Canmax Announces Record Earnings for Fiscal Third Quarter.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)--Sept. 16, 1996--Canmax Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CNMX) announced its results for the third quarter ended July July: see month. 31, 1996. During the third quarter of 1996, the company had revenues of $3,416,745, an increase of $825,249 or 31.8 percent over the third quarter of 1995 and a net profit of $345,027, or $0.05 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. (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. ) for the third quarter of 1996 as compared with a net loss of $751,114 or a net loss of $0.15 cents per share for the third quarter of 1995. For the nine months ended July 31, 1996, the company had revenues of $8,575,632, an increase of $2,721,331 or 46.5 percent over the comparable period in 1995 and incurred a net loss of $209,122 or a net loss of $0.04 cents per share, as compared with a net loss of $3,846,372 or a net loss of $0.83 cents per share for the comparable period in 1995. 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 & 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. , stated, "I am particularly pleased that we continue to build the business and make good progress towards our longer term objectives of continued growth in both revenue and earnings." He further added that "our new Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. based product development project is generating growing interest in the industry, and I am excited about the potential that it brings to Canmax in 1997. Canmax will be participating at the National Association of Convenience Stores The National Association of Convenience Stores (NACS) is a trade association that represents convenience and petroleum retailers. Founded on August 14 1961, it had more than 2200 retail and 1800 supplier company members as of 2006. convention scheduled for October October: see month. of 1996 where we will be presenting a sneak preview sneak preview n. A single public showing of a movie before its general release. Noun 1. sneak preview - a preview to test audience reactions of this product." Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. Parsons Parsons, city (1990 pop. 11,924), Labette co., SE Kans.; inc. 1871. It is a shipping point for dairy products, grain, and livestock. Manufactures include ammunition, wire and paper products, plastics, and appliances. , chief financial officer, commented that "at the end of the third quarter of our 1996 fiscal year, the company had earned revenue of $8.58 million compared with last year's full year revenue of $8.99 million and the year to date result represents a significant improvement over last year when the company recorded a loss of $3.73 million for the full year and positions the company well for 1997." Canmax is based in Irving, Texas Irving (pronounced 'er-ving') is a city located in the U.S. state of Texas within Dallas County. According to the 2000 U.S. Census, the city population was 191,615; the 2006 estimate was 201,927 according to the North Central Texas Council of Governments, and 196,084 according to and is a leading supplier of information and automation solutions and services to the retail petroleum and convenience store industry. Canmax customers include The Southland south·land or South·land n. A region in the south of a country or an area. south  land·er n.Noun 1. Corporation (7-Eleven), ARCO ar·co adv. & adj. Music With a bow. Used chiefly as a direction to indicate the resumption of bowing after a pizzicato passage. Adj. 1. and The Army and Air Force Exchange. The company has installed sites in excess of 5,700 and offers a 24 hour/7 day a week help desk to support its customers. Its product line offers cost effective solutions with full functionality as well as the option to customize the product to the customer's needs. -0-
CANMAX INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
For the three months For the nine months
ended July 31 ended July 31
-------------------- -------------------
1996 1995 1996 1995
-------------------- -------------------
Revenues:
Software, hardware
and product licenses $ 353,441 $ 905,344 $ 1,769,038 $1,580,221
Development 2,075,642 1,112,611 4,381,064 2,664,517
Service agreements 987,662 573,541 2,425,530 1,609,563
--------- --------- --------- ---------
3,416,745 2,591,496 8,575,632 5,854,301
--------- --------- --------- ---------
Costs and expenses:
Cost of software,
hardware and product
license revenues 143,007 735,020 1,249,418 1,104,320
Cost of development
revenues 773,616 523,204 1,706,682 1,505,516
Customer service 564,974 596,053 1,594,714 1,733,206
Product development 436,464 429,410 1,109,245 2,030,296
Selling and
administration 1,153,657 1,058,923 3,124,695 3,327,335
--------- --------- --------- ---------
3,071,718 3,342,610 8,784,754 9,700,673
--------- --------- --------- ---------
Net income (loss) $ 345,027 $ (751,114) $(209,122)$(3,846,372)
--------- --------- --------- ---------
Net income (loss) per
common share $ .05 $ (.15) $ (.04) $ (.83)
--------- --------- --------- ---------
Weighted average common
shares outstanding 6,346,115 4,872,573 4,972,985 4,609,321
and common equivalent
CANMAX INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
July 31 Oct. 31
1996 1995
------- ----------
ASSETS
Current Assets:
Cash $ 1,174,443 $ 477,364
Accounts receivable, net 609,304 1,221,458
Inventory 336,183 474,481
Prepaid expenses and other 166,191 76,259
--------- ---------
Total current assets 2,286,121 2,249,562
Property and equipment at cost
less accumulated depreciation
and amortization of $1,833,950
in 1996 and $1,568,324 in 1995 1,451,559 1,634,325
Capitalized software costs, net
of accumulated amortization of
$550,003 in 1996 and $381,811
in 1995 574,853 614,171
Intellectual property rights, net
of accumulated amortization of
$613,082 in 1996 and $497,005
in 1995 57,091 173,168
Other assets 84,927 30,676
--------- ---------
$ 4,454,551 $ 4,701,902
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,107,943 $ 1,290,263
Accrued liabilities 625,648 511,641
Deferred revenue 454,796 586,836
Current portion of leasehold
obligation 126,485 109,475
Advance from shareholder 150,481 220,000
--------- ---------
Total current liabilities 2,465,353 2,718,215
Leasehold obligation 201,545 200,015
Development obligation -- 65,000
Note Payable 63,157 --
Shareholders' equity:
Common stock, no par value,
44,169,100 shares authorized;
5,012,869 and 3,952,775 shares
issued and outstanding in 1996
and 1995, respectively 18,372,574 18,163,634
Option to purchase common stock 4,861,659 4,861,659
Deficit (21,509,737) (21,306,621)
---------- ----------
Total shareholders' equity 1,724,496 1,718,672
---------- ----------
$ 4,454,551 $ 4,701,902
========== ==========
CONTACT: Canmax Inc. Roger Bryant, president & CEO, or Philip Parsons, CFO See Chief Financial Officer. , 214/541-1600 |
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