October 25, 2001
NEWS RELEASE NO. 01-019
Trading Symbol CDNX: CCB
US SEC Exemption No. 82-3378
RICHMOND, BC - Mr. James L. Swanson, Chairman of CON-SPACE Communications Ltd., (CDNX:CCB) announced today the Company's complete results for its First Quarter of fiscal 2002 ended on September 30, 2001.
"Our First Quarter of Fiscal Year 2002, ended with sales of $751,824," said Swanson, "a 25.5 percent growth over the previous year's $598,925 First Quarter sales. While the economy as a whole is down, the effect of September 11th terrorist attacks has focused attention on all our products."
The Company's Operating Expenses decreased from $335,593 for the three months ended September 30, 2000 to $319,269 for the three months ended September 30, 2001, a decrease of $16,322, or 4.9 percent. The resulting Operating Profit for September 30, 2001 was $71,734 or $0.01 per share compared to loss of $(19,605) or $(0.00) per share a year earlier. This is a $91,339 increase in operational profits over last year's first quarter.
The Net Profit, after amortization of Deferred Development Costs and asset Depreciation, ended at $34,475 or $0.00 per share for the First Quarter ended September 30, 2001, compared with a Net Profit (Loss) of $(79,952) or $(0.01) per share one year ago. The overall increase in net profit is $114,427 over a year ago.
CON-SPACE manufactures a wide range of voice communication equipment for people who work in hazardous areas or noisy environments. Its products consist of both Hardline and Two-way Radio Accessory equipment, which are used by militaries, government agencies, municipalities, fire departments, police units, rescue teams, and general industry throughout the world. The company also has a growing number of OEM clients who either "private label" CON-SPACE products or have products built specifically for them. This expanding OEM business is part of the company's long term growth strategy.
The Company's products were used in the
search for survivors during the aftermath of the September 11th
terrorist attacks on the World Trade Center in New York.
For more information, please call Jim Swanson, Investor Relations, CON-SPACE COMMUNICATIONS LTD., (604) 244-9323, (800) 755-2528 in the U.S., or by e-mail [email protected]. "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.
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