September 13, 1999
NEWS RELEASE NO. 99-014
Trading Symbol VSE: CCB
US SEC Exemption No. 82-3378
RICHMOND - Mr. James L. Swanson, Chairman of CON-SPACE COMMUNICATIONS LTD. (VSE:CCB), announced today a year end net profit of $70,659, or $0.01 per share, resulting from a 34.7% increase in sales during its fiscal year ended June 30th 1999.
"We had a very exciting year," said Swanson, "our network grew as predicted, major contracts were signed and our years of working with the Military have started to pay dividends." The Company's sales for fiscal 1999 ended at $2,633,726 up 34.7% over the $1,954,958 in sales for fiscal 1998. Consequently, CON-SPACE is now profitable.
The operational profit (NEBITDA) ended at $291,245, or $0.04 per share, compared to $43,404, or $0.01 per share, in 1998. This is the fourth year that an operational profit (NEBITDA) has been recorded and now CON-SPACE adds its first year of positive net earnings. After deducting depreciation and amortization, the net earnings ended at $70,659, or $.01 per share, compared to a loss of ($120,215), or ($0.02) per share, during the previous year.
"Our compounding growth has been consistent since the company began sales in 1992," said Swanson, "and we now foresee significant increases as our market place develops. Many new contracts are under negotiation, the military business is rapidly expanding, and our new products are opening other markets for us."
CON-SPACE (http://www.con-space.com), with ongoing sales in Canada, the United States, the Pacific Rim, Great Britain and Europe, is the world leader in the development, manufacture and marketing of specialized voice communication equipment used by industry, municipalities, fire departments, rescue teams, police and the military. CON-SPACE products are used in a wide range of applications, from confined spaces (tanks, sewers, boilers, etc.), to Customs inspections, police work, and rescue activities.
CON-SPACE has grown from an idea to being
an International Company in just a few short years. Using only
its internally developed and manufactured products, CON-SPACE
has established a world wide distribution network and has gained
a solid reputation for being a company that gets things done.
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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