May 21, 2002
NEWS RELEASE NO. 02-005
Trading Symbol CDNX: CCB
US SEC Exemption No. 82-3378
RICHMOND, BC - James L. Swanson, Chairman, CON-SPACE Communications Ltd., (CDNX:CCB) announced today an over all 9% increase in sales and a increase of $355,593 in profits during the first three quarters of its fiscal year over last year.
"Our first three quarters, ended March 31, 2002, closed with year-to-date sales of $2,159,494 a 9% increase over the $1,978,635 for the same period last year", reported Swanson, "But more importantly is our net profit of $64,789 or $0.01 per share compared to a net loss of ($290,804) or ($0.03) one year ago. A total increase of $355,593 to the bottom line."
Sales for the third quarter were $706,514 giving a .03% increase over the $683,363 for the same quarter a year ago. Operating expenses for the third quarter were $312,173 compared to last year's third quarter of $432,626. For the first three quarters of fiscal 2002 ended March 31, 2002 operating expenses closed at $926,250 down from $1,080,918 one year earlier.
Resulting operational profits (before amortization, deprecation and taxes) were $25,373 or $0.00 for the third quarter and $179,469 or $0.02 per share for the first three quarters of fiscal 2002 compared to last year's third quarter operating loss of ($120,532) or ($0.01) per share and the first three quarters operating loss of ($109,845) or ($0.01) per share.
Net loss for the quarter ended March 31,
2002 ended at ($13,823) or ($0.00) resulting in the first three
quarters net profit of $64,789 or $0.01 per share. This compares
to last year's third quarter net loss of ($180,796) or ($0.02)
and a net loss for the first three quarters of ($290,804) or ($0.03)
per share. The result is a $355,593 improvement in net profit
this year over last.
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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