April 30, 1997
NEWS RELEASE NO. 97-008
Richmond, B.C. - Mr. James L. Swanson, Chairman, of CON-SPACE Communications Ltd., (VSE: CCB) announced today the results of the third quarter ended March 31, 1997.
Sales for the third quarter continued upward ending at $380,459 resulting in a 23.9% increase of over $307,015 for the same quarter last year. This increase culminated in year-to-date sales of $1,062,437 compared to $830,923 a year earlier. This marks an increase of 29.9%.
"Operational profits increased $169,316 over last year at this time," said Swanson "The end of the third quarter 1996 showed an operational loss of $41,868 or $(0.01) per share, compared to this years profit of $127,448 or $0.02 per share".
CON-SPACE is experiencing considerable internal development however operating expenses remain under firm control. During the third quarter, operating expenses increased $22,534 over the same quarter last year totaling $151,840. Year-to-date expenditures remained below the same year-to-date period last year. Total operating expenses for 1997 reduced to $424,031 compared to $461,613 last year.
After $188,069 of amortisation is applied against the operational profit of $127,448, profit is reduced to a net loss of $60,621 or $(0.01) per share. This is an improvement of $142,049 over the net loss of $202,670 or $(0.03) per share last year. Beginning in July of this year, the amount of amortisation and depreciation will decrease, directly contributing to an increase in overall net profits.
CON-SPACE, and Safety in Communication are
registered trade marks of CON-SPACE COMMUNICATIONS Ltd.
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