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Gold/Mining/Energy : Canadian Microcaps -- Ignore unavailable to you. Want to Upgrade?

To: Gulo who wrote (51)	4/7/2003 3:33:32 PM
From: diddlysquatz	Read Replies (1) \| Respond to of 817

MDI Tech boosts Q1 income to $562,000 (U.S.) MDI Technologies Inc MDD Shares issued 11,450,888 Apr 4 close $1.13 Mon 7 Apr 2003 V:MDD.U News Release Mr. Todd Spence reports MDI KICKS OFF 2003 WITH PROFITABLE RESULTS FO THE 1ST QUARTER MDI Technologies will report profitable results for the first quarter period ending March 31, 2003. MDI recorded revenues for the one-quarter period of $2.1-million as compared with revenues of $1,523,205 for the similar period last year (all figures U.S.). Net income for the current period was $562,000 compared with net income of $235,209 for the quarter ended March 31, 2002. Top-line revenues grew 38 per cent year over year. Net income was up over 139 per cent from the same period last year. Earnings per share will be reported at five cents per share for the quarter. Recurring revenues are currently running at just over $416,000 per month or $4.9-million annualized. "The company continues to execute on plan for all aspects of the business," said Todd A. Spence, president and chief executive officer. "We continue to show top-line growth in excess of 35 per cent with significant improvement year over year to the bottom line. Our stock buyback program continues to increase shareholder value as we still find value in the marketplace. Our business model remains strong going into the second quarter, 2003," Mr. Spence continued. "Our recent acquisition, coupled with regulatory changes that have impacted the long-term care market, will continue to fuel the growth at MDI for the remainder of 2003. HIPAA regulatory changes will, by year-end, impact every aspect of health care automation at the state and federal levels," said Di Anne Kerrigan, executive vice-president. "Our sales and marketing team is well positioned to take advantage of this ever changing landscape in the long-term care market," Ms. Kerrigan continued. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2003 Canjex Publishing Ltd.