MONTREAL, Jan. 29 /PRNewswire-FirstCall/ -- SAND Technology Inc. (BULLETIN BOARD: SNDTF) , an innovator in analytic application infrastructure, today reported results for the three-month period ended October 31, 2007. The Company reported a loss for the first quarter of fiscal year 2008 of 04,920, or (sh.02) per share on revenues of ,784,925. In comparison with the first quarter of fiscal year 2007, revenues have increased by over 21% and the operating loss has decreased by over 64%.
"We are encouraged by the revenue growth over the first quarter of last year," said Arthur Ritchie, President and Chief Executive Officer of SAND. "This gives us some indication on the level of the growing interest for our SAND/DNA products in general and our new SAND/DNA for SAP BI offering," added Ritchie.
About SAND Technology(R)
SAND Technology provides organizations worldwide with a unique vantage point from which to survey the competitive landscape. SAND's advanced analytic data management products empower users with a better understanding of their business environment through better access to their business data.
SAND Technology-based solutions include CRM analytics, financial analysis, regulatory compliance and specialized Business Intelligence applications for government and security, healthcare, telecommunications, financial services, retail and other business sectors.
SAND Technology has offices in the United States, Canada, the United Kingdom and Central Europe. For more information, visit http://www.sand.com/
All Rights Reserved. SAND Technology and Nucleus are registered trademarks, and SAND Analytic Server, SAND Searchable Archive, See What's on the Horizon, analytics @ the speed of business, and all related SAND- and Nucleus-based marks and designs, are trademarks of SAND Technology Inc. Other trademarks are 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 Oct. 31, 2007 July 31, 2007 Assets Current Assets Cash and cash equivalents 2,947 30,711 Accounts Receivable, Net ,694,536 ,582,957 Prepaid Expenses 14,124 50,964 ,001,607 ,064,632 Capital Assets, Net 60,312 81,669 Other Assets, Net 3,135 10,847 ,245,054 ,357,148 Liabilities Current Liabilities Accounts Payable and Accrued Liabilities ,007,481 ,076,116 Deferred Revenue ,332,027 ,305,270 Due to a Shareholder 92,182 50,144 Deferred Credits 00,235 07,569 ,431,925 ,239,099 Shareholders' equity Common Stock 8,530,441 8,530,441 Contributed Surplus 05,110 05,110 Deficit (81,951) ,245,054 ,357,148 SAND TECHNOLOGY INC. Consolidated Statement of Operations -- (Unaudited) IN CANADIAN DOLLARS 3 Months Ended 3 Months Ended October 31, 2007 October 31, 2006 Revenues ,784,925 ,470,407 Operating expenses Cost of Sales and Product Support Research and Development Costs Amortization of capital assets and acquired technology Selling, general and administrative expenses Total operating expense Operating Income (Loss) Interest Income, Net 37 Net Earnings (Loss) Earnings (Loss) per share (sh.02) (sh.06) Weighted average number of shares outstanding 14,318,189 12,818,189
SAND Technology Inc.