AASTRA REPORTS RECORD FINANCIAL RESULTS
February 18, 2000
TORONTO, ONTARIO--Aastra Technologies Limited - (TSE: "AAH") is
pleased to report record net sales for the eleventh consecutive
quarter. Net sales for the three months ended December 31, 2000
were $29.1 million, a 120% increase from sales of $13.3 million
for the same period in 1998. Net sales for the year ended December
31, 1999 were $97.1 million compared to sales of $37.2 million for
1998, an increase of more than 160%.
As a result of the continued increase in sales, Aastra recorded a
net income of $1,413,000 or $0.15 per share for the fourth quarter
ended December 31, 1999 compared to a net income of $651,000 or
$0.08 per share for the fourth quarter of 1998. The net income for
the year ended December 31, 1999 was $5,155,000 or $0.55 per share
compared to net income of $1,343,000 or $0.16 per share for the
year ended December 31, 1998. Excluding interest and income taxes,
operating income for the year ended December 31, 1999 was
$8,416,000 or 8.7% of sales compared to $1,754,000 or 4.7% of
sales for the same period last year.
During the fourth quarter, retail sales of Bell(R) Equipment
branded products, driven by strong economic climate in the United
States as well as continued new product introductions and
marketing efforts, grew by more than 120% when compared to the
fourth quarter last year. In the Telco market, sales to Mexico
continued to increase during the quarter as a result of continued
strong orders for Aastra's caller ID telephones in this growing
market. Telco sales for the fourth quarter were also 120% higher
when compared to the final quarter in 1998.
The 1999 financial results represent a year of record performance
for Aastra. In its first three years as a public company, Aastra
has achieved a cumulative growth rate of 1,350%. With continued
strength in its core product line as well as the recent
acquisitions of certain assets of the Nortel Networks' Access
Solution Division, the Company expects to see continued strong
growth in 2000.
Aastra Technologies Limited develops and distributes
communications equipment. Aastra products include basic telephone
sets, caller ID devices and custom-engineered telephone sets that
incorporate Telco services including caller ID, call waiting, call
forwarding and distinctive ringing. Aastra sells to all the major
Telcos in Canada and to several U.S. Telcos including GTE, Sprint,
Bell Atlantic and Pacific Telesis. In the retail market, Aastra
has the exclusive license to use the "BELL(R) Equipment - SONECOR"
trademark for telephone sets and its products are distributed to
Wal Mart, Circuit City, Radio Shack and other mass retailers. The
Toronto Stock Exchange has neither approved nor disapproved of the
information included in this press release.
/T/
AASTRA TECHNOLOGIES LIMITED
1999 FOURTH QUARTER HIGHLIGHTS
(Canadian Dollars)
Year ended December 31, 1999 1998
-------------------------------------------------------------------------
Net sales $97,069,200 $37,172,600
Net income $ 5,155,100 $ 1,343,500
Earnings per share - basic $ 0.55 $ 0.16
Earnings per share -
fully diluted $ 0.51 $ 0.16
Common shares outstanding - 9,596,101 (1998 - 9,218,101)
Weighted average common shares outstanding - 9,375,978
(1998 - 8,278,419)
Three months ended December 31, 1999 1998
--------------------------------------------------------------------------
Net sales $29,033,500 $13,327,400
Net income $ 1,412,600 $ 650,800
Earnings per share - basic $ 0.15 $ 0.08
Earnings per share -
fully diluted $ 0.14 $ 0.08
/T/
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Allan Brett
CFO
416-736-3150
abrett@aastra.com |
