RICHMOND, BC – Mr. James L. Swanson, Chairman of CON-SPACE Communications Ltd., (TSX:CCB) announced today the Companys complete results for its First Quarter of fiscal 2003.
Our First Quarter ended September 30th, closed with sales of $792,475, said Swanson, a 5.2 percent growth over the previous years $751,824 First Quarter sales. While the world economy still remains depressed, we have continued to see substantial improvement.
The Companys Operating Expenses decreased from $319,269 for the three months ended September 30, 2001 to $305,763 for the three months ended September 30, 2002, a decrease of $13,506, or 4.2 percent. The resulting Operating Profit for the first quarter was $76,569 or $0.01 per share compared to $71,734 or $0.01 per share a year earlier. This is a $4,835 or 6.7 percent increase in operational profits over last years first quarter.
The Net Profit, after amortization of Deferred Development Costs and asset Depreciation, ended at $57,021 or $0.01 per share for the First Quarter ended September 30, 2002, compared with a Net Profit of $34,475 or $0.00 per share one year ago. The overall increase in net profit is $22,546 or 65.4% over last year.
Most orders received during the first quarter will actually ship during the second quarter and therefore our second quarter results will be up dramatically, concluded Swanson.
CON-SPACE manufactures a wide range of voice communication equipment for people who work in hazardous areas or noisy environments. Its products consist of both Hardline and Two-way Radio Accessory equipment, which are used by militaries, government agencies, municipalities, fire departments, police units, rescue teams, and general industry throughout the world.
The company also has a growing number of OEM clients who either private label CON-SPACE products or have products built specifically for them. This expanding OEM business is part of the companys long term growth strategy. Its website is at www.con-space.com.
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 invest@con-space.com. The CON-SPACE web site is located at http://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.
