Totally Hip Software Announces Fiscal 2001 Results
Posted on January 23, 2002
Symbol: THC-TSX Venture Exchange ( www.tse-cdnx.com
)
Phone: 604 685 6525 e-mail: investor@totallyhip.com
Vancouver, British Columbia
- January 23, 2002 - Totally Hip Software Inc. announces
its fiscal 2001 results with operations for the year
reporting a loss of $0.03 per share or $588,000 compared
with a pre-tax loss of $0.01 per share or $166,000 for
fiscal 2000. In fiscal 2000, $344,000 was recorded in
tax recoveries resulting in a post tax gain of $0.01
per share compared with no tax recoveries in fiscal
2001.
Financial reports show $603,000 in
sales for 2001 compared to $952,000 for the previous
fiscal year. Approximately half of the sales decrease
was the reduction in license revenues with 2001 reporting
$19,000 and 2000 having previously recorded $196,000.
Operations costs and expenses increased by only 3% to
$1,056,000 in 2001 compared to $1,022,000 in 2000. Expenses
for 2001 include $93,000 for bad debts compared with
only $10,000 recorded in 2000.
The adverse market conditions, need
of additional resources and a legacy corporate structure
contributed to Totally Hip's 2001 performance. During
this down turn in the technology sector Totally Hip
used the opportunity to initiate more sales and marketing
capabilities into its operations and to embark on the
transition in product development to a standards based
approach.
Totally Hip is moving forward in standards
based research and development in areas such as XML,
MPEG-4, third party products and video based database
applications. The first achievement was the certification
in September of the LiveSlideShow 2.0 product as Kodak
Picture Friendly compliant. Totally Hip plans to continue
to lead the industry in cross-platform QuickTime development
and leverage the technology into complementary standards
based research and development.
One of the first steps taken to balance
the organization between marketing and sales and research
and development was the agreement reached for the purchase
of ici Media Inc. in August of 2001. In addition to
marketing and sales resources the acquisition added
high-quality support, training, consulting and enterprise
services capabilities. Mr. David Gratton was appointed
Vice-President of Marketing and Sales for Totally Hip.
As a recognized innovator in new media Mr. Gratton will
play a key role as Totally Hip expands and enters into
new markets and applications of its technologies.
Additional information requests or
questions can be emailed to investor@totallyhip.com.
Totally Hip Software's mission is to
develop software, enterprise solutions, and services
to effectively produce and deliver digital media-based
solutions as an interactive video format, and to ensure
our software products are compatible with and complement
established media file formats, platforms, and standards.
Totally Hip Software was founded in 1995 and is an award
winning developer of interactive Web development technologies.
Totally Hip Software Inc.
Per: "David B Dicaire"
David B Dicaire, CEO & President
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accept responsibility for the adequacy or accuracy of
the content of this News Release.
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