AZCAR Technologies Incorporated announces 1997 Six Month Operating Results.MARKHAM, ONTARIO--(BUSINESS WIRE)--Aug. 21, 1997--Azcar Technologies (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). AZZ.) AZCAR Technologies Incorporated, operating as IMMAD Broadcast Services, today announced operating results for the six months ended June 30, 1997. -0-
Condensed Consolidated Statement of Income (unaudited)
Three Months Ended Three Months Ended
June 30, 1997 June 30, 1996
Sales (Cdn$000's) $1,175 $3,917
Net income (loss)
(Cdn$000's) $(508) $444
Earnings (loss) per share
(Cdn cents)
- basic (4.0) 5.3
- fully diluted (4.0) 5.1
Six Months Ended Six Months Ended
June 30, 1997 June 30, 1996
Sales (Cdn$000's) $3,714 $7,644
Net income (loss)
(Cdn$000's) $(480) $895
Earnings (loss) per share
(Cdn cents)
- basic (3.8) 10.7
- fully diluted (3.8) 10.2
Sales for the six months ended June 30 at $3.7 million are down 49 percent from the same period last year and reflect the hesitation by the broadcast industry in the conversion to digital as a result of the delayed adoption by the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. of a complete DTV (Digital TeleVision) Transmitting TV using digital signals. The major DTV standards are ATSC (North America), DVB (Europe) and ISDB (Japan). All three use MPEG-2 video compression and Dolby Digital audio compression. DVB and ISDB also include MPEG audio compression. standard as well as DTV frequency challenges. The standard was incomplete and equipment manufacturers, contemplating differing solutions, have caused broadcasters to delay early implementation of DTV. The conversion to DTV will still happen and the Company, having strengthened its engineering and integration capabilities, will be better able to meet the compressed time frame now required. Sales for the second quarter were $1.2 million compared to $3.9 million for the same period last year and included $206 thousand from the acquisition of East Coast Video Systems who have faced the same delays in the conversion from analog to digital. "In the last 30 days, despite the market hesitation associated with the conversion to digital transmission, we have signed contracts for more than $10 million that will ship in 1997 and that will additionally provide some $22 million of backlog going into 1998. These contracts have been won in both the domestic and international markets, continue our involvement with the Olympic games Olympic games, premier athletic meeting of ancient Greece, and, in modern times, series of international sports contests. The Olympics of Ancient Greece Although records cannot verify games earlier than 776 B.C. and allow us to expand on technologies we have already developed." commented Stephen Pumple, President and Chief Executive Officer of AZCAR. "Sales for the full year 1997 will be at least $17.5 million and we still have 5 more months to sign and complete orders." he continued. Gross margins during the second quarter compared unfavourably to last quarter and same quarter last year as a result of continuing delays in the recovery of costs from a US based project, a higher proportion of lower margin equipment sales and completion of projects taken at lower margins during the delay in the conversion to digital. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the second quarter reflect increased technical staffing levels and $181 thousand from East Coast Video Systems. "I welcome to the Board of Directors Rich Bisignano, President of ECVS ECVS East Coast Video Show , Inc., the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. recently acquired by the Company." said Stephen Pumple. "Rich adds both management and technical expertise to your Board and I anticipate that East Coast Video Systems will contribute substantially to both sales and earnings in the near term." The Company provides the broadcast and communications industries communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. with systems design, integration, installation, project management and manufacturing services and trades on The Alberta Stock Exchange and The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. with the stock symbol - AZZ. The Alberta Stock Exchange and The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Azcar Technologies Incorporated Doug Amy, 403/262-9299 Email: damy@immad.com or Azcar Technologies Incorporated Vic Hendrickson, 905/470-2545 ext. 244 Email: vhendri@immad.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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