CON-SPACE FIRST QUARTER RESULTS

November 3, 1998

NEWS RELEASE NO. 98-017
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 a sales increase of 38.6 percent for the first quarter of the company's 1999 fiscal year. CON-SPACE, the world leader of unique voice communication products that serve the industrial, municipal, military, fire and rescue markets has been growing at an annual rate of 30 percent or above since it began business in 1992.

"We have had a very inspiring first quarter," said Swanson, "with sales dramatically increasing over last year's first quarter. In addition to growth in sales we also had many other exciting developments, including signing of a second major contract with SCOTT AVIATION." This latest contract, announced a few weeks ago, is over $2,000,000 to CON-SPACE during the next three years.

The company also recently announced that Acklands-Grainger, the largest safety distributor in Canada, has added all of the CON-SPACE products to its complement of safety and industrial products marketed across Canada.

Sales for the first quarter, ended September 30, 1998, were $480,027, a 38.6 percent increase over the $346,286 in sales for the same quarter a year earlier. This year's first quarter operational expenses totalled $273,116 reflecting the added staff and expanded operations put into place by CON-SPACE during the last 12 months. The previous year's first quarter had operational expenses of $196,241. The resulting operational loss was $20,487 or $0.00 per share compared to a loss of $36,369 or $0.01 per share last year at this time. The amortisation of deferred development costs and depreciation of capital assets equalled $52,384 this year compared to $35,303 for the first quarter a year ago. The resulting net loss ended at $72,871 or $0.01 per share compared to $71,672 or $0.01 per share last year.

CON-SPACE continues to impress the market with its consistent growth rate.


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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