ARDIS Telecom and Technologies Releases First Quarter Results.IRVING Irving, city (1990 pop. 155,037), Dallas co., N Tex., a suburb of Dallas; inc. as a city 1952. Building supplies, chemicals, electronic equipment, and airplane parts are manufactured in Irving. , Texas--(BUSINESS WIRE)--March 18, 1999--ARDIS Telecom and Technologies, Inc.(OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:RDST RDST Rapid Dementia Screening Test ), announced today financial results for the first fiscal quarter ended January January: see month. 31, 1999. Through December December: see month. 7, 1998, the Company operated two distinct businesses, its retail automation software business and its prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. phone card and other telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. business. For the three month
period ended January 31, 1998, the software business accounted for all
of the Company's revenues. On December 7, 1998, the Company
completed the sale of the software business and therefore historic
financial information attributable attributableemanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to that business will be reported as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter were $1,543,000 compared to $0 one year ago. Revenues from discontinued operations for the period were $1,686,945 compared to $1,603,950 for the period ended January 31, 1998. The Company showed a loss of $526,574 or $0.08 per share, for the period from continuing operations. The Company also reported net income of $218,376, or $0.03 per share, for the period from discontinued operations, compared to a loss of $558,533, or $0.08 per share, from discontinued operations for the period ended January 31, 1998. The Company showed a gain on the sale of the software business of $2,015,494, or $0.31 per share, resulting in a net income from all sources of $1,707,296, or $0.26 per share, for the period. "The results of this quarter significantly improved our balance sheet as compared to our last quarter ended October October: see month. 31, 1998," commented Roger Bryant Bry·ant , William Cullen 1794-1878. American poet, critic, and editor known especially for his early nature poems, such as "Thanatopsis" (1817) and "To a Waterfowl" (1821). , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . He added, "At January 31, 1999, we reported cash and trade receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed associated with continuing operations of $3.0 million, versus $0.5 million at the end of our last quarter, and total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. were reduced to $1.0 million at the end of the quarter, down from $4.0 million at October 31, 1998." Bryant went on to say, "We have now completed the transfer of our software business to ACS (Asynchronous Communications Server) See network access server. , relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. into our new facilities and are focusing all our attention on the development of our telecommunications business. We are very excited about the future of our Company." This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, which represent the Company's expectations or beliefs concerning, among other things, future operating results and various components thereof and the adequacy of future operations to provide sufficient liquidity. The Company cautions that such matters necessarily involve significant risks and uncertainties that could cause actual operating results and liquidity needs to differ materially from such statements, including, without limitation: (i) ARDIS's need for additional financing to fund product development, marketing and related support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , and acquisitions, (ii) future technological developments and product acceptance, (iii) intense price and product competition with the industry, and (iv) other risks indicated herein and in filings with the Commission. -0-
ARDIS TELECOM AND TECHNOLOGIES, INC.
AND SUBSIDIARIES
(Formerly Canmax, Inc.)
CONSOLIDATED BALANCE SHEETS
January 31, October 31,
1999 1998
------------ ------------
(Unaudited)
ASSETS
CURRENT ASSETS
Cash $ 2,270,680 $ 207,609
Trade accounts receivable 731,388 292,086
Inventory 212,954 229,672
Prepaid expenses and other 90,197 29,002
Current portion of long-term
receivable 204,586 177,845
Current assets of discontinued
operations -- 2,305,502
----------- ------------
Total current assets 3,509,805 3,241,716
----------- ------------
Property and Equipment, net 65,491 59,135
Property and Equipment of Discontinued
Operations, net -- 524,849
Long-Term Receivable, net of current
portion 343,104 397,851
Other Assets 9,722 17,387
Long-Term Assets of Discontinued
Operations -- 1,049,641
----------- ------------
Total Assets $ 3,928,122 $ 5,290,579
----------- ------------
----------- ------------
Liabilities and Shareholders' Equity
Current Liabilities
Trade accounts payable $ 355,670 $ 622,836
Accrued liabilities 155,515 227,578
Deferred revenue 23,425 46,033
Advances from shareholder 500,000 1,500,000
Current liabilities of discontinued
operations -- 1,683,591
Note payable -- current 35,195 --
----------- ------------
Total current liabilities 1,069,805 4,080,038
----------- ------------
Long-Term Liabilities
Long-term payables 7,006 --
Long-term payables of discontinued
operations -- 146,693
----------- ------------
Total long-term liabilities 7,006 146,693
----------- ------------
----------- ------------
Shareholders' Equity
Common stock, 44,169,100 shares
authorized; 6,861,005 shares, no
par value per share, and 6,611,005,
no par value per share, issued and
outstanding at January 31, 1999,
and October 31, 1998, respectively 24,938,974 24,858,809
Accumulated deficit (22,082,244) (23,789,545)
Foreign currency translation
adjustment (5,419) (5,416)
----------- ------------
Total shareholders' equity 2,851,311 1,063,848
----------- ------------
Total Liabilities and Shareholders'
Equity $ 3,928,122 $ 5,290,579
----------- ------------
----------- ------------
ARDIS TELECOM & TECHNOLOGIES, INC.
AND SUBSIDIARIES
(Formerly Canmax Inc.)
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
January 31,
-------------
1999 1998
---- ----
REVENUES
Prepaid phone cards and other $ 1,542,719 $ --
--------- ---------
Total revenues 1,542,719 --
--------- ---------
COSTS AND EXPENSES
Prepaid phone cards and other 1,417,221 --
Sales & marketing 220,098 --
General & administrative 420,721 --
Depreciation & amortization 10,363 --
--------- ---------
Total cost of revenues 2,068,403 --
--------- ---------
OTHER INCOME (EXPENSES)
Interest expense (39,868) --
Interest income 38,978 --
--------- ---------
Total other expense (890) --
--------- ---------
NET LOSS FROM CONTINUING OPERATIONS (526,574) --
DISCONTINUED OPERATIONS
Income (loss) from operation of
software business, net of income
taxes of $0 218,376 (558,533)
Gain on sale of software business,
net of income taxes of $0 2,015,494 --
--------- ---------
NET INCOME (LOSS) $ 1,707,296 $ (558,533)
--------- ---------
--------- ---------
BASIC EARNINGS (LOSS) PER SHARE:
Continuing operations $ (0.08) $ --
Discontinued operations 0.34 (0.08)
--------- ---------
Net earnings (loss) $ 0.26 $ (0.08)
--------- ---------
--------- ---------
DILUTED EARNINGS (LOSS) PER SHARE:
Continuing operations $ (0.08) $ --
Discontinued operations 0.34 (0.08)
--------- ---------
Net earnings (loss) $ 0.26 $ (0.08)
--------- ---------
--------- ---------
SHARES USED IN THE CALCULATION OF
PER SHARE AMOUNTS:
Basic common shares 6,627,309 6,627,309
Dilutive impact of stock options
and warrants -- --
--------- ---------
Diluted common shares 6,627,309 6,627,309
--------- ---------
*T
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