SAND Technology Announces Third Quarter Results
MONTREAL, June 30 /PRNewswire-FirstCall/ — SAND Technology Inc. (BULLETIN BOARD: SNDTF) , an international provider of intelligent enterprise information management software, today reported results for the nine-month period ended April 30, 2008. The Company reported a net income for the third quarter of fiscal year 2008 of $8,441 on revenues of $1,905,984 compared with a net loss of $753,440 on revenues of $1,559,407 for the third quarter of fiscal year 2007.
“SAND is delighted to report that the company has had a profitable third quarter. The improvement in our net results in comparison to the same period last year reflects the changes we have made to the company to position it for growth in the years ahead,” said Arthur Ritchie, President and Chief Executive Officer of SAND. “With the new array of functionality introduced in our product line, we are anticipating increased market interest in our SAND/DNA products, including the new SAND/DNA for SAP BI offering. We are particularly encouraged by the signing of Procter and Gamble for our SAND/DNA for SAP BI product, and the recent multi-million dollar contracts signed in the Financial Services sector. Also, we have been notified that SAND/DNA is one of the software components included in a very large award that has been granted to one of the world’s largest Systems Integrators for a solution to be installed in US government organizations over the next decade,” Mr. Ritchie added. “We are optimistic that the continued growth of our global partner ecosystem, along with more aggressive marketing efforts including participation in events such as SAP Sapphire with Sun, TDWI, Storage Expo with Sun, and various webinars and seminars with other partners such as SAP, HP, Cap Gemini, and Sapient, will help us to realize our potential,” he concluded.
About SAND Technology
SAND is an international provider of intelligent information management software. The SAND/DNA product suite scales to help any size enterprise cope with exploding data requirements, now and into the future. SAND/DNA Access allows for retaining all potentially relevant data in a tiny footprint while providing instant access to just what’s required. SAND/DNA Analytics allows for complex what-if analysis to meet any planned and unplanned business need.
SAND/DNA solutions include CRM analytics, and specialized applications for government, healthcare, financial services, telecommunications, retail, transportation, and other business sectors. SAND/DNA has achieved “Certified for SAP NetWeaver” status and SAND Nearline Integration Controller has achieved “Powered by SAP NetWeaver” status.
SAND Technology has offices in the United States, Canada, the United Kingdom and Central Europe.
SAND Technology, Nucleus, N-Vector, and MPSO are registered trademarks, and SAND/DNA, SAND/DNA Access, SAND/DNA Analytics, SAND/DNA aCRM, SAND Analytic Server, SAND Searchable Archive, SAND Extensible Warehouse, and all related SAND-, SAND/DNA, and Nucleus-based marks and designs, are trademarks of SAND Technology Inc. Other trademarks remain the property of their respective owners.
Certain statements contained in this press release are “forward looking statements” within the meaning of the United States Securities Act of 1933 and of the United States Securities Exchange Act of 1934. The forward-looking statements are intended to be subject to the safe harbour protection provided by these Acts. We have based these forward-looking statements on our current expectations and projections about future results, levels of activity, events, trends or plans. Such forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of SAND to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward looking statements included in this press release are based on current expectations and on information available to SAND on the date of this press release. For a more detailed discussion of these risks and uncertainties and other business risks, see SAND’s current Annual Report and SAND’s reports to the Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
SAND TECHNOLOGY INC. Consolidated Balance Sheet (Unaudited) IN CANADIAN DOLLARS As at As at Apr 30, 2008 July 31, 2007 Assets Current Assets Cash and cash equivalents $1,434,056 $330,711 Accounts Receivable, Net $1,368,827 $1,582,957 Unbilled receivables $245,184 $- Prepaid Expenses $120,519 $150,964 $3,168,586 $2,064,632 Capital Assets, Net $128,492 $181,669 Other Assets, Net $27,712 $110,847 $3,324,790 $2,357,148 Liabilities Current Liabilities Accounts Payable and Accrued $1,202,295 $1,076,116 Liabilities Deferred Revenue $1,500,687 $1,305,270 Due to Shareholder $1,196,195 $750,144 Deferred Credits $85,567 $107,569 $3,984,744 $3,239,099 Long term Liabilities Convertible Debentures $461,781 $- Shareholders' deficiency Common Stock $38,530,441 $38,530,441 Equity component of convertible debentures $548,038 $- Contributed Surplus $305,110 $305,110 Deficit $(40,505,324) $(39,717,50) ($1,121,735) $(881,951) $3,324,790 $2,357,148 SAND TECHNOLOGY INC. Consolidated Statement of Operations (Unaudited) IN CANADIAN DOLLARS 3 Months 9 Months 3 Months 9 Months Ended Ended Ended Ended Apr. 30, 2008 Apr. 30, 2008 Apr. 30, 2007 Apr. 30, 2007 Revenues $1,905,984 $5,110,430 $1,559,407 $4,891,472 Operating expenses Cost of Sales and Product Support $(333,900) $(1,133,254) $(398,322) $(1,298,312) Research and Development Costs $(355,133) $(1,445,810) $(598,337) $(1,758,289) Amortization of capital assets and acquired technology $(46,147) $(141,907) $(49,296) $(151,165) Selling, general and administrative expenses $(1,105,980) $(3,025,993) $(1,227,570) $(3,722,920) Total operating expense $(1,841,160) $(5,746,964) $(2,273,525) $(6,930,686) Operating Income (Loss) $64,824 $(636,534) $(714,118) $(2,039,214) Interest Income, Net $(56,383) $(151,288) $(39,322) $(39,853) Net Earnings (Loss) $8,441 $(787,822) $(753,440) $(2,079,067) Earnings (Loss) per share $0.00 ($0.06) ($0.06) ($0.16) Weighted average number of shares outstanding 14,318,189 14,318,189 12,818,189 12,818,189
SAND Technology Inc.
CONTACT: Investor Relations, de Jong & Associates, +1-760-943-9065,email@example.com, for SAND Technology Inc.
Web site: http://www.sand.com/