Coreco's Third Quarter Earnings Up 41 Percent On 25 Percent Increase in Revenues Nine Month Earnings Up 74 Percent, Revenues Up 27 Percent.MONTREAL--(BUSINESS WIRE)--Nov. 4, 1997--(ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRC (Cyclical Redundancy Checking) An error checking technique used to ensure the accuracy of transmitting digital data. The transmitted messages are divided into predetermined lengths which, used as dividends, are divided by a fixed divisor. .) Coreco today reported continued growth in both earnings and revenues for the third quarter ended September September: see month. 30, 1997. Earnings before tax for the third quarter were $1.07 million compared to $756,806 from the corresponding period last year, an increase of 41 percent. Net income was $661,634 or $0.09 per share, compared to $468,606 or $0.06 per share last year, an increase of 41 percent. Revenues increased 25 percent to $3.35 million, compared to $2.69 million for the same period last year. For the nine months ended September 30, 1997 net income increased 74 percent to $2.14 million or $0.29 per share from $1.2 million or $0.20 per share. Revenues increased 27 percent to $10.66 million from $8.4 million last year. Coreco launched two new products in September. The "BANDIT bandit: see brigandage. ", a low cost, high resolution display board and the "PYTHON Python, in Greek mythology Python, in Greek mythology, a huge serpent. In some myths the infant Apollo slew Python at the oracle of Gaea in Delphi; in others Apollo killed the serpent in order to claim the oracle for himself. " DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive product, based on the Texas Instruments See TI. (company) Texas Instruments - (TI) A US electronics company. A TI engineer, Jack Kilby invented the integrated circuit in 1958. Three TI employees left the company in 1982 to start Compaq. "C60 DSP" chip set, the most powerful DSP currently available. The PYTHON is targeted at the Imaging, Military and Commmunication markets. "Our new products have generated a great deal of interest and, in some cases, have already won some OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business. The Python DSP product, which we recently launched, will put us in the forefront of the DSP marketplace," stated Coreco President 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. , Keith Keith may refer to: People with the given name Keith:
 `bən), in the Bible, Jacob's eldest son and eponymous ancestor of one of the 12 tribes of Israel. .During the third quarter, Coreco had 11 "design wins", which have a potential of generating over $2.2 million in revenues. The new color Bandit product was launched and booked orders totalling more than $900 thousand. Coreco designs, develops and markets leading edge hardware and software products for the high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. computer vision industry. Coreco's principle products are image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished boards which, when inserted in·sert tr.v. in·sert·ed, in·sert·ing, in·serts 1. To put or set into, between, or among: inserted the key in the lock. See Synonyms at introduce. 2. into a computer, allow the computer to see. Coreco's products are integrated by its customers into their own products, for use with a wide variety of imaging applications. Coreco's common shares are listed on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg and the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol CRC. There were 7,511,768 common shares outstanding at September 30, 1997. -0-
CORECO INC.
STATEMENT OF EARNINGS
(unaudited)
Three months ended Nine months ended
September 30 September 30
1997 1996 1997 1996
_______________________________________________________________
Sales 3,349,556 2,691,808 10,658,662 8,392,200
Cost of goods
sold 1,212,531 1,202,003 3,935,228 3,700,015
_______________________________________________________________
Gross profit 2,137,025 1,489,805 6,723,434 4,692,185
Expenses:
Research and
development
expenditures 438,278 331,881 1,280,342 965,287
Less research
tax credits (200,500) (207,905) (565,602) (417,049)
_______________________________________________________________
237,778 123,976 714,740 548,238
Selling and
marketing 583,383 447,399 1,780,905 1,448,890
General and
administrative 298,990 270,170 892,572 759,652
Depreciation and
amortization 97,186 68,091 276,163 179,646
Financial, net (147,966) (176,637) (399,197) (235,287)
_______________________________________________________________
1,069,371 732,999 3,265,183 2,701,139
_______________________________________________________________
Earnings before
income taxes 1,067,654 756,806 3,458,251 1,991,046
Income taxes 406,020 288,200 1,314,020 757,200
_______________________________________________________________
Net earnings 661,634 468,606 2,144,231 1,233,846
_______________________________________________________________
_______________________________________________________________
Earnings per share $0,09 $0,06 $0,29 $0,20
Weighted average
number of shares
outstanding 7,511,768 7,584,868 7,522,164 6,325,812
CORECO INC.
BALANCE SHEETS
September 30, 1997 and 1996
(unaudited)
1997 1996
____________________________________________________________
Assets
Current assets:
Cash 2,420,552 331,200
Short term investments 15,821,803 14,500,639
Accounts receivable 1,946,327 1,640,795
Research tax credits recoverable 1,212,784 1,101,572
Inventories 1,884,247 1,934,177
Prepaid expenses 157,251 95,633
____________________________________________________________
23,442,964 19,604,016
Equipment and leasehold improvements 869,997 857,720
Deferred income taxes 312,000 332,750
____________________________________________________________
24,624,961 20,794,486
____________________________________________________________
____________________________________________________________
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued
liabilities 1,395,489 1,460,972
Income taxes payable 1,856,966 727,992
Deferred income taxes 120,000 108,500
____________________________________________________________
3,372,455 2,297,464
Shareholders's equity
Capital stock 16,151,651 16,506,137
Retained earnings 5,100,855 1,990,885
____________________________________________________________
21,252,506 18,497,022
____________________________________________________________
24,624,961 20,794,486
____________________________________________________________
____________________________________________________________
CORECO INC.
STATEMENT OF CHANGES IN FINANCIAL POSITION
(unaudited)
Three months ended Nine months ended
September 30 September 30
1997 1996 1997 1996
_____________________________________________________________
Cash provided by (used in):
Operations:
Net earnings 661,634 468,606 2,144,231 1,233,846
Items not involving cash:
Depreciation and
amortization of
equipment and
leasehold
improvement 97,186 68,091 276,163 179,646
Deferred income
taxes (12,000) (34,000) (50,000) (100,500)
Net change in
non-cash working
capital 791,310 (301,981) 658,848 (620,617)
______________________________________________________________
1,538,130 200,716 3,029,242 692,375
Financing:
Gross proceeds from
initial public
offering 0 0 0 15,000,000
Repurchases of shares 0 0 (259,465) 0
Share issue expenses,
net of tax 0 (5,336) 0 (789,069)
Issue (repurchase) of
other capital stock 0 (70) 0 440
Dividends paid 0 0 0 (539 101)
Due to selling
shareholders 0 (731,431) 0 0
______________________________________________________________
0 (736,837) (259,465) 13,672,270
Investments:
Purchase of equipment
and leasehold
improvements, net of
investment tax
credits (74,615) (128,150) (305,950) (388,598)
_____________________________________________________________
(74,615) (128,150) (305,950) (388,598)
Increase (decrease)
in cash and short-term
investment during
the period 1,463,515 (664,271) 2,463,827 13,976,047
Cash and short-term
investments, beginning
of period 16,728,840 15,344,159 15,728,528 703,841
______________________________________________________________
Cash and short-term
investments, end
of period 18,192,355 14,679,888 18,192,355 14,679,888
______________________________________________________________
______________________________________________________________
CONTACT: CORECO INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . Keith A. Reuben, 514/333-1301 514/333-1867 (FAX) or Maison Brison Rick Leckner, 514/ 731-0000 |
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