MONTREAL, May 5 /PRNewswire-FirstCall/ -- SAND Technology Inc. (OTC:SNDTF) (BULLETIN BOARD: SNDTF) , an international provider of intelligent enterprise information management software, today reported results for the six-month period ended January 31, 2008. The Company reported a loss for the first half of fiscal year 2008 of $796,263, or ($0.05) per share on revenues of $3,204,446. In comparison with the first half of fiscal year 2007, the operating loss has decreased by 40%, on substantially the same level of revenues.
"We are pleased in the improvement of our net results over the same period last year," said Arthur Ritchie, President and Chief Executive Officer of SAND. "Although we were expecting stronger revenues, we remain encouraged by the level of interest and the pipeline for our SAND/DNA products in general and our new SAND/DNA for SAP BI offering," added Ritchie. "In addition we have realized an increase in partner interest and participation, along with several speaking opportunities and articles to be published in the foreseeable future," said 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
Jan. 31, 2008 July 31, 2007
Assets
Current Assets
Cash and cash equivalents $62,643 $330,711
Accounts Receivable, Net $1,668,060 $1,582,957
Prepaid Expenses $180,188 $150,964
$1,910,891 $2,064,632 Capital Assets, Net $144,855 $181,669
Other Assets, Net $55,423 $110,847
$2,111,169 $2,357,148 Liabilities
Current Liabilities
Accounts Payable and Accrued
Liabilities $1,151,952 $1,076,116
Deferred Revenue $1,386,247 $1,305,270
Due to Shareholder $1,158,283 $750,144
Deferred Credits $92,901 $107,569
$3,789,383 $3,239,099 Shareholders' deficiency
Common Stock $38,530,441 $38,530,441
Contributed Surplus $305,110 $305,110
Deficit $(40,513,765) $(39,717,502)
($1,678,214) $(881,951)
$2,111,169 $2,357,148 SAND TECHNOLOGY INC.
Consolidated Statement of Operations
(Unaudited) IN CANADIAN DOLLARS 3 Months 6 Months 3 Months 6 Months
Ended Ended Ended Ended
Jan. 31, Jan. 31, Jan. 31, Jan. 31,
2008 2008 2007 2007 Revenues $1,419,521 $3,204,446 $1,861,658 $3,332,065 Operating expenses
Cost of Sales and
Product Support $(387,191) $(799,355) $(466,315) $(899,990)
Research and
Development Costs $(498,179) $(1,090,676) $(584,086) $(1,159,952)
Amortization of
capital assets and
acquired technology $(46,689) $(95,758) $(50,849) $(101,869)
Selling, general and
administrative
expenses $(926,242) $(1,920,016) $(1,248,635) $(2,495,350) Total operating
expense $(1,858,301) $(3,905,805) $(2,349,885) $(4,657,161) Operating Income
(Loss) $(438,780) $(701,359) $(488,227) $(1,325,096) Interest Income,
Net $(52,563) $(94,904) $(868) $(531) Net Earnings (Loss) $(491,343) $(796,263) $(489,095) $(1,325,627) Earnings (Loss) per
share ($0.03) ($0.05) ($0.04) ($0.10) Weighted average
number of shares
outstanding 14,318,189 14,318,189 12,818,189 12,818,189
DATASOURCE: SAND Technology Inc.
CONTACT: de Jong & Associates, +1-760-943-9065, , for SAND Technology Inc.
Web site: http://www.sand.com/
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