Readers are cautioned
not to place undue reliance on forward-looking
statements.6 million), the company experienced a loss
of $976,871 in fiscal
2004 (2003 - profit of $1,598,921).9
------------------------------
-------------------------------------------
Operating expenses as a percentage
of revenue
46.
Forward Looking Statements:
Statements made in
this news release that relate to future plans, events
or performances are forward-looking statements
.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained
herein.----Cost-U-Less,
Inc. The net income
increase resulted from an improvement in the Company
's operating
income, as well as a benefit from an insurance reimbursement recorded
in other income
, and a reduction in interest expense compared to the
corresponding period a year ago.2 million, compared
to $50. With gross margins in the 18% range,
these sales increases translate into improvements in
our operating
performance.14
========== ==========
Diluted $ 0.
cocos polynesian
provides a suite of pre-developed services
that address the most
commonly used procedures, such as searching for availability, booking
and
modifying reservations.com
About GTREX
GTREX is an alternative Global Distribution System
(GDS) enabling
direct access to reservation systems of major travel suppliers such as
airlines
, cruise lines, hotels, car rental companies and providers of
other travel amenities.
OTC: DTGLF
), a leading provider of high-quality information technology and
services in Australasia and the South
Pacific, released its financial results
for the 12 months ended December 31, 2004.4 million in fiscal
2004
(2003 - $48.6
----------------------------------------------------------------------
---
Gross margin $23,306,067 $23,817,139 - 2. According to Mr.9
% for the year ended December 31, 2003. In
2004 Datec Fiji accounted for a net loss of $1,797,579
.S.costuless.14
========== ==========
Weighted
average common shares outstanding,
basic 3,791,050 3
,701,722
========== ==========
Weighted average
common shares outstanding,
diluted 4,085,090 3,859,987
========== ==========
COST-U-LESS, INC