Coastal Financial Corporation (CCB)

[Ed Monton]

I guess the market was expecting more.

Con-Space earns $191,354 in Q2

2005-02-14 08:35 ET - News Release


Mr. James Swanson reports

CON-SPACE SECOND QUARTER CONTINUES UPWARD

Con-Space Communications Ltd. has again set a new sales record with sales of $2,696,000 for its first-half of fiscal 2004 ended Dec. 31, 2004. The resulting year-to-date sales are up 36.9 per cent over the previous year.

"Our first-half of fiscal 2005 ended Dec. 31, 2004, closed at $2,696,221 or a 36.9-per-cent increase over the $1,970,002 for the same period last year," reported James Swanson, president of the company. "Giving the company a pretax profit of $308,818 or four cents per share, compared to a pretax profit of $66,799, or one cent one year ago, a 362-per-cent increase."

"The increase in sales has resulted due to our expanding private label and distributor network business. Despite the increase in the Canadian dollar, we continue to forge ahead."

The company's net profits after estimated income tax ended at $191,354 or two cents per share, compared with $66,799 or one cent per share for the first half of last year. This is a 186.5-per-cent increase in year-to-date net earnings.

Sales for the second quarter were $1,235,744, giving a 22.4-per-cent increase over the last year's second quarter sales of $1,009,853. Net earnings were $20,937 or nil per share for this year's second quarter compared with last year's net earnings of $55,726 or one cent per share. Operating expenses for the second quarter were $552,350 compared with last year's second quarter of $458,823, a 20.4-per-cent increase. This increase is a result of personnel and infrastructure increases.

Subsequent to Dec. 31, 2004, the company, through Acumen Capital Partners of Calgary, closed a private placement, raising an amount of $1-million for the issue of one million shares plus 500,000 share purchase warrants.