SmartSales Records Reports Third Quarter Results
Toronto, November 12th, 2001. SmartSales Inc. (CDNX:SA), a provider of
Sales Force Automation solutions to leading businesses, reports
revenue for the nine months ending September 30th, 2001 of $1.7 million
compared to $312,000 for the same period in 2000. Revenue for the third
quarter of 2001 was $257,000 compared to $200,000 for the third quarter of
2000. The net loss for the first nine months of 2001 was $1,641,000 compared
to a net loss of $1,018,000 for the comparable period a year ago. The net
loss for the third quarter of 2001 was $1,037,000 compared to a loss of
$378,000 for the third quarter of 2000.
"Revenue growth year over year for the first three quarters of 2001 has been
substantial. SmartSales¹ performance in the third quarter of 2001 reflects
the general decline in overall IT spending as well as extended sales cycles
and decision delays", said Don Parker, SmartSales President and CEO. "Going
forward, we expect that some of the purchase decisions we had anticipated to
be closed by the end of the third quarter of 2001 have been delayed to the
fourth quarter of 2001 and first quarter of 2002. Our revenue pipeline is
solid and SmartSales continues to represent an inviting value proposition
within our marketplace for organizations looking for sales force automation
solutions."
The Company continues to experience positive market response to the
SmartSales OutSmart CRM Sales Solution as well as to its InSmart data
integration product as evidenced by the continuing new business being added
each and every quarter. The SmartSales solution¹s functionality, ease of use
and seamless integration with the Microsoft® Outlook® and the Microsoft®
Office® product suite presents a compelling business case to an increasing
number of companies.
SmartSales Inc.
INCOME STATEMENT
Three months ended Sept. 30
2001 2000
Revenue 256,648 200,016
Expenses
Selling,
general and
administrative 236,324 183,474
Sales
and distribution support 392,298 115,526
Product support
and development 612,758 259,202
Deferred development
costs expensed - -
Amortization 15,497 -
------------ ------------
1,256,877 558,202
============ ============
Operating Loss (1,000,229) (358,186)
Secured convertible
debentures and other
interest
Amortized discount - 5,030
Interest expense 33,521 14,821
Other interest 2,850 -
------------ ------------
36,371 19,851
============ ============
Loss for period (1,036,600) (378,037)
INCOME STATEMENT
Nine months ended Sept. 30
2001 2000
Revenue 1,696,482 311,509
Expenses
Selling,
general and
administrative 752,458 420,766
Sales
and distribution support 963,282 199,466
Product support
and development 1,479,274 588,305
Deferred development
costs expensed - -
Amortization 39,226 -
------------ ------------
3,234,240 1,208,537
============ ============
Operating Loss (1,537,758) (897,028)
Secured convertible
debentures and other
interest
Amortized discount 10,000 54,132
Interest expense 86,303 64,826
Other interest 7,036 1,608
------------ ------------
103,339 120,566
============ ============
Loss for period (1,641,097) (1,017,594)
About SmartSales Inc.
SmartSales Inc. (CDNX:SA) provides leading enterprises with effective,
scalable and easy-to-use Customer Relationship Management solutions within a
Microsoft® Office® environment. SmartSales¹ rapid implementation, low
deployment costs and high rate of user acceptance empowers sales forces to
quickly increase their effectiveness and businesses to outsmart their
competitionSSfast!
For more information, please contact:
Norman Eyolfson, Investor Relations
SmartSales Inc.
1 (888)257-5559
E-mail: info@smartsales.com
smartsales.com
The Canadian Venture Exchange has neither approved nor disapproved the
information herein SmartSales is a protected trademark of SmartSales Inc.
All other products and companies names mentioned are the property of their
respective owners and are mentioned for identification purposes only |
