September 19, 2002
NEWS RELEASE NO. 02-013
Trading Symbol CDNX: CCB
US SEC Exemption No. 82-3378
RICHMOND BC - James L. Swanson, Chairman, CON-SPACE Communications Ltd., (TSX-CCB) announced today an overall increase in sales of 14% for the fiscal year ended June 30, 2002, with profits exceeding forecast by over 230%.
"We are pleased to report that the 2002 fiscal has been a pivotal year for CON-SPACE for a number of reasons," said Swanson, "the most important being a strong growth in our traditional markets resulting in a series of large orders, followed closely by a doubling of our OEM (Other Equipment Manufacturer) / Private Label business. This has resulted in sales growth of 14% over fiscal 2001 and a net profit of $207,168, or $0.03 per share, far outstripping last year's loss of $320,714 or $(0.04) per share and an improvement in our bottom line of over half a million dollars."
Sales for the year were $3,176,903 compared to $2,787,662 for fiscal 2001. Gross profits for 2002, along with other income increased by 18.4% to $1,569,806 and at the same time operating expenses were reduced by $145,398 to $1,256,704 compared to 2001's expenses of $1,402,102.
Operational profits (before amortization, depreciation and taxes) were $313,102 or $0.04 per share compared to last year's operating loss of $76,147 or $(0.01) per share, which is a year-to-year improvement of $329,249 or $0.05 per share.
After considering amortization, depreciation
and tax, the Company's net profit for the year ending June 30,
2002 was $207,168 or $0.03 per share, exceeding forecasted profits
of $88,000 significantly and increasing year-to-year profit by
$527,882 or $0.06 per share based on last year's loss of $320,714.
CON-SPACE manufactures and markets unique
communication equipment designed for use in a wide range of hazardous
environments in severe conditions where traditional communication
does not function well. The Company produces portable Hardline
systems as well as accessories for portable two-way radios. CON-SPACE
equipment is now used worldwide and has been credited with saving
the lives of several people. Militaries, police, fire departments
municipalities, general industry and rescue teams are all users
of this special equipment. The Company also has a growing list
of major companies that it manufactures products for under private
label agreements. The CON-SPACE web site is at www.con-space.com.
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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