MONTREAL, March 18, 2011 /PRNewswire/ -- SAND Technology Inc. (OTC Bulletin Board: SNDTF), an international provider of data management software and best practices, today reported net income for the three months ended January 31, 2011 of $135,742 on revenues of $2,443,712 compared to a net loss of $27,951 on revenues of $1,924,251 for the three months ended January 31, 2010.
The Company reported income from operations, before foreign exchange and interest, for the three months ended January 31, 2011 of $194,631 compared with income from operations, before foreign exchange and interest, for the three months ended January 31, 2010 of $123,411.
The Company reported net income for the six months ended January 31, 2011 of $101,007 on revenues of $4,412,491 compared to net income of $403,339 on revenues of $4,409,716 for the six months ended January 31, 2010.
The Company reported income from operations, before foreign exchange and interest, for the six months ended January 31, 2011 of $305,929 compared with income from operations, before foreign exchange and interest, for the three months ended January 31, 2010 of $640,763.
Cash flows used in Operating Activities for the three months ended January 31, 2011 amounted to $746,466 compared to cash flows used in Operating Activities for the three months ended January 31, 2010 of $490,036. Cash flows used in Operating Activities for the six months ended January 31, 2011 amounted to $771,932 compared to cash flows used in Operating Activities for the six months ended January 31, 2010 of $702,029. All figures indicated above are in Canadian dollars.
"SAND's determination and focus in this market are showing positive results. We have seen a lot of activity in the space of just the last quarter which has validated our revised approach to this market. We turned over the entire sales and marketing team in the last 12 months and it is evident from these results it was the right decision," stated Thomas M. O'Donnell, SAND's President and Chief Executive Officer. "Our technology has been tested and proven in a very competitive marketplace populated by a number of new entrants. When customers want industrial-strength analytic database software for extreme data environments they call SAND," stated O'Donnell.
About SAND Technology
SAND Technology provides advanced analytics database software for analyzing large amounts of extreme data on-demand while lowering TCO, leveraging existing infrastructure and improving operational performance.
SAND's software drives solutions for CRM analytics, and specialized applications for government, healthcare, financial services, telecommunications, retail, transportation, and other business sectors. SAND 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 Canada, the United States, the United Kingdom, Central Europe and Australia.
SAND Technology, SAND CDBMS, 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.
Caution Concerning Forward Looking Statements
Certain statements contained in this press release are "forward looking statements" within the meaning of the United States Securities Act of 1934 and of the United States Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 or as "forward looking information" under Canadian securities legislation (collectively, "forward looking statements"). 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 by their nature 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 (filed on EDGAR at www.sec.gov) and the Canadian securities authorities (filed on SEDAR at www.sedar.com). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by applicable laws, 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.
The unaudited Consolidated Financial Statements of the Company for three-month and six-month periods ended January 31, 2011 and 2010 and the Notes thereto are presented in accordance with Canadian generally accepted accounting principles ("Canadian GAAP") for interim financial reporting. These unaudited interim Consolidated Financial Statements have been prepared using the same accounting policies and methods of their application as the annual Consolidated Financial Statements for the year ended July 31, 2010. There have been no new accounting policies that have been adopted effective August 1, 2010.
The following financial information is expressed in Canadian dollars and is derived from its Consolidated Financial Statements for the three-month and six-month periods ended January 31, 2011 and 2010. The following financial information is not necessarily indicative of the results of future operations and should be read in conjunction with, and is qualified in its entirety by, the Consolidated Financial Statements for the three-month and six-month periods ended January 31, 2011 and 2010. All figures in the following financial information are in Canadian dollars.
Three months ended January 31,
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Results of Operations
Cost of sales and product support
Research and development costs, net
Amortization of capital Assets and other assets
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Income from operations before the undernoted items
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Net income (loss) and comprehensive income (loss)
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Diluted weighted average number of
As at January 31,
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SOURCE SAND Technology Inc.