MPACT IMMEDIA SHOW RECORD FIRST QUARTER REVENUES.MONTREAL--(BUSINESS WIRE)--Jan. 23, 1997-- New alliances generate strong backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. MPACT MPACT Mississippi Prepaid Affordable College Tuition Plan Immedia Corporation, a worldwide leader in Electronic Commerce, today announced record revenues for the first quarter of its 1997 fiscal year. The Company attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues of $2,848,006 for the first quarter of this year, compared to $2,479,906 in the comparable period last year a 15% increase. The company has now recorded 21 consecutive quarters, on a quarter-over-quarter basis, when transaction revenues have increased. In addition, software sales rebounded in the first quarter of 1997 showing a 23% increase over the same period last year. The Company posted a net loss of $286,760 or $0.02 per share in the first quarter, compared to a net profit of $24,623 or $0.00 per share in the same period last year. This net loss includes amortization of $151,356 from the acquisition of the ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. financial-disclosure network in 1995. MPACT Immedia also increased its sales and marketing efforts in the first quarter which have already resulted in numerous alliances and agreements upon which the Company can generate further revenues. "Our revenues continue to climb," declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Edwards, 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. of MPACT Immedia. "Both our transaction services and software sales are up, plus we have a strong order backlog which will generate higher transaction revenues in the coming months. We are looking forward to strong third and fourth quarters this year." To illustrate how solid the Company's backlog is, Edwards pointed to a number of new marketing agreements announced in the first quarter of 1997. One key alliance is with Value-IT (a subsidiary of Norwest For the sniper, see .
Norwest Corporation Bank) and ACI ACI American Concrete Institute ACI Arch Coal Inc ACI Airports Council International (formerly Airport Associations Coordinating Council) ACI Automobile Club d'Italia ACI American Competitiveness Initiative Development to sell electronic commerce services to the $3-billion mortgage-appraisal industry 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. . This arrangement is scheduled to be at full capacity in April of this year. In addition, the Company has signed a deal with CASSS to set up a provincial health-care purchasing network and with Ordiplan to generate new partners through one of Canada's largest software resellers. Many of these recent agreements are based on the strong market reception for the Company's EDI-enabling tool Edikit . Edikit helps small and medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized businesses use EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. easily and quickly at a fraction of the current cost. In terms of expanded revenues coming on stream from existing projects, MPACT Immedia's joint venture with the Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. CAN-ACT, which offers on-line banking services for businesses was rolled out nationally during the quarter. The Company anticipates significantly higher transaction revenues from CAN-ACT in the latter half of this year. Communications by Proxy See proxy server. (networking) proxy - A process that accepts requests for some service and passes them on to the real server. A proxy may run on dedicated hardware or may be purely software. , Inc., a subsidiary of ARINC ARINC Aeronautical Radio, Inc. ARINC Aircraft Radio Incorporated ARINC Aeronautical Research Incorporated , is also starting to generate revenues in the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of travel and transportation industry which will increase significantly in the coming months. As a result of a special warrant financing last year, the Company has a significant amount of cash on hand and plans to use this money to grow its business both internally and externally, thus moving to a higher level of success. MPACT Immedia provides comprehensive Electronic Commerce transaction network services and software to the world's leading corporations. Each product is designed to help organizations move from paper-based invoices, payments and correspondence to electronic transactions that provide greater efficiencies and a sharper competitive edge in the emerging information economy. MPACT Immedia Corporation is headquartered in Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. . It offers services through its three operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. : MPACT Immedia Inc. in Montreal; MPACT Immedia Systems, Inc. in Livonia, Michigan Livonia is a city located in the northwest part of Wayne County in the U.S. state of Michigan. As of the 2000 census, the city had a total population of 100,545, making it the eighth largest in the state. ; ISDN Wire Service in Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , along with business partners around the world. Visit MPACT Immedia at www.mpactimmedia.com . -0-
MPACT Immedia Corporation
Consolidated Statements of Income
Quarterly Report for the Year Ending August 31, 1997
1st Quarter
(Canadian Dollars) (Unaudited)
November 1996 November 1995
Revenue
Transaction services $1,516,471 $1,400,127
Software and related services 1,331,535 1,079,779
--------- ---------
Total Revenue 2,848,006 2,479,906
Costs and expenses
Transaction services 282,392 346,164
Software and related services 829,916 308,270
Selling, general and administrative 1,750,042 1,570,959
Depreciation and amortization 272,416 229,890
------------ ----------
Total costs and expenses 3,134,766 2,455,283
------------ ----------
Income (loss) before income tax (286,760) 24,623
Provision for current income tax 0 9,278
Recovery of current income tax
due to the application of prior
years' losses 0 (9,278)
------------ ---------
0 0
------------ ---------
Net income (loss) ($286,760) $24,623
============ =========
Net income (loss) per share ($0.02) $0.00
============ =========
MPACT Immedia Corporation
Consolidated Statement of Cash Flows
Quarterly Report for the Year Ending August 31, 1997
1st Quarter
(Canadian dollars) (Unaudited)
November 1996 November 1995
3 months 3 months
Cash flows from operations
Net income/(loss) ($286,720) $24,622
Depreciation and amortization 272,416 229,890
Changes in working capital items (538,125) (814,559)
------------- -----------
Usses from operations (552,429) (560,047)
------------- -----------
Cash flows from investing
Advance to Immedia Telematics Inc. (603,078) (567,740)
Cash held in escrow 0 51,259
Capital purchases (96,597) (126,537)
Cash portion of ISDN acquisition 0 (496,966)
------------ -----------
Uses from investing (699,675) (1,139,984)
------------- -----------
Cash flows from financing
Capital lease obligations (9,151) 109,251
Proceeds form exercise of
outstanding warrants 43,869 1,782,300
------------ -----------
Sources from financing 34,718 1,891,551
----------- -----------
Net cash sources / (uses) (1,217,386) 191,520
Beginning cash position 11,686,312 22,895
------------ -----------
Ending cash position $10,468,926 $214,415
============= ===========
MPACT Immedia Corporation
Consolidated Balance sheet
Quarterly Report for the Year Ending August 31, 1997
As at November 30
(Canadian Dollars) (Unaudited)
1996 1995
ASSETS
Current assets
Cash and term deposits $7,468,926 $233,520
Term deposit, 3% maturing
December 2, 1996 3,000,000 0
Trade accounts receivable 4,123,572 3,258,817
Other receivables 1,562,629 2,532,007
Assigned income tax credits receivable 1,598,781 740,110
Prepaid expenses 190,120 183,429
------------ -----------
Total current assets 17,944,028 6,947,883
Capital assets 4,153,031 4,548,027
Goodwill 1,101,816 1,098,143
------------ -----------
Total assests $23,198,875 $12,594,053
============= ===========
LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $1,106,786 $1,422,252
Accrued liabilities 827,545 805,184
Deferred revenue 530,955 493,675
Current portion of capital
lease obligations 198,965 62,864
---------- ----------
Total current liabilities 2,664,251 2,783,975
Long term portion of capital
lease obligations 434,531 315,482
Shareholders' equity
Capital stock 19,901,787 8,370,068
Retained earnings 198,306 1,124,528
----------- -----------
Total shareholders' equity 20,100,093 9,494,596
------------ -----------
Total liabilities and shareholders'
equity $23,198,875 $12,594,053
============ ===========
CONTACT: MPACT Immedia Corporation Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. V. Engel Engel means angel in German, Danish, Dutch and Norwegian and may refer to:
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