DynaMotive Announces 1998 Third Quarter Results
16 November 1998
DynaMotive Announces 1998 Third Quarter Results
VANCOUVER, British Columbia, Nov. 16 -- DynaMotive
Technologies Corporation today released its 1998 third quarter
financial results. Revenues for the quarter ended September 30, 1998
increased 68% to $747,282 compared with revenues of $444,096 for the same
period in 1997. Revenues for the nine months ended September 30, 1998
increased 39% to $1,270,802 compared with $914,301 for the same period in
1997. The net loss for the third quarter of 1998 was $523,640, or $0.04 per
share on 12,876,922 weighted average common shares outstanding, compared to a
loss of $216,129 or $0.02 per share on 11,583,682 weighted average common
shares outstanding for the same period in 1997. As at September 30, 1998, the
Company had an order backlog of approximately $470,000 for DynaPower(R) and
motion control systems. Figures are in U.S. dollars and reflect Canadian GAAP
standards.
Commenting on the Company's 1998 financial performance to date, President
and CEO Bayne Boyes said, "Revenues for the third quarter of 1998 and for the
first nine months of 1998 increased over the same period in 1997 due in part
to a large shipment of motion control actuator systems to Black &
Decker/Emhart, Inc. as well as increasing revenues from our other commercial
activities. During the third quarter, we announced or completed sales of
DynaPower/DynaSonics metal cleaning systems for new industrial applications,
including aluminum-clad steel wire used by electric utilities in high voltage
transmission towers to carry optical fibre for high speed Internet, telephone
and cable transmissions. Breaking into these new markets should allow us to
increase revenues from the metal cleaning division significantly over the next
year.
"Our major focus, however, continues to be the commercialization of our
BioMass Refinery and its derivative BioOil products which we believe will
generate the greatest shareholder value over the long term. Our partnerships
remain strong and our development program is on target. Strategic industry
partnerships, contributions of $11 million from Canadian, US and European
government agencies, additions to senior management and increased revenues for
1998 are expected to provide the support the Company needs to scale up
production of its clean energy technologies and value added products derived
from BioOil."
Statements in this news release concerning the Company's business outlook
or future economic performance; anticipated profitability, revenues, expenses,
or other financial items; and statements concerning assumptions made or
expectations as to any future events, conditions, performance or other
matters, are "forward-looking statements" as that term is defined under the
Federal Securities Laws.
Forward-looking statements are subject to risks, uncertainties and other
factors which could cause actual results to differ materially from those
stored in such statements. Such risks, uncertainties and factors include, but
are not limited to, changes and delays in product development plans and
schedules, customer acceptance of new products, changes in pricing or other
actions by competitors, patents owned by the Company and its competitors, and
general economic conditions, as well as other risks detailed in the Company's
filings with the Securities and Exchange Commission.