October 24, 2002
NEWS RELEASE NO. 02-015
Trading Symbol CDNX: CCB
US SEC Exemption No. 82-3378
RICHMOND, BC - Mr. James L. Swanson, Chairman of CON-SPACE Communications Ltd., (TSX:CCB) announced today the Company's complete results for its First Quarter of fiscal 2003.
"Our First Quarter ended September 30th, closed with sales of $792,475," said Swanson, "a 5.2 percent growth over the previous year's $751,824 First Quarter sales. While the world economy still remains depressed, we have continued to see substantial improvement."
The Company's Operating Expenses decreased from $319,269 for the three months ended September 30, 2001 to $305,763 for the three months ended September 30, 2002, a decrease of $13,506, or 4.2 percent. The resulting Operating Profit for the first quarter was $76,569 or $0.01 per share compared to $71,734 or $0.01 per share a year earlier. This is a $4,835 or 6.7 percent increase in operational profits over last year's first quarter.
The Net Profit, after amortization of Deferred Development Costs and asset Depreciation, ended at $57,021 or $0.01 per share for the First Quarter ended September 30, 2002, compared with a Net Profit of $34,475 or $0.00 per share one year ago. The overall increase in net profit is $22,546 or 65.4% over last year.
"Most orders received during the first
quarter will actually ship during the second quarter and therefore
our second quarter results will be up dramatically," concluded
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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