This was released on Stockwatch today. Appears to be a repeat of the previously announced
Q1 results, although it does give some more info on recent company activities / products.
Silent Witness Enterprises Ltd
SWE
Shares issued 6,067,090
1999-01-14 close $8.6
Friday Jan 15 1999
Mr. Rob Bakshi reviews the company
The company is pleased to announce a record first quarter for the period ending
Oct. 3, 1998. Silent Witness revenues increased by 64 per cent to $7,706,643
(Canadian). Earnings before income taxes increased by 125 per cent to
$1,525,730 and net income was $936,799, an increase of 124 per cent over the
same quarter last year. This represents 15 Canadian cents earnings per share or
14 cents fully diluted earnings per share.
Increased sales
Distribution sales continued to grow dramatically, increasing by 71 per cent over
the first quarter last year. Sales to the United States increased by 98 per cent and
International sales increased by 30 per cent, with the main growth in this area
coming from Europe. Silent Witness continues to gain broader brand recognition;
the company's products are known throughout the industry for its innovation,
ruggedness and high quality. This growing brand awareness translates into an
increasing market share for the company.
The SWC40, which was introduced in September in New York continues to
receive rave reviews in the United States, Canada and the United Kingdom. This
news camera, "The SilentWitness" received the "Dealers' Choice" award at the
CANASA industry trade shove held in Toronto in October 1998.
Sales in our Mobile division increased by 66 per cent as the company's SWS210
VCR system with the never low-cost SWC 20 camera was embraced by the
school bus market. Silent Witness continues to look at ways it can change the
paradigm in the mobile market.
Continued expansion
The renovations to its expanded premises will be complete by mid-December.
Once completed this will add approximately 8,500 square feet to its existing
building. Product Assembly, Customer Service and Technical Service
departments will be relocated into this new area, which will free up additional
space to accommodate the growth in the company's Research & Development
department. Our R&D staff has grown by 30 per cent this quarter alone and
SilentWitness plans on increasing staffing levels in this department to ensure that
the company lives up to its commitment to design and manufacture innovative
products.
Investor relations and management activities
In July 1998 SilentWitness Enterprises Ltd. became listed on the TSE. Since that
time the majority of trading activity on SWE has taken place from that exchange.
In order to eliminate filing requirements and listing fees, SilentWitness requested
delisting from the VSE, Nov. 6, 1998.
Also in November, SilentWitness received the BC Export Award from the British
Columbia Trade & Investment Office as one of British Columbia's top export
companies.
It is rewarding to be recognized by one's peers, but the work at SilentWitness has
just begun. In the last two years the company has laid a solid foundation that it will
continue to build on. The company is even more determined to build this company
into a world-class leader in the CCTV industry. The company is investing heavily
in its most important assets Ä the company's people.
CONSOLIDATED STATEMENT OF EARNINGS
Three months ended Oct. 31
(in Canadian dollars)
1998 1997
Revenue $7,706,643 $4,703,010
Cost of sales 4,051,300 2,681,089
---------- ----------
Gross profit 3,655,343 2,021,921
---------- ----------
Expenses
Sales and
marketing 1,018,153 742,788
General and
admin 571,362 385,420
Service 187,858 112,090
Research and
development (net
of investment
tax credits of
$48,000 for the
quarter) 352,240 104,995
---------- ----------
2,129,613 1,345,293
---------- ----------
Net income
before income
taxes 1,525,730 676,628
Income tax
expense 588,931 258,988
---------- ----------
Net income
(loss) after
income taxes $ 936,799 $ 417,640
========== ==========
Earnings
per share 15 cents 8 cents
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
