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Company Website nsicomm.com
By God... A profitable tech stock...
As at September 30, 1999 the company had working capital of over $10 million, principally in accounts receivable and inventories, and long term debt of less than $1 million.
Revenues for the nine months ended Sept. 30, 1999, approached a record $19-million resulting in net income of $1.3-million or three cents per share compared with revenues of $13.5-million and a net loss of $3.3-million or 13 cents per share for the same period in 1998. Sales for the third quarter ended Sept. 30, 1999, increased to $6.6-million from $6.4-million for the second quarter. Net income for the quarter was $860,000 or two cents per share compared with a loss of $357,592 or one cent per share in 1998.
NSI's president, David Ben-David, commented: "From the beginning of the year we have expected to end this year with record sales and profitability. The results we released today are the fourth profitable quarter in a row. We have also achieved consecutive growth in sales and net income from the first to the second, and now, to the third quarter of this year. Our recent success results not only from healthy repeat business from existing customers, but we have also been able to generate additional orders from new customers. This increase in our international customer base also gives us a solid foundation for future growth."
NSI Communications has received over $3.6-million in new orders during October, 1999.
Included in these orders are contracts for four new networks with a total value of over $3-million. The first of the new networks will be used by a major mining company to provide telephone and data connectivity between 28 locations across Mexico, enabling the implementation of a company wide ERP system. A second network, to be installed in South America, will link the Latin American offices of a U.S. corporation with its regional headquarters. The third new network will allow a major telecom operator to provide modern telecom services in a number of Eastern European countries. An electricity development company in China has ordered the last new network announced today and will use the system to interconnect 14 sites, to operate a data communication network. The balance of the orders are for expansion and services to existing networks.
NSI expects to deliver all of these new orders during the fourth quarter.
David Ben-David, President and COO
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