Press release for Q4 1998 and Q1 1999.
Press Release
EMR Microwave Technology Corporation
(ASE: EMW)
Shares issued and outstanding: 34,905,989
CUSIP #: 268922101
EMR ANNOUNCES 1998 AND FIRST QUARTER 1999 RESULTS
FREDERICTON, NB and TORONTO, ON -- May 31, 1999 -- Dr. James M. Tranquilla,
President and CEO of EMR Microwave Technology Corporation, today announced
EMR's fourth quarter 1998 and first quarter 1999 results. EMR posted a
loss of ($2.9 million) or ($0.09) per share in 1998 on revenues of $49,037.
This compares to a loss of ($3.4 million) or ($0.13) per share in 1997 on
revenues of $71,550. In the first quarter of 1999, EMR realized a loss of
($530,104) on revenues of $14,852, compared with a loss of ($659,124) on
revenues of $22,772 for the same period in 1998.
For the 1998 year end, improvement in the bottom line arose primarily from
the company's shift away from intensive research and development into
marketing, where costs, although high, are proportionally less. For the
first quarter, the slowness of the confirmation of EMR's joint venture with
Bateman Engineering necessitated tight budgeting and cost reduction, which
had a positive impact on the bottom line.
Revenues in both the year and the first quarter came from ore testing
contracts for mining companies - a source of income that was unexpected but
welcome. These revenues are not part of the overall strategic plan.
"In a challenging stage of EMR's growth," said Tranquilla, "the company has
maintained its course, continuing to build its client base and
relationships. The mining industry itself has not fared well in the past
few years, and EMR's results necessarily reflect that difficulty. Although
we are not where we planned and expected to be at this point, because of
both industry performance and the specific hurdles associated with forming
a joint venture, we are nonetheless positive about the company's direction
and prospects."
EMR Microwave Technology Corporation is a process technology company with
special expertise in the mining, petroleum, and industrial sectors. Using
tested approaches to microwave technology, EMR's applications enable more
efficient extraction, refined processes, and reduced costs. EMR's
marketing and development strategy is to partner with key industry players
in order to facilitate rapid commercialization of its revolutionary
processes.
SELECTED FINANCIAL HIGHLIGHTS
Twelve months ended
December 31
(audited)
1999 1998
Operations
Sales $ 49,037 $ 71,550
Net earnings (loss) (2,866,704) (3,410,555)
Financial Condition
Cash at end of period $ 87,950 $ (76,542)
Capital assets 1,290,318 1,460,742
Total assets 1,828,717 1,813,432
Long term debt 1,259,433 671,249
Shareholders' equity 94,190 474,394
Per Share Data
Net earnings (loss) $ (0.09) $ (0.13)
Three months ended
March 31
(unaudited)
1999 1998
Operations
Sales $ 14,852 $ 22,772
Net earnings (loss) (530,104) (659,124)
Financial Condition
Cash at end of period $ 127,190 $ 38,441
Capital assets 1,256,012 1,399,479
Total assets 1,569,002 1,722,185
Long term debt 1,558,053 669,211
Shareholders' equity (435,914) 509,270
-- 30 --
For further information, please contact
Carl D. Ash, CFO Robin Sundstrom
EMR Microwave Technology Ciris International
1-888-561-3671 416- 368-8770
carlash@emrmicrowave.com ciris@inforamp.net |
