Epic Data's 3rd Quarter Results Show Return to Profitability.RICHMOND, British Columbia--(BUSINESS WIRE)--July 26, 1996--EPIC DATA INTERNATIONA(TSE:EKD EKD - Evangelische Kirche in Deutschland (Protestant Church in Germany)) Epic Data International, Inc., today announced revenues for the third quarter ending June 30, 1996 of $6,903,000 versus $4,804,000 for the same period last year. Net earnings for the third quarter was $135,000 or $0.04 per share versus a net loss of ($738,000) or ($0.20) per share in the previous year. "We are delighted to announce a profitable quarter which demonstrates that Epic is continuing down the path to success." stated J. Douglas Bailey, President and CEO. "Our results continue to improve quarter over quarter and our year to date revenues have increased 29 percent while our losses have decreased by over 50 percent from the same period last year." The increase in revenues for the third quarter reflects the continued roll out of projects that are a result of relationships with SAP AG and BAAN, both world leaders in enterprise resource planning software. "We are encouraged by the significant growth in our order back-log which now stands at approximately $27 million. In addition, strict cash management has allowed us to maintain our positive cash balance at $1.3 million." added Mr. Bailey. Founded in 1975, Epic designs, manufactures and integrates enterprise-wide information systems. Headquartered in Richmond, British Columbia, Epic has operations and a network of representatives in the United States, Canada, the United Kingdom, Asia, Continental Europe and Australia. Epic is publicly traded on the Toronto Stock Exchange as EKD. -0- EPIC DATA INTERNATIONAL INC. CONSOLIDATED FINANCIAL STATEMENT Consolidated financial statement A financial statement that shows all the assets, liabilities, and operating accounts of a parent company and its subsidiaries. HIGHLIGHTS (Thousands of Dollars) Three Months Ended June 30 1996 1995 ________ ________ Total revenue $ 6,903 $ 4,804 -------- -------- Total gross profit $ 3,360 $ 1,855 -------- -------- Selling and administrative expenses $ 2,609 $ 1,914 -------- -------- Research and development costs $ 384 $ 416 -------- -------- Earnings (loss) before income taxes $ 135 $ (738) -------- -------- Net earnings (loss) $ 135 $ (738) -------- -------- Earnings (loss) per common share - basic $ 0.04 $ (0.20) -------- -------- Earnings (loss) per common share - fully diluted $ 0.04 $ (0.20) -------- -------- Increase (decrease) in cash position Cash position The percentage of a mutual fund's assets invested in short-term reserves, such as US Treasury bills or other money market instruments. $ 151 $ 172 -------- -------- Cash position at end of period $ 1,317 $ 2,420 -------- -------- Nine Months Ended June 30 1996 1995 ________ ________ Total revenue $16,931 $13,175 -------- -------- Total gross profit $ 8,687 $ 5,319 -------- -------- Selling and administrative expenses $ 7,899 $ 5,692 -------- -------- Research and development costs $ 1,087 $ 1,394 -------- -------- Earnings (loss) before income taxes ($ 1,184) ($ 2,645) -------- -------- Net earnings (loss) ($ 1,184) ($ 2,645) -------- -------- Earnings (loss) per common share - basic $ (0.33) $ (0.73) -------- -------- Earnings (loss) per common share - fully diluted $ (0.33) $ (0.73) -------- -------- Increase (decrease) in cash position $ 327 $ 752 -------- -------- Cash position at end of period $ 1,317 $ 2,420 -------- -------- CONTACT: Epic Data International, Inc. W.J. (Bill) Adams, 604/273-9146 604/273-1830 (Fax) |
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