Here is another great company.
CON-SPACE TOPS $0.16 PRE-TAX EPS
Richmond, BC September 27, 2005
FSC / Press Release
CON-SPACE TOPS $0.16 PRE-TAX EPS
Richmond, British Columbia CANADA, September 27, 2005 /FSC/ - Con-Space Communications Ltd. (TSX - VX: CCB),
Mr. James L Swanson, Chairman of CON-SPACE Communications Ltd., (www.con-space.com), announced today that the Company's 2005 fiscal year's, (June 30, 2005) pre-tax profit, ended at $1.6 million or $0.16 per share. In releasing the final numbers for fiscal 2005, Swanson pointed out a number of very significant increases during the year. "We believe our shareholders will be very pleased with our Sales results of $7,090,848, an increase of 28.2% over 2004's total of $5,529,547. We held total costs to only $5,492,098, an increase of 13.0% from 2004's total expenditure of $4,859,161. This resulted in pre-tax earnings of $1,598,750 or 16.1 cents earnings per share."
The pre-tax profit of $1,598,750 or $0.16 per share compares to $0.07 or $616,386 at the end of fiscal 2004, an increase in pre-tax earnings of 160%. "We have now eliminated our long-term debt", continued Swanson, "and are in an extremely healthy cash position. This will allow us to continue with our established growth plans to further increase the breadth of our organization. We expect the shareholders will continue to be proud of owning this Company."
CON-SPACE's total assets increased to $4,785,116 at the end of fiscal 2005, a 58.3% increase over fiscal 2004 year end. The long term debt has been paid off and current liabilities of $795,832 are down from $1,094,354 in 2004. Current assets moved up during 2005 to $4,307,295 which is a 72.4% increase over 2004's $2,498,103. Total share capital increased to $3,989,284, a 116.6% increase over 2004's $1,841,848.
Cost of Goods sold declined as a percent of sales to 46.5% from 2004's 57.6%, while administration and operational expenses also declined to 31.0% of sales from 2004's 32.2%.
The company's total tax bill for 2005 year end was $463,120 compared to 2004's credit of $81,828. The net profit after tax for 2005 was $1,135,630 or $0.11 per share compared to 2004,s net of $698,214 or $0.08 per share. This results in a 62.6% increase in net profit year over year.
At the conclusion of the fiscal 2005 financial numbers presentation, Swanson stated, "CON-SPACE is just at the threshold of its future. Many very exciting things are in the offing for this company. Both Terry and I plan to carry it through the next major growth stage and we invite everyone to be a part of this future."
The Annual Report for 2005 will be published during the later part of October and the Company's Annual General Meeting will be held at 3:00 pm on November 10, 2005 at the Abercorn Inn, Best Western in Richmond, BC. Management invites everyone interested to attend.
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit agoracom.com and view the CON-SPACE Investor Contact & Information Centre. Alternatively, investors are asked to e-mail all questions and correspondence to CCB@Agoracom.com.
About CON-SPACE Communications Ltd. con-space.com
CON-SPACE was started in 1991 to develop unique communication equipment that would provide safety to workers, rescuers, police & military, products that were not available anywhere. The equipment it designs and manufactures is used during normal, hazardous and rescue operations by: general industry, municipalities, fire departments, police departments, rescue teams, state and federal government agencies, and military groups the world over. Examples are: Miami Water, New York Fire, San Diego Police, NASA, Coors, Procter & Gamble, Boeing, US Army, British Army, New Zealand Air Force, US Air Force, Canadian Customs, US Navy, Navy Seals, FBI, DEA, US Secret Service, & Air Force One.
The Company headquarters are located in Richmond, British Columbia. All product design and manufacturing take place at these premises. Other Company facilities are located in the United Kingdom and the United States. Further, the Company has distributors in: China, Japan, S. Korea, Taiwan, Indonesia, Australia, New Zealand, Brazil, Israel, Turkey, Greece, Italy, Spain, Ireland, and the United Kingdom. CON-SPACE is known worldwide for its quality equipment and expertise. It has been involved in aftermath of various earthquakes, building collapses, and man made disasters, including: the Oklahoma bombing, World Trade Center collapse and the rescue efforts regarding the trapped miners in Pennsylvania in July 2002 of which its products were the first to make communication with the trapped miners.
The market place addressed by CON-SPACE has enormous potential. In the US alone there are 4,800,000 dangerous confined spaces thorough out 37 different industries, plus 33,000 Fire Departments, 53,000 Water Departments, plus rescue, police, government agencies, and military, homeland security and domestic preparedness. Adding to these numbers there is Canada, Great Britain, the rest of Europe, Australia, New Zealand, etc. The world wide market potential is estimated to exceed $4 Billion for the kind of equipment CON-SPACE specializes in producing. Further, the Company manufactures "Private Labeled" products for a number of other equipment manufactures.
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For more information, please contact: James L. Swanson, Chairman, CON-SPACE COMMUNICATIONS LTD. Tel: (604) 244-9323, (800) 755-2528 in the U.S. invest@con-space.com 505 - 5600 Parkwood Way Richmond, BC, Canada V6V-2M2
Investor RelationsAGORA Investor Relations agoracom.com (Select "CON-SPACE") CCB@agoracom.com
"Forward-looking" statements in this release involve risks and uncertainties associated with, among others, economic, industry conditions, technological development, and competition and should not be relied upon as actual results may differ materially from those projected. The following are registered trademarks of CON-SPACE Communications Ltd., CON-SPACE, Safety in Communication and
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release |
