Sierra Systems Issues Outlook for Fiscal 2004.Business Editors/High-Tech WritersVANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 27, 2003 Target revenue for fiscal 2004 is $155 million with associated earnings per share of $0.60. This is based on services revenue from current operations of $145 million and acquisitions and product re-sales to generate the remainder. This view is based on information known today about market conditions and demand for IT services and excludes the impact of any large new contract contributing more than $7 million per year in revenue. Margin improvement is a critical financial objective and will be realized in future quarters through the replacement of costly external consultants with Sierra Systems Sierra Systems Group Inc. ("Sierra Systems") is a private information technology and business consulting corporation headquartered in Vancouver, BC, Canada. The company provides services to both the public and private sectors. employees where sustainable business A business is sustainable if it has adapted its practices for the use of renewable resources and holds itself accountable for the environmental and human rights impacts of its activities. is identified. Grant Gisel, 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 Sierra Systems, added, "We increased revenue in fiscal 2003 significantly above our industry growth rate. For 2004, our focus is on increasing Operational Earnings from our U.S. business restructuring that occurred last year." On another matter, full fiscal 2003 audited results will be announced December 4, 2003. Services revenue for fiscal 2003 is anticipated to be at the high end of the previously issued guidance of $147 to $148 million with total revenue (including product re-sales) approximately $151 million. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , excluding any foreign exchange translation adjustment, is now anticipated to be in the range of $0.39 to $0.40 (as compared to previously issued guidance of $0.41 to $0.45). The Company incurred a one-time charge in the fourth quarter of $0.5 million as a result of sub-leasing excess space at a rate lower than the current cost to the Company. The fully diluted earnings per share for the fiscal year is expected to be reduced by a foreign exchange translation loss of $0.26 to between $0.13 and $0.14. The Company has restructured such that these translation adjustments will no longer be recorded through the statement of earnings. The key remaining risk in these estimates is the assessment of completion of certain fixed price projects. About Sierra Systems Sierra Systems Group Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :SSG SSG abbr. staff sergeant ) is one of North America's original business consulting and technology services organizations. For over 37 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time Company has cultivated lasting associations with clients by integrating technical experience with industry knowledge for innovative, sustainable results. Sierra Systems has built industry-leading practices in health, justice, electronic government, enterprise solutions, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and insurance, utilities and telecommunications, and established regional market expertise in its 15 strategic locations. Reach Sierra Systems at www.SierraSystems.com.
Conference Call Details
Date: Monday, October 27, 2003
Start time: 10:00 a.m. Pacific time (1:00 p.m. Eastern)
Dial-in number: 888.295.1311
Live webcast: www.SierraSystems.com
Presentation: A presentation to be viewed in conjunction with the
conference call will be posted on the Company's
website with a link on the home page to the
presentation.
A replay of the conference call is available through November 10, 2003 by dialing 800.642.1687 and entering the passcode 3656613. The conference call and the presentation will be archived in the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Company website at www.SierraSystems.com. Caveat [Latin, Let him beware.] A warning; admonition. A formal notice or warning given by an interested party to a court, judge, or ministerial officer in opposition to certain acts within his or her power and jurisdiction. The statements that are not historical facts contained in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Sierra Systems' actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, technological shifts, employee retention, fixed price contract delivery, competition, general economic conditions, foreign exchange and other risks detailed in the Company's annual report and other filings with Canadian securities regulatory authorities. |
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