553

MGI Software Loss Widens on Research, Marketing Costs Toronto, Dec. 6 (Bloomberg) -- MGI Software Corp., a Canadian maker of imaging software, said its fiscal third-quarter loss widened because of higher marketing, research and amortization costs. The loss in the quarter ended Oct. 31 was C$7 million (US$4.8 million), or C$0.21 a share, compared with a year-earlier loss of C$1.3 million, or C$0.05. Revenue increased 80 percent to C$9 million from C$5 million, in part reflecting acquisitions. Richmond, Ontario-based MGI designs software that makes it possible to watch television on computers and manipulate the images. Among its products are MGI PhotoSuite, MGI VideoWave and Live Picture, all sold for less than C$350. ``This quarter represents an immense achievement for MGI Software, as it is the biggest in terms of revenue and other significant successes,' said Chief Executive Anthony DeCristofaro. In the latest quarter, marketing and selling costs rose 25 percent to C$4.5 million from C$3.6 million. Research and development costs more than doubled to C$4.2 million from C$1.5 million. MGI said amortization of goodwill from its recent acquisitions totaled C$5 million in the latest quarter. It didn't have any similar costs a year ago. There will be two more goodwill write-downs in the next two quarters, a company spokesman said. The average number of shares outstanding increased 38 percent to 33.3 million from 24.2 million a year ago, reflecting shares issued to help pay for two acquisitions completed earlier this year. MGI shares rose C$4.70, or 24 percent, to C$24.40. The results were released after the markets closed. Marc. PS: the fact is, as always, the press focus on expenses, by trying to find negative stuff instead of looking at positive things like revenues growth, anyway...tomorrow will be interesting.