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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 See Tokyo Stock Exchange.

TSE

1. See Tokyo Stock Exchange (TSE).

2. See Toronto Stock Exchange (TSE).
:CTY CTY - /sit'ee/ or /C-T-Y/ [MIT] The terminal physically associated with a computer's system console. The term is a contraction of "Console tty", that is, "Console TeleTYpe". .)

Calian Technology Ltd. (TSE:CTY) reported record net earnings for the quarter ended December December: see month.  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 di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 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 (Alg.) such as are known, or which do not contain the unknown quantity.

See also: Absolute
 of 1.1% from the September September: see month.  30, 1999 year end gross margin and an increase of 2.7% over the first quarter last year.

Consolidated con·sol·i·date  
v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates

v.tr.
1. To unite into one system or whole; combine:
 backlog Backlog

The total value of sales orders waiting to be fulfilled.

Notes:
This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings.
 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
For the Ottawa mayor, see Larry O'Brien (Canadian politician)


Lawrence "Larry" Francis O'Brien, Jr. (July 7 1917 – September 28, 1990) was one of the United States Democratic Party's leading electoral strategists when, for more than two
, Chairman 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. , &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 (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web.  and Information Technology (IT) professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , including management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business
service industry - an industry that provides services rather than tangible objects
, IT consulting, systems integration, outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management.  and IT staffing.

Consolidated financial statements Consolidated Financial Statements

The combined financial statements of a parent company and its subsidiaries.

Notes:
Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge
 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
                                                ---------   --------
                                                ---------   --------
COPYRIGHT 2000 Business Wire
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Date:Feb 2, 2000
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