January 28, 2003
News Release 03-005
Trading Symbol TSX: CCB
US SEC Exemption No. 82-3378
RICHMOND, BC - James L. Swanson, Chairman, CON-SPACE Communications Ltd., (CDNX:CCB) announced today that the Company again set a new quarterly sales record with sales of $1,126,820 for its second quarter of fiscal 2003 ended December 31, 2002. The resulting year-to-date sales are up 32% and profits are up 277% over the previous year.
"Our first-half, ended December 31, 2002, closed with year-to-date sales of $1,919,295 a 32 percent increase over the $1,452,980 for the same period last year", reported Swanson, "and, more importantly, our net profit increased to a record breaking $296,865, or $0.04 per share, compared to a net profit of $78,612, or $0.01 one year ago. This is a 277.6 percent increase in profits year-over-year."
Sales for the second quarter were $1,126,820 giving a 60.7% increase over the $701,156 for the same quarter a year ago. Operating expenses for the second quarter were $390,388 compared to last year's second quarter of $294,828. For the first-half of fiscal 2003 ended December 31, 2003 operating expenses closed at $696,151 up 13.4% from $614,077 one year earlier.
Resulting operational profits (before amortization, deprecation and taxes) were $260,254 or $0.03 per share for the second quarter and $336,823 or $0.04 per share for the first-half of fiscal 2003 compared to last year's second quarter operating profit of $82,362 or $0.01 per share and the first-half's operating profit of $154,096 or $0.02 per share.
Net profit for the second quarter, ended December 31, 2002, closed at $239,844 or $0.03 per share giving a first-half net profit of $296,865 or $0.04 per share. This compares to last year's second quarter net profit of $44,137 or $0.01 per share and a first-half net profit of $78,612 or $0.01 per share. The result is a 277.6% improvement in net profit this year over last.
CON-SPACE is recognized worldwide as the
leading designer and manufacturer of specialized voice communication
equipment used by Police, Fire, Rescue, Government Agencies, Militaries,
Municipalities and general industry. The Company has distribution
throughout North America, Great Britain, Australia, and parts
of Asia, South America, and Europe. The Company also supplies
many other manufacturers with Private Labeled products. Its products
were used to make initial contact with the nine trapped miners
in the Pennsylvania coal mine disaster of last July and successfully
contributed to their rescue. The Company's 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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