November 17, 1999
NEWS RELEASE NO. 99-016
Trading Symbol VSE: CCB
US SEC Exemption No. 82-3378
RICHMOND, BC - CON-SPACE Communications Ltd., (VSE:CCB) ended its First Quarter of fiscal year 2000, ended September 30th 1999, with an 18.1% increase over the same quarter a year earlier.
Total sales for the First Quarter were $566,796 compared to the $480,027 last year. While this increase is below the annual running rate, the market for CON-SPACE continues to grow. "Sales are lower than expected for our first quarter", said James L. Swanson, Company Chairman, "due primarily to a general slowdown in the safety market, concerns over the Y2K problem plus delays in approving the US Federal Budget. We anticipate a strong up-swing in sales once the US Government has resolved its budget for the coming year and another upswing when Y2K is behind us."
Fiscal 1999's first quarter expenses were $263,116, whereas this year's first quarter expenses were $316,200, an increase of 15.8%, reflecting the continued expansion of the Company. This on-going growth is planned to insure the continuance of the Company's leading market position.
Net results for this quarter show a loss of $138,127, or nearly $0.02 per share. September 1998 results showed a loss of $72,871 or $0.01 per share. "The first quarter is normally the slowest quarter of the year," said Swanson, "and our expectations, based on current activity, are higher for the next three quarters."
CON-SPACE is the world wide industry leader
in the manufacture of specialized voice communication equipment
for confined space and hazardous work areas. Its equipment is
widely used by industry, airlines, municipalities, governments,
law enforcement agencies, fire departments, rescue teams and militaries
around the world. All branches of the US Military currently use
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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