April 28, 1998
NEWS RELEASE NO. 98-008
RICHMOND, BC--Mr. James L. Swanson, Chairman of CON-SPACE COMMUNICATIONS LTD., (VSE: CCB) announced today the financial results for the company's 1998 third quarter, ended March 31, 1998. "We have again set a new sales record during the third quarter with sales $530,034, a thirty-nine percent increase over the $381,344 in sales for the same quarter a year earlier", said Swanson in his opening comments.
The total year-to-date sales as of March 31, 1998 ended at $1,380,750, 30 percent ahead of last year's $1,062,436 for the same period. Swanson contributed the increase in sales to a concentrated effort by CON-SPACE staff to expand recognition of their products and expertise throughout the world. "For example," he pointed out, "it was our reputation in specialized voice communication equipment for confined space operations that brought us together with Scott Aviation, a major supplier of breathing equipment in America. As a result, we now manufacture the Scott Con-SpaceLink, a communication accessory, exclusive to Scott, that works only with CON-SPACE systems. We are very proud of our reputation."
CON-SPACE's continued investment in its future has increased the operating expenses through March 31, 1998 to $728,907, a 52 percent increase over the $424,031 of the same period one year ago. The major increases in costs occurred in the Facility, Advertising and Promotion, Interest and Service Charges, Salaries, Travel, and, Trade Show categories.
The third quarter operational profit was $44,684, compared to $51,725 last year. On a year-to-date basis the 3rd quarter profit decreased the operational loss to $42,912 or ($0.006) per share. This compares to an operational profit of $127,448 or $0.018 per share last year at the end of the third quarter.
Amortisation of deferred development costs and depreciation
of capital assets reduced to $105,908 this year compared to $188,069
for the first three quarters one year ago. The resulting year-to-date
net loss for this year ended at $148,820 or ($0.02) per share
compared to $60,621 or ($0.01) per share last year.
Swanson expressed the company's satisfaction at results obtained and anticipates that the setting of new sales records will become a regular activity for the company. "Most importantly", he said, "we foresee net profitability in the very near future."
James L. Swanson
For more information, please call James L. Swanson, Chairman CON-SPACE COMMUNICATIONS LTD., (604) 244-9323, (800) 755-2528 in the U.S., or by e-mail [email protected]
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