CON-SPACE MAKES PROFIT IN 2ND QUARTER

January 26, 1999

NEWS RELEASE NO. 99-002
Trading Symbol VSE: CCB
US SEC Exemption No. 82-3378

 

RICHMOND, BC - Mr. James L. Swanson, Chairman, CON-SPACE Communications Ltd., (VSE: CCB) announced today profitable second quarter results for the period ended December 31, 1998.

"Our second quarter sales ended at $694,409, a 44.7% increase over sales in the first quarter of this fiscal year and 37.7% over last year's second quarter sales", said Swanson. "More important, this quarter gave us a net profit of $8,880 compared with a net loss of $86,530 in last year's second quarter, an increase of over $95,000 in net earnings quarter over quarter."

CON-SPACE started business in 1992 and has grown consistently year after year. The special and unique communication products it manufactures are now sold around the world to users across many industries, governments and the military.

Total first half sales for this fiscal year closed at $1,174,436, which is 38.1% ahead of sales this time last year. As forecasted, operational expenses also increased 26.2%, to $591,625 compared with last year's first half expenses. The resulting operational profit for the first half of this year was $40,778 or $0.01 per share compared to an operational loss of $87,596 or ($0.01) per share for last year. After the deduction of amortization CON-SPACE ended this year's first half with a net loss of $63,990 or ($0.01) per share compared to a net loss of $158,201 or ($0.02) per share a year ago.

Swanson concluded the announcement by stating that "CON-SPACE is currently working on a number of major projects that are expected to sustain the company's rapid 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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