Start the board out right:
Con-Space profits skyrocket 1066%
Wednesday April 30, 9:00 am ET
TSX Venture Exchange: Tier 1 Trading Symbol TSX-Ven: CCB
RICHMOND, BC, April 30 /CNW/ - James L. Swanson, Chairman, CON-SPACE Communications Ltd., (TSX-VEN: CCB) announced that once again the Company has set a new quarterly sales record with sales of $1,886,498 for its third quarter of fiscal 2003 ended March 31, 2003, giving a new yearly sales record and profits up a whopping 1,066.5% over the previous year.
"Our first three-quarters of fiscal 2003 has shown continued phenomenal growth closing with year-to-date sales of $3,805,793. That is a 76.2 percent increase over the $2,159,494 in sales for the same period last year," reported Swanson. "Our net profit has skyrocketed as a result, jumping to a record breaking $755,751, that is $0.09 per share. This compares to a net profit of $64,789, or $0.01 one year ago. We have seen a 1,066.5 percent increase in profits year-over-year and all indications continue to point upwards well into the future."
Sales for the third quarter were $1,886,498 giving a 167.0% increase over the $706,514 for the same quarter a year ago. Operating expenses for the third quarter were $394,478 compared to last year's second quarter of $312,173. For the first three-quarters of fiscal 2003 ended March 31, 2003 operating expenses closed at $1,090,629 up 17.8% from $926,250 one year earlier.
Resulting operational profits (before amortization, depreciation and taxes) were $478,877 or $0.05 per share for the third quarter and $815,700 or $0.09 per share for the first three-quarters of fiscal 2003 compared to last year's third quarter operating profit of $25,373 or $0.00 per share and the first three-quarters operating profit of $179,469 or $0.02 per share.
Net profit for the third quarter, ended March 31, 2003, closed at $458,886 or $0.05 per share giving a first three-quarters net profit of $755,751 or $0.09 per share. This compares to last year's third quarter net loss of $13,823 or $(0.00) per share and a first three-quarters net profit of $64,789 or $0.01 per share. The result is a 1,066.5% improvement in net profit this year over last.
"We are so very proud of our staff, factory reps, dealers and distributors in showing what belief and conviction can do. It is through their efforts that the company's progress has been achieved," concluded Swanson.
CON-SPACE has been continually showing increased sales and profits over the last two years. Its growth in popularity as the leader of specialized communication equipment has propelled it to being the company of choice not only for its own unique products but also for the products it builds for other major manufacturers. The Company's website is at www.con-space.com
"Forward-looking" statements in this release involve risks and uncertainties associated with, among others, economic, industry conditions, technological development, and competition and should not be relied upon as actual results may differ materially from those projected.
