August 31, 1998
NEWS RELEASE NO. 98-012
Trading Symbol VSE: CCB
US SEC Exemption No. 82-3378
RICHMOND, BC- Mr. James L. Swanson, Chairman of CON-SPACE COMMUNICATIONS LTD., (VSE:CCB) announced today the company's fiscal 1998 year-end financial results. During the year ended June 30, 1998 three consecutive quarterly sales records were established. The second, third and fourth quarters had sales of $504,430, $530,034, and $574,169 respectively, giving total sales for the year of $1,954,958 or 29.3% over the previous year's sales of $1,512,311.
During the year CON-SPACE relocated to larger and more appropriate premises and significantly increased its level of advertising, travel, trade shows participation, and staff size. Also, new manufacturing, engineering and prototyping equipment was added. As a result, operational expenses increased to $950,244 from $619,430 a year earlier. This was a planned investment in the company's future with the expected result of dramatically increasing sales over the next few years.
This increased investment affected operational earnings which ended at $43,404 or $0.01 per share compared to $191,993 or $0.03 per share in 1997. After deducting depreciation and amortization from operational earnings, net earnings showed a loss of $120,215 or ($.02) per share compared to a loss of $49,288 or ($0.01) per share for the previous year.
The loss was anticipated by CON-SPACE as the increased investment in its future was a planned program. The effects of this investment will be an increased growth rate in the current and future years.
CON-SPACE is the world leader in the development and marketing of specialized communication equipment used by industry, municipalities, rescue teams and the military when personnel operate in dangerous environments or hazardous atmospheres, such as, within tanks, sewers, boilers, and other types of confined spaces. CON-SPACE products are now sold throughout Canada, the United States, the Pacific Rim, Great Britain and Europe,
In just a few short years CON-SPACE has grown from a new idea to an International company with unique products, a solid reputation, an expanding base, and the potential for even greater emerging profits.
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]
Home | Products | Confined Space | Equipment Applications About CON-SPACE | Contact Us | Site Map |