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September 9, 1996
NEWS RELEASE NO. 96-021Richmond, B. C. -- Mr. James L. Swanson, Chairman of CON-SPACE COMMUNICATIONS LTD. (VSE:CCB), announced today the final sales and profit numbers for the year ended June 30, 1996. "In just four short years we have expanded from start-up to an operational profit," said Swanson adding, "and our sales growth makes us one of the fastest growing companies in British Columbia, according to statistics recently published by Arthur Anderson."
The company, which started sales activities in July of 1992, had sales of $1,210,144 during the most recent fiscal period, up from $930,251 a year earlier. This represents an increase of 30.1%. Operating expenses grew only 3.5% to $610,598 from $589,685. The resulting operational profit was $38,142 or $0.01 per share compared with an operational loss of $102,328 or ($0.02) per share a year earlier. Amortization of deferred development costs increased to $216,388 from $189,949 leaving a net loss of $178,246 or ($0.03) per share for 1996 as opposed to a net loss of $292,277 or ($0.05) per share in 1995.
Mr. Swanson indicated that the market place now recognizes CON-SPACE and its specialized products; products designed to assist workers communicate when operating in Confined Spaces, hazardous atmospheres and explosive environments. Sales growth is expected to increase at even a faster rate over the next few years. "Our rapid expansion is just beginning," said Swanson when asked what he expected of future sales.
Over the last few months, CON-SPACE has announced numerous major contracts which will contribute to the company's growth plans. CON-SPACE is considered the world leader of such specialized communication products. Sales activities take place throughout Canada, the United States, Great Britain, Australia and New Zealand with the products used by general industry, municipalities, government agencies, fire departments and the military.
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