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November 14, 2002
NEWS RELEASE NO. 02-016
Trading Symbol CDNX: CCB
US SEC Exemption No. 82-3378
RICHMOND, BC - At the CON-SPACE Communications Ltd., (TSX:CCB) Annual General Meeting held earlier today at the Abercorn Inn in Richmond, the President, Terry Ibbetson, Chairman, Jim Swanson, and other Senior Managers overviewed the Company's on-going record setting trend.
The Company managers made presentations to the shareholders, brokers and guests in attendance, about last year's results, the progress being made and where expected growth would come from. They overviewed distribution and the many current projects with "Private Label/OEM" clients, activities with the Military and the effects of Domestic Preparedness.
The management also announced that many
of the records set in the last fiscal year for orders, sales and
earnings have already been broken during the first quarter of
this fiscal year and could be broken again before year end. For
example: in August the record for the highest dollar value of
booked orders in one month was set at $1,022,300. The record for
billings in one month was last set in June 2002 at $425,200, but
indications are that this record will be broken this month by
a considerable amount. Sales for the 4th Quarter of 2002 fiscal
set a new record for a quarter at $1,018,500 but will succumb
to this the 2nd quarter of fiscal 2003, ending December 31, 2002.
The Company also expects to set two other new records this fiscal
year. The first is in annual sales and for a Company that has
always increased its sales year over year it seems likely that
they will succeed. Sales are forecasted to grow by 12.0 percent
over 2002 fiscal sales of $3,177,000 to a total of $3,528,000
by the end of June 2003. Secondly, and most importantly, the Company's
net earnings per share, which ended at $0.03 per share at the
end of June 2002, is expected to close at $0.05 by the end of
June 2003.
The presentations ended with an enthusiastic
crowd enjoying refreshments and casual conversations with members
of the Company plus having the opportunity of seeing and trying
out the Company's communication products.
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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