More good newsMercury Reports 2nd Consecutive Quarterly Profit
Vancouver, British Columbia --
Mercury Scheduling Systems Inc. announces profits for the 3rd
quarter ended January 31, 2001. This is the second consecutive
profitable quarter for the Company and demonstrates the success
of the Company's focus on achieving profitable operations on its
organic business. With its strong working capital position and
focus on cash flow positive operations, the Company is well
positioned to achieve its strategic objectives.
Mercury is pleased to report strong revenues for the three months
ended January 31, 2001 of $1,218,029 (2000 - $1,126,356), which
produced an EBITDA profit of $127,437 and an operating profit of
$39,772. For the nine-months ending January 31, 2001, the
Company's revenues total $3,251,742 versus $2,424,959 for the
same period last year, and $3,197,580 for the entire fiscal year
ended April 30, 2000.
Total expenses for the three months ended January 31, 2001 were
$1,090,592 (2000 - $1,224,451), representing an approximate 10%
decrease in Costs of Products and Services to $615,048 (2000 -$
659,242) and General and Administrative expenses to $403,983
(2000 - 457,772). Sales and marketing costs for the period
continue to decrease (2001 - $45,007 versus 2000 - $88,555), as
a greater percentage of new sales activity is funded by the
company's marketing partners, IBM and SITA. Amortization costs
continue to be higher than in prior years, since the company
commenced amortization of its deferred software development
costs.
Both the Company's cash balance and working capital remain
strong. The Company's cash balance at January 31, 2001 including
short term investments is $2,137,120, which excludes $897,329 in
Accounts Receivable resultant from development contract billings
occurring at the end of the quarterly period. As a result, net
working capital was approximately $2,925,000 at January 31, 2001
versus $3,340,000 for the same period last year.
Mercury Scheduling Systems Inc. is a software development company
that licenses some of the most innovative airline operations
software in the world. The company has an established client base
that includes leading companies such as British Airways Regional,
DHL Airways, WestJet, Aloha Airlines, Maersk Airways, and Ansett
Australia.
Mercury is one of the select companies that make up the CDNX
Technology Index.
On behalf of the Board of Directors,
Graham Whitmarsh
President & CEO
The Canadian Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release. Cautionary note for US Investors: This news release may
contain forward-looking statements that may address future events
and conditions and therefore involve inherent risks or
uncertainties. Actual results may differ materially from those
currently anticipated in such statements.