Correcting...Micro Tempus Announces Year End Results - Tempus Conectivity Solutions (TCS) Establishes Market Niche.MONTREAL--(BUSINESS WIRE)--June 25, 1997--Software developer Micro Tempus Tempus Trans-European Mobility Scheme for University Studies (EU) Inc. (ME:MTP (1) (Message Transfer Part) See SS7. (2) (Media Transfer Protocol) A Microsoft enhancement to the picture transfer protocol (PTP), starting with Windows Media Player 10 in Windows XP. .), today announced its financial results for the year ended March 31, 1997. Revenue increased 3.5 percent to $5.9 million from $5.7 million last year on the strength of increased sales of its core product, Tempus Connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. Solutions (TCS (Transportation Control System) A widely used integrated information system for railroad transportation developed by the Missouri Pacific Railroad Company in the late 1960s and early 1970s. It was later implemented by Union Pacific when the companies merged. ). For the three-month period ended March 31, 1997, Micro Tempus' revenues totaled $1,616,000 with a net profit of $21,000. While the fourth quarter was profitable, the Company recorded a net loss for the year of $259,162 or $0.01 per share compared to a profit of $304,000 or $0.02 per share a year ago. Earnings before interest, taxes and amortization (EBITA EBITA Earnings Before Interest Taxes Amortization ) rose 6.7 percent over the year ended a year ago or $0.03 per share as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to $0.02 per share for the previous year. "During the year, TCS gained considerable acceptance and market awareness within the U.S. To accomplish this we seeded the market at prices which did not exploit the full revenue potential in each sale. We expect to improve margins through the current fiscal year," said Andre An·dré , John 1751-1780. British army officer hanged as a spy in the American Revolution for conspiring with Benedict Arnold. Levesque Lé·vesque , René 1922-1987. Canadian politician who cofounded (1967) the Parti Québecois to further the cause of French-Canadian separatism. He served as premier of Quebec (1976-1985). , President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Given that the normal sales cycle in this type of enterprise wide product is longer, orders that were expected in the fourth quarter of fiscal 1997 will be realized in the first quarter of fiscal 1998." From a zero sales base last year, TCS revenue reached $1.9 million for the year, the result of 21 sales, mostly in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . TCS creates a single, secure corporate wide data distribution infrastructure for all network environments. Mr. Levesque explained that Micro Tempus will continue to concentrate on the development of software, specifically TCS and will seek strategic alliances with name companies to handle the integration of TCS. "To this end, we have signed important agreements with CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. , Netscape (1) (Netscape Communications Corporation, Mountain View, CA, www.netscape.com) Part of America Online (AOL), Netscape specializes in Web software, including the Netscape Web browser. and NTP (Network Time Protocol) A TCP/IP protocol used to synchronize the real time clock in computers, network devices and other electronic equipment that is time sensitive. It is also used to maintain the correct time in NTP-based wall and desk clocks. (New Technology Partners), Microsoft's number one solutions provider." "TCS is continuing to gain wider acceptance as it is the only solution on the market which provides complete, secure file movement between a corporate Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and a browser browser Software that allows a computer user to find and view information on the Internet. The first text-based browser for the World Wide Web became available in 1991; Web use expanded rapidly after the release in 1993 of a browser called Mosaic, which used based Internet client. Given the same sales cycle and the same effort, it is noteworthy that each TCS sale is worth 5 to 10 times more than our former Legacy product. For these reasons, fiscal 1998 will see a return to profitability," concluded Mr. Levesque. Micro Tempus Inc. develops and markets software that facilitates network communications and promotes cross-platform (software, hardware) cross-platform - A term that describes a language, software application or hardware device that works on more than one system platform (e.g. Unix, Microsoft Windows, Macintosh). E.g. Netscape Navigator, Java. connectivity. Founded in 1982, the company has over 2000 customers worldwide covering every major industry sector. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 90 percent of sales are in the United States, Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Maintenance services account
for some 50 percent of revenues. Micro Tempus shares trade on the
Montreal Exchange Montreal ExchangeA 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 under the symbol MTP. -0-
MICRO TEMPUS INC.
