ActiveCore Announces Improved Financial Results for First Quarter 2004
June 14 2004 - 10:15AM
PR Newswire (US)
ActiveCore Announces Improved Financial Results for First Quarter
2004 TORONTO, June 14 /PRNewswire-FirstCall/ -- IVP Technology
Corp. (OTC:TALL) (BULLETIN BOARD: TALL) , d.b.a. ActiveCore
Technologies, Inc., announced today significantly improved
financial results for its first quarter ended March 31, 2004.
ActiveCore disclosed that recognized revenues in its enterprise
software products and services were up 426% over same period, same
source revenues in the first quarter of fiscal 2003. Gross revenues
for the quarter were $194,495 up 130% over the $148,709 recorded in
the first quarter of fiscal 2003. Prior year first fiscal quarter
revenues included $103,051 of non- recurring consumer product
distribution revenues at the parent company level and only $45,569
of enterprise software and services revenues. Primary reasons for
the increase in revenues in the first quarter of fiscal 2004 were
additional product, services and implementation contracts with
healthcare institutions and recent inroads into financial services
companies. Gross profit margin improved to $158,484 or 81.5% in the
quarter ended March 31, 2004 from a gross margin loss of $85,566 in
the three months ended March 31, 2003. Results for each of March
31, 2003 and March 31, 2004 reflect adjustments for discontinued
operations and include the divestiture of the mobile games division
(SilverBirch Studios) effective February 29, 2004 and the
divestiture of Ignition Entertainment Limited effective April 1,
2003. The company also disclosed that it was almost break-even with
a net loss of $71,344 or $0.00 earnings per share for the three
month period ended March 31, 2004 versus a loss of $1,329,336 or
$(0.01) earnings per share in the three month period ended March
31, 2003. The weighted number of shares outstanding at March 31,
2004 was 317,132,781 versus 99,777,239 in the three months ended
March 31, 2003. The company continued to improve its balance sheet
during the first quarter ended March 31, 2004 with total assets
climbing to $1,816,896 from $1,240,543 at December 31, 2003 and
liabilities falling from $2,376,346 at December 31, 2003 to
$2,155,685 at March 31, 2004. Total stockholder deficiency also
decreased to $338,789 at March 31, 2004 versus $1,135,803 at
December 31, 2003. Brian MacDonald, Chairman and CEO of ActiveCore
said "we expect further significant improvements in our financial
results as we progress through the 2004 fiscal year. Revenues in
2004 will grow substantially as a result of continued growth in
both the MDI Solutions division and in our basic ActiveCore
enterprise software business coupled with our recent acquisition of
C Comm Network Corporation and the internal development of our
outbound corporate messaging division, ActiveCast(TM). Upcoming
changes to the company's website http://www.activecore.com/ will
feature several new technologies using DynaPortal(TM) and
ActiveLink(TM) in tandem." Mr. MacDonald also went on to say that
"several additional acquisitions are planned for the current fiscal
year, which, in conjunction with our current operations, should
allow the company to bring in a positive earnings per share of
approximately $0.01 for the full fiscal year. This positive
earnings outlook is based on the current number of common shares
outstanding and the number of shares expected to be issued to
accommodate the additional acquisitions." In other news Mr.
MacDonald also announced that "ActiveCore has hired a new Chief
Financial Officer who will start with the company in mid July.
Details of the new CFO's background will be filed in an 8K to be
released in July." Mr. MacDonald also went on to thank Graham
Lowman "who has moved on to the new company established to own and
operate the former SilverBirch Studios division." About ActiveCore
Technologies, Inc. IVP Technology Corporation, d.b.a. ActiveCore
Technologies, Inc. develops, sells and implements its "Smart
Enterprise" suite of products. These products consist of web
portal, enterprise and mobile components and applications which
provide organizations of all sizes the capability to "integrate,
enable and extend" back office systems to connect to customers and
stakeholders. ActiveCore also operates under the name MDI
Solutions, an IT and specialized integration service primarily to
the healthcare industry, and ActiveCast a service bureau for
corporate broadcast messaging. For information about ActiveCore
contact Brian MacDonald at (416) 252-6200. Detailed information
about ActiveCore can be found on the website
http://www.activecore.com/. Statements contained in this news
release regarding IVP Technology and planned events are
forward-looking statements, subject to uncertainties and risks,
many of which are beyond IVP Technology's control, including, but
not limited to, reliance on key markets, suppliers, and products,
currency fluctuations, dependence on key personnel, trade
restrictions and the absence of medical situations which may impact
the health care market adversely, each of which may be impacted,
among other things, by economic, competitive or regulatory
conditions. These and other applicable risks are summarized under
the caption "Risk Factors" in IVP Technology's Registration
Statement on Form SB-2 filed with the Securities and Exchange
Commission on December 24, 2003. Forward-looking statements by
their nature involve substantial risks and uncertainties. As a
result, actual results may differ materially depending on many
factors, including those described above. DATASOURCE: IVP
Technology Corp. CONTACT: Brian MacDonald of IVP Technology Corp.,
+1-416-252-6200 Web site: http://www.activecore.com/
Copyright