CSI Credit Systems third quarter results
CSI Credit Systems International Inc CSU Shares issued 11,912,907 1999-04-27 close $0.95 Wednesday Apr 28 1999 Ms. J. Caren Holtby reports Revenue for the third quarter of fiscal 1999, ended Feb. 28, 1999, is lower than expected, but sales activity has been high. Orders were slow to close in this quarter. In addition, inventory levels have been increased to take advantage of bulk purchases. During this quarter the company signed Rocky Mountain Chocolate Factory to an Ernex customer loyalty and tracking program at all 11 corporate locations across Canada. The company also operates 17 franchise locations in Canada and 221 in the United States. CSI installed Ernex in Nike Canada's flagship store, Nike TO, in Toronto. Nike is using Ernex real-time points and Ernex e-gift to enhance customer loyalty and tracking. Nike has 71 corporate stores in the United States. CSI completed certification for its GT-100 terminal with the credit union, Desjardins, the largest financial institution in Quebec. CSI is now certified with six banks and credit unions in Canada and three processing companies in the United States. The company expanded its Family Golf Ernex program, which began as a pilot program during the second quarter in the Southeastern United States and has now increased to a total of 62 locations in the third quarter in Canada and the United States. The company completed a private placement of 300,000 units at 75 cents per unit for gross proceeds of $225,000 with FutureFund Capital (VCC) Corp. on April 27, 1999. Ernex Insight, a comprehensive data mining and reporting service was launched in the quarter. It allows Ernex customers secure multidimensional and interactive access to all their program data via the Internet.
Condensed Statement Of Operations Three months ended Feb. 28 1999 1998
Sales $ 683,727 $ 684,916
Gross margin 422,054 424,647
Operating expenses 607,183 508,663 --------- --------- Net income (loss) before non-controlling interest (185,129) (84,016)
Non-controlling interest 12,462 -
Net income (loss) (172,667) (84,016) --------- --------- Earnings (loss) per share (1.4 cents) (8 cents)
Condensed Statement Of Operations Nine months ended Feb. 28 1999 1998
Sales $2,140,024 $1,710,241 ---------- ---------- Gross margin 1,147,917 658,443
Operating expenses 1,813,657 1,000,886 ---------- ---------- Net income (loss) before non-controlling interest (665,740) (342,443) ---------- ---------- Non-controlling interest 47,059 -
Net income (loss) $ (618,681) $ (342,443) ========== ========== Earnings (loss) per Share (5.2 cents) (3.3 cents)
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