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TORONTO,
May 13, 2003
- NTG Clarity
Networks Inc.
(TSX-Ven:
NCI), a leader
in delivering
network, IT
and infrastructure
solutions,
today announced
first quarter
2003 revenues
of $2,347,223,
a decrease
of 26% from
the same period
last year.
(All amounts
in Canadian
dollars).
The Company
reported a
net income
for the three
months ended
March 31,
2003 of $57,077
compared to
a net loss
of $816,056
for the comparable
period last
year. This
was achieved
through continued
efforts of
the company
to reduce
overhead expenses
and to bring
operating
costs in line
with revenue
levels. During
the first
quarter of
2003, the
telecommunication
industry that
represents
a significant
part of NTG
Clarity Networks
Inc.'s business
continues
to defer spending
on new capital
projects.
This has resulted
in lower sales.
"The
Company has
taken significant
steps to restructure
the business
to reduce
costs in line
with current
revenue levels
and has reached
a point where
operations
were profitable
in this quarter."
"We
have organized
the business
into four
business units;
Professional
Services,
Software Products,
Training Services,
and Field
Services,
and we are
confident
that each
of these business
units are
well positioned
to capitalize
on opportunities
as we move
forward."
"As
we look ahead,
we are intent
on increasing
our market
share in the
telecom sector,
expanding
the enterprise
and wireless
areas of the
business,
and making
further progress
in the international
marketplace",
said Ashraf
Zaghloul,
Chairman and
CEO.
In an unrelated
matter, the
Company has
appointed
William Catalano
as President
and Chief
Operating
Officer. Bill
was previously
Executive
Vice President
and Chief
Financial
Officer of
the Company.
Prior to his
employment
with NTG Clarity
Networks Inc.,
Bill was a
vice president
with a national
telecommunications
company.
FORWARD LOOKING
INFORMATION
Certain statements
in this release,
other than
statements
of historical
fact, are
forward looking
information
that involves
various risks
and uncertainties.
Such statements
relating to,
among other
things, the
prospects
for the company
to enhance
operating
results, are
necessarily
subject to
risks and
uncertainties,
some of which
are significant
in scope and
nature.
These uncertainties
may cause
actual results
to differ
from information
contained
herein. There
can be no
assurance
that such
statements
will prove
to be accurate.
Actual results
and future
events could
differ materially
from those
anticipated
in such statements.
These and
all subsequent
written and
oral forward
looking statements
are based
on the estimates
and opinions
of the management
on the dates
they are made
and expressly
qualified
in their entirety
by this notice.
The Company
assumes no
obligation
to update
forward looking
statements
should circumstances
or management's
estimates
or opinions
change. |
