April 20, 1999
NEWS RELEASE NO. 99-007
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 that the company closed its third quarter with an increase in total sales year-to-date, of 33% over the same period one year ago.
"We are extremely pleased with our current growth," said Swanson, adding, "all present indicators point squarely to us meeting our year end targets." He also pointed out that "the company sales expansion and the customer base are continuing upward at a steady pace, particularly in the area of 'Private Label' manufacturing." CON-SPACE manufactures products under its own name that are marketed to general industry, municipalities, fire departments and military units world wide, and also supplies products to an increasing number of other manufacturers under 'Private Label' agreements.
The third quarter, ended March 31, 1999, closed with sales of $662,005, a 25% increase over last year's third quarter, and total year-to-date sales of $1,836,441, a 33% increase over total sales through March 1998. CON-SPACE has consistently grown at an average of 34% annually since sales began in July 1992. According to Swanson they had a backlog of nearly $100,000 worth of orders carried forward to the fourth quarter because "they arrived too late to be included in the March shipments."
As expected, expenses increased during the first three quarters of this year as the company prepares for its next major growth period. Operating expenses ended at $902,533 as of March 31, 1999 compared to $728,907 a year earlier. The resulting operating profit at the end of the third quarter was $75,935 compared to $42,912 on March 31, 1998. This is a 77% increase in operational earnings year over year.
After the amortization of research and development costs plus depreciation, a total of $156,358, the net loss year-to-date ended at $80,423 or $0.01 per share as of March 31, 1999 compared with a net loss of 148,820 or $0.02 per share a year earlier. A $68,397 improvement.
CON-SPACE is making substantial
progress as the world leader in its unique market area.
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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