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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