Datawave Announces Fiscal Year 1999 Results.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--June 30, 1999-- DataWave(VSE See DOS/VSE. VSE - Virtual Storage Extended :DTV (Digital TeleVision) Transmitting TV using digital signals. The major DTV standards are ATSC (North America), DVB (Europe) and ISDB (Japan). All three use MPEG-2 video compression and Dolby Digital audio compression. DVB and ISDB also include MPEG audio compression. .) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :DWVSF) DataWave today announced financial results for the fiscal year ended March 31, 1999. Revenues of US$11,404,057 for the fiscal year ended March 31, 1999 increased 19 percent compared to US$9,559,210 for the fiscal year ended March 31,1998. The Company had an Operating Loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of US$3,559,174 for the fiscal year compared with an Operating Profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of US$397,222 in the previous year. The Net Loss for the year after unusual items and losses from discontinued operations was US$8,029,090 or US$0.30 per share. "Last fiscal year was a extremely difficult year for DataWave as the Company had to manage many financial difficulties as a result of the cancellation of the US financing. The announcement in April of this year for a private placement and cancellation of the secured creditor's debt will be finalized shortly. This will enable the Company to stabilize the financial situation. We have put the worst behind us. The Company's core business continues to grow and we can face the future with confidence." ... said Clive Barwin - 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. . DataWave Systems Inc. manufactures and distributes intelligent prepaid electronic merchandisers, delivering products through an automated retail distribution network. The company currently distributes its prepaid products in the U.S. On Behalf of the Board of DataWave Systems Inc. Clive Barwin, Director and CEO |
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