Coreco Reports 69 Percent Increase in First Quarter Earnings.MONTREAL--(BUSINESS WIRE)--May 12, 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 Inc. today reported further growth in both earnings and revenue for the first quarter ended March 31, 1997. Earnings before tax jumped 69 percent to $816,276 from $484,412 for the first quarter a year ago. Net income also rose 69 percent to $506,276 or $0.07 per share, compared to $300,412 or $0.06 per share last year. Revenue for the first quarter was $3.08 million, a 17 percent increase over last year's $2.64 million. The weighted average number of shares for the quarter was 7,539,687 compared to 5,391,011 a year ago prior to Coreco's initial public offering. There were 7,532,468 common shares outstanding at March 31, 1997. Coreco's President and Chief Executive Officer, 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. , stated the year is off to an excellent start. "We have
already secured 14 "design wins" in the first quarter alone.
In 1996 we generated a total of 27 for the year. These "design
wins" have a potential of over $3 million in annual revenue. While
sales were evenly spread over most product lines, there was a
significant number of new shipments to our 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 customers of the
company's color product."In a move to further increase the company's penetration The successful unauthorized breach of a security perimeter. See penetration test. in Asia, new sales representatives were appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. in Japan, Mainland Mainland. 1 Island (1991 pop. 14,150), 178 sq mi (461 sq km), N Scotland. The largest of the Orkney Islands, it is also called Pomona. Kirkwall, the seat of the Orkney Islands council area, is on the island. China and in Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. . Coreco designs and markets leading edge hardware and related 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 Stock Exchange Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) 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.
CORECO INC.
STATEMENT OF EARNINGS
Three months ended March 31, 1997 and 1996
(unaudited)
1997 1996
Sales $3,080,976 $2,639,633
Cost of goods sold 1,182,763 1,166,141
___________ __________
Gross profit 1,898,213 1,473,492
Expenses:
Research and development
expenditures 421,301 335,639
Less research tax credits (178,440) (107,309)
___________ __________
242,861 228,330
Selling and marketing 602,212 480,285
General and administrative 285,819 235,435
Depreciation and amortization 77,442 52,879
Financial, net (126,397) (7,849)
___________ __________
1,081,937 989,080
___________ __________
Earnings before income taxes 816,276 484,412
Income taxes 310,000 184,000
___________ __________
Net earnings $506,276 $300,412
___________ __________
___________ __________
Earnings per share 0.07 0.06
Weighted average number of
shares outstanding 7,539,687 5,391,011
CORECO INC.
BALANCE SHEETS
March 31, 1997 and 1996
(unaudited)
1997 1996
Assets
Current assets:
Cash $818,124 $112,814
Short term investments 15,160,646 -
Accounts receivable 1,806,781 1,766,876
Research tax credits recoverable 1,189,207 785,110
Inventories 2,494,473 1,958,840
Prepaid expenses 75,041 61,751
___________ __________
21,544,272 4,685,391
Equipment and leasehold improvements 864,035 709,071
Deferred income taxes 326,000 -
___________ __________
$22,734,307 $5,394,462
___________ __________
___________ __________
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued
liabilities $2,008,136 $1,561,622
Income taxes payable 867,294 229,619
Deferred income taxes 120,500 160,000
__________ __________
__________ __________
2,995,930 1,951,241
Deferred income taxes - 91,000
Shareholders' equity:
Capital stock 16,275,473 2,294,766
Retained earnings 3,462,904 1,057,455
__________ __________
19,738,377 3,352,221
__________ __________
$22,734,307 $5,394,462
___________ __________
___________ __________
CONTACT: CORECO INC. Keith A. Reuben, 514/333-1301 514/333-1867 (FAX) or Maison Brison Rick Leckner, 514/731-0000 |
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