Innotech Announces Results for Q2/97 and Six Months.TORONTO--(BUSINESS WIRE)--Sept. 23, 1996--INNOTECH (VSE See DOS/VSE. VSE - Virtual Storage Extended : ITM ITM See: In-the-money ) Innotech Multimedia Corporation ("Innotech") is pleased to announce the following results for the second quarter ending July 31, 1996 and the comparative results for previous periods.
3 Months 3 Months 6 Months 6 Months
Ending Ending Ending Ending
July 31/96 July 31/95 July 31/96 July 31/95
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Sales $1,377,188 $ 392,449 $2,284,824 $ 625,504
COGS 422,912 140,500 833,250 205,224
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Gross
Profit 954,276 251,949 1,451,574 420,280
SG&A 715,889 337,023 1,058,481 626,082
Amor-
tization 38,502 32,934 69,102 65,868
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Operating
Profit
(loss) 199,885 (118,008) 323,991 (271,670)
Interest &
Financing 29,062 (8,930) 56,548 (4,965)
R & D 27,183 21,710 74,393 55,253
Non
Recurring - 10,220 36,019 35,441
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Net Profit
(Loss) $143,640 ($141,008) $157,031 ($357,399)
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Shares Outstanding - Basic 9,602,295 6,572,859 9,602,295 6,572,859 -Fully Diluted 12,042,598 N/A 10,355,629 N/A Earnings (Losses) per Share(s) -Basic $0.015 (0.022) $0.016 ($0.055) -Fully Diluted $0.013 N/A $0.016 N/A Second quarter results represent a growth in sales of approximately 52 percent over the first quarter sales of $907,636. The quarter ending July 31, 1996, is the second successive profitable quarter since the introduction of new initiatives by the new management and director team. The team has capitalized on Innotech's proprietary index, search and retrieval and multimedia authoring software with two initiatives. They are (i) provision of proprietary CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). titles for the edutainment Educational material that is also entertaining. (application) edutainment - Interactive education and entertainment services or software, usually supplied commercially via a cable network or on CD-ROM. , reference and business markets and (ii) introduction of a suite of JAVA compatible search and retrieval tools initially for Internet and intranet servers. During the second quarter, ending July 31, 1996, as part of the first business initiative, Innotech introduced ten new proprietary titles. Wordplay language learning series for children introduced four follow up titles to The House which were - Space, Museum, Farm and City. In addition two new language learning products for children were introduced; Alphabet alphabet [Gr. alpha-beta, like Eng. ABC], system of writing, theoretically having a one-for-one relation between character (or letter) and phoneme (see phonetics). Few alphabets have achieved the ideal exactness. Treats and Number Sweets, and Three Little Pigs, the first product in the Fable fable, brief allegorical narrative, in verse or prose, illustrating a moral thesis or satirizing human beings. The characters of a fable are usually animals who talk and act like people while retaining their animal traits. Factory series. Two products in a new language learning series for all ages - Translate Mate - Travel and Translate Mate - Living Things Living Things may refer to:
See RSI. repetitive strain injury - overuse strain injury ) and Watercolour watercolour Painting made with a pigment ground in gum, usually gum arabic, and applied with brush and water to a surface, usually paper. The pigment is ordinarily transparent but can be made opaque by mixing with a whiting to produce gouache. My Way a tutorial on watercolour painting by Jack Rid. These productS along with the three new products introduced in the first quarter (Word Play - The House, Japan, A Multimedia Tour, and The MultiBible) have been well received with sales in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. and with license agreements covering countries from India to the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . Innotech has a further eleven titles for introduction in the third quarter, and an additional sixteen by the end of the fiscal year. The second new business initiative is of great importance to Innotech. A high priority continues to be given to the introduction of a suite of JAVA compatible search and retrieval tools with 3-D modeling capability. This suite of products comprises products for Internet/intranet, standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. networks and multimedia producers. The first product for Internet/intranet, standalone networks and multimedia producers. The first product called NetResults (TM) is scheduled for formal introduction at the end of September. This product will provide fast and easy access to relevant information on the Internet and on intranets. NetResults (TM) will also transform web sites into a pool of resources where desired information can be accessed - quickly and efficiently. Every Internet and intranet server is a candidate for NetResults (TM). Hobbes' Internet Timeline v 2.4a states that there are close to 9.5 million such hosts. On September 12, 1996 the Company successfully concluded the placement of approximately 4.8 million special warrants for gross proceeds of $5.5 million. The capital places the Company on a strong footing and enables a fully supported launch of NetResults (TM) to commence in September and October, including participation in Comdex in Las Vagas in November 1996. In the past six months, the new management team has brought profitability to operations, restored the balance sheet to good health with the injection of approximately $7.0 million of new equity, and has introduced and is introducing new products that provide a basis for substantial growth and profitability. There is no long term debt in the Company and working capital increased to 1.1 million at the end of the second quarter. Recognition is given to Innotech's dedicated staff which has increased from 36 to 42 in the past four months, with 30 dedicated exclusively to new product development. Norman G. Vokey, 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. CONTACT: Innotech Multimedia Corporation Norm Vokey, 416/492-3838 416/492-3843 (Fax) or Innotech Multimedia Corporation John McKimm, 416/214-0655 416/214-0661 (Fax) The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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