Cognicase Reports 96 % Net Earnings Increase for 1999.MONTREAL--(BUSINESS WIRE)--Nov. 15, 1999-- (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 :COGI COGI Coalition on Government Information (also known as the Minnesota Coalition on Government Information, or MNCOGI; promotes open access to public records) ) (ME:COG.) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :COG.) --1999 Revenues Up 145 % to US$144.9 Million-- --Fourth Quarter Revenues Increase 53%, Net Earnings 42%-- --E-business Jumps to 10 % of 1999 Revenues-- COGNICASE Inc. (NASDAQ: "COGI") today announced fourth quarter and full year results for the fiscal year ended September September: see month. 30, 1999. For 1999, COGNICASE reports 145 % revenue growth to US$144.9 million compared to US$59.1 million in 1998. Net earnings, excluding foreign exchange gains and losses, increased 96 % to US$14.0 million ($0.95 per share on a 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. basis) compared to US$7.1 million ($0.57 per share on a fully diluted basis) last year. For the fourth quarter of 1999, revenues increased 53 % to US$37.9 million compared to US$24.7 million in the similar quarter last year. Net earnings, excluding foreign exchange gains and losses, rose 42 % to US$3.7 million ($0.24 per share on a fully diluted basis) from US$2.6 million ($0.20 per share on a fully diluted basis) in the similar 1998 period. Cash earnings, which exclude foreign exchange gains and losses and goodwill amortization, were US$17.4 mile of 110 % compared to US$8.3 million ($0.67 per share on a fully diluted basis) in 1998. Cash earnings for hare on a fully diluted basis) last year. This is an increase of 46 %. Since goodwill amortization has no impith this performance." Outlook COGNIarket situation, the Company expects modest revgin of 8-9 %. Both revenues and margin should improve thereafter. Demand for IT services is expected to rebou of 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. strategies. The Company's marketading edge know-how know-how n. The knowledge and skill required to do something correctly. See Synonyms at art1. know-how Noun Informal the ability to do something that is difficult or technical and technology. Our competitive position is supported by more than 100 e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. projecness solutions that leverage information technology, including implementation of turnkey See turnkey system. e-business solutionsrter of 1999, e-business represented 11.1 % of Earnings (Excluding FX gains) 3,704 2 % Cash net earnings(2) 4,707 3,235 46 % 17,416 8,297 110 % Cash EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. (2) 0.30 0.26 20 % 1.18 0.67 77 % --------------------nformation technology, with offices in several hnology expertise, COGNICASE offers innovative solutions that contribute to the success of its customers. Its solutions include: implementation of turnkey e-business solutions, ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). services, re-engineering re-engineering - The examination and modification of a system to reconstitute it in a new form and the subsequent implementation of the new form. http://erg.abdn.ac.uk/users/brant/sre. of existing applications for e-business, technology configuration management, a Report, COGNICASE disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). that its Year 2000 compliance program was completed on September 30, 1998. No evy measures to ensure a satisfactory transition are not subject to the Year 2000 risk. Forwancertainties. As a result of a number of factors, including factors that the Company may not currently foresee fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. , the Company's actual results could differ materially from products and services and otherwise respond to nd consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. acquisitions on favourable terms t.
COGNICASE Inc.
Consolidated Statements of Earning--------
Year Yea $24,726
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Operating
expenses
Cost of
revenues 87,429 34,955 23,413,078 6,820
4,457 2,57 546
Amortization 5,930 1,928 1,656 463
223
Gain (loss) on
foreign
exchange (1,195) 2,305 400 514
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(221) 3,961 863 737
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Earnings before
income taxes 22,892 14,579 6,750 5,402
Provision for
income taxes 9,593 6,108 2,813 2,512
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Fully diluted
excluding net
impact of gain
(loss) on
foreign
exchange
(in U.S. dollars)$0.95 $0.57
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--------------------------------------------------------------------------------------------
Fully
diluted 14,795,831 12,470,5--------------------------------------
Unaudited)
ASSETS
Current assets
Cash and cash
equivalents $8,290 $18,974
Accounts receivable 39,551 27,674
Tax credits receivable 6,470 861
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62,------------------------------------------------
LIABILITIES
Current liabilities
Bank advances $- $647
Accounts payable
and accruals 29,390 23,455
Income taxes payable 328 3,218
Deferred revenue 3,540 5,508
Current portion
of long-term debt 421 2,139
------------------------------------------------- 35,237
36,655
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Year Year Three Mon
30 30
199NG ACTIVITIES
Net earnings $13,299 $8,47assets:
Accounts
receivable 6,323 (11,083) 10,630 (2,592)
Tax credits
521 (1,101) 1,299
Increase
ble (3,688) 2,481 (3,528) 5 10,430
Purchase of
capital assets (2,788) (2,031) (1,242) (581)
Proceeds on
disposal of
capital assets 40 87 used in)
investing
activities (56,647) (876) (1,915) (876)
Issuane - (2,689) - (2,689)
Issuance of
capital stock 50,621 45,205 281 (10,630)
Expenditures
related to
is (1,988) (4,595) 179 (2,373)
Cash and cash
equivalents,
beginning
of period 18,974 2,440 31,422 18,708
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Cash a
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