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Calian Technology Ltd. Reports Record First Quarter Results: Earnings, Revenues and Backlog at Record Levels.

Business Editors

KANATA, Ontario--(BUSINESS WIRE)--Feb. 2, 2000

CALIAN(TSE:CTY.)

Calian Technology Ltd. (TSE:CTY) reported record net earnings for the quarter ended December 31, 1999 of $1,100,000 representing an increase of $491,000 or 81% over the $609,000 reported for the first quarter of the 1999 fiscal year. The earnings per share were $.12 basic and $.11 fully diluted as compared to $.07 basic and fully diluted for the same quarter last year.

Revenues for the quarter were $28.9 Million as compared to $20.4 Million for the same period last year representing an increase of $8.5 Million or 42%. Gross margin for the quarter was 19.4% which represents an increase in absolute terms of 1.1% from the September 30, 1999 year end gross margin and an increase of 2.7% over the first quarter last year.

Consolidated backlog at December 31, 1999 was $141.4 Million with bookings of $62 Million for the quarter. This represents an increase of $33.1 Million over the backlog position as at September 30, 1999.

&uot;The financial performance of Calian was outstanding during the first quarter,&uot; commented Larry O'Brien, Chairman and CEO, &uot;but what is even more exciting is that with record backlog and substantial sales opportunities ahead, Calian is poised for yet another year of record growth.&uot;

Calian Technology Ltd. sells e-business and Information Technology (IT) professional services, including management consulting, IT consulting, systems integration, outsourcing and IT staffing.

Consolidated financial statements follow:

CALIAN TECHNOLOGY LTD.
 CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
(dollars in thousands except per share data)


 Three months ended
 December 31,
 (Unaudited)
 --------------------
 1999 1998
 --------- --------
Revenues $ 28,928 $ 20,433
Cost of revenues 23,326 17,011
 --------- --------
Gross profit 5,602 3,422

Selling and marketing 1,543 805
General and administration 1,977 1,180
Facilities 582 558
Amortization 512 354
 --------- --------
Earnings before interest and taxes 988 525
Interest income 132 93
 --------- --------
Earnings before taxes 1,120 618
Income taxes 20 9
 --------- --------
NET EARNINGS 1,100 609
Retained earnings, beginning 12,047 8,790
Dividend adjustment - 15
Excess of purchase price over stated
 capital on repurchase of shares - (191)
 --------- --------
 --------- --------
Retained earnings, ending $ 13,147 $ 9,223
 --------- --------
 --------- --------


Earnings per share:
 Basic $ 0.12 $ 0.07
 --------- --------
 --------- --------
 Fully Diluted $ 0.11 $ 0.07
 --------- --------
 --------- --------
Weighted average number of shares
 Basic 8,924,047 8,738,438
 ---------- ---------
 ---------- ---------
 Fully Diluted 10,282,525 9,705,990
 ---------- ---------
 ---------- ---------

CALIAN TECHNOLOGY LTD.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)

 December September
 31, 1999 30, 1999
 --------- --------
 (unaudited)
CURRENT ASSETS
 Cash and cash equivalents $ 18,807 $ 19,692
 Accounts receivable 20,973 17,090
 Unbilled accounts receivable 3,675 4,397
 Prepaid expenses and other 1,752 1,923
 --------- --------
 45,207 43,102
GOODWILL 8,482 8,610
CAPITAL ASSETS 6,702 5,770
 --------- --------
 $ 60,391 $ 57,482
 --------- --------
 --------- --------
CURRENT LIABILITIES
 Accounts payable and accrued liabilities $ 10,748 $ 12,200
 Unearned contract revenue 19,944 15,750
 Current portion of long-term debt 540 559
 --------- --------
 31,232 28,509
LONG-TERM DEBT 1,723 2,747
 --------- --------
 32,955 31,256
 --------- --------

SHAREHOLDERS' EQUITY
 Share capital 14,289 14,179
 Retained earnings 13,147 12,047
 --------- --------
 27,436 26,226
 --------- --------
 $ 60,391 $ 57,482
 --------- --------
 --------- --------


CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(Unaudited)

 1999 1998
 --------- --------

CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES

Net earnings $ 1,100 $ 609
Items not affecting cash
 Deferred lease inducements 23 23
 Amortization 512 354
 --------- --------
 1,635 986
Change in non-cash working capital
 Accounts receivable (3,883) (3,827)
 Unbilled receivable 722 1,105
 Prepaid expenses 171 (17)
 Accounts payable (1,452) (3,476)
 Unearned contract revenue 4,194 5,623
 --------- --------
 1,387 394
 --------- --------

CASH FLOWS FROM (USED IN) FINANCING ACTIVITES
 Repayment of debt (1,043) 10
 Issuance of common shares 110 -
 Dividend adjustment - 15
 Repurchase of common shares - (367)
 --------- --------
 (933) (342)
 --------- --------

CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
 Acquisition of capital assets (1,339) (169)
 Business acquisitions - (56)
 --------- --------
 (1,339) (225)
 --------- --------

NET CASH INFLOW (OUTFLOW) (885) (173)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 19,692 17,802
 --------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 18,807 $ 17,629
 --------- --------
 --------- --------
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Date:Feb 2, 2000
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