CONSOLIDATED BALANCE SHEETS
March 31
(audited)
1997 1996
Assets $ $
______________________
Current assets:
Cash and short-term deposits 800,247 1,470,283
Accounts receivable 1,519,431 680,366
Income tax credits receivable 723,926 540,590
Inventories 45,739 21,299
Prepaid expenses 182,434 53,337
_______________________
3,271,777 2,765,875
Income tax credits receivable 3,503,392 3,002,973
Fixed assets 435,276 372,249
Development costs 3,480,594 2,602,740
_______________________
10,691,039 8,743,837
_______________________
_______________________
Liabilities
Current liabilities:
Accounts payable and accrued
liabilities 910,999 1,150,568
Deferred income 1,155,780 1,499,698
Current portion of long-term
debt 13,520 162,245
_______________________
2,080,299 2,812,511
Long-term debt - 13,520
Shareholders' Equity:
Share capital 15,783,141 12,483,839
Deficit (7,172,401) (6,566,033)
_______________________
8,610,740 5,917,806
_______________________
10,691,039 8,743,837
_______________________
_______________________
MICRO TEMPUS INC.
CONSOLIDATED STATEMENT OF INCOME (LOSS)
Year ended March 31
(audited)
1997 1996
$ $
_________________________
Revenues 5,921,512 5,734,986
Operating expenses
Cost of revenues 989,276 739,260
Research and development 1,062,033 224,734
Sales and marketing 2,450,424 2,165,142
General and administrative 1,625,296 2,138,275
Financial charges 53,645 163,535
__________________________
6,180,674 5,430,946
__________________________
Income (loss) before
income taxes (259,162) 304,040
Income taxes
Current - 59,000
Less: Reduction in income
taxes due to application
of prior years' unused
scientific research and
experimental development
expenditures - (59,000)
__________________________
- -
Net income (loss) $(259,162) $304,040
__________________________
__________________________
Income (loss) per
share - basic $(0.01) $0.02
__________________________
__________________________
CONSOLIDATED STATEMENT OF DEFICIT
Year ended March 31
(audited)
1997 1996
$ $
___________________________
Deficit, beginning of year (6,566,033) (6,509,065)
Share issue expenses (347,206) (361,008)
Net income (loss) (259,152) 304,040
___________________________
Deficit, end of year (7,172,401) (6,566,033)
___________________________
___________________________
MICRO TEMPUS INC.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
Year ended March 31
(audited)
1997 1996
$ $
________________________
Operating activities
Net income (loss) (259,162) 304,040
Items not affecting cash
Depreciation of fixed assets 188,244 171,319
Amortization of development
costs 844,195 135,958
Loss on disposal of fixed
assets - 19,306
________________________
773,277 630,623
Net change in non-cash
working capital items (2,259,844) (944,636)
_________________________
(1,486,567) (314,013)
Financing activities
Issuance of special warrants 1,950,000 -
Issuance of share capital 1,349,302 4,458,363
Share issue expenses (347,206) (361,008)
Issuance (repayment) of
long-term debt (162,245) (668,725)
__________________________
2,789,851 3,428,630
Investing activities
Purchase of fixed assets (251,271) (216,609)
Increase of development
costs, net (1,722,049) (1,275,179)
Proceeds on sale of fixed
assets - 10,728
__________________________
(1,973,320) (1,481,060)
__________________________
Net change in cash and
short-term deposits
during the year (670,036) 1,633,557
Cash and short-term deposits,
beginning of year 1,470,283 (163,274)
__________________________
Cash and short-term deposits,
end of year 800,247 1,470,283
__________________________
__________________________
CONTACT: Micro Tempus Inc. Mark Krakower, 514/848-0803 krakowerm@microtempus.com or Maison Brison Rick Leckner, 514/731-0000 514/731-4525 (FAX) brison1@nexus-is.qc.ca |
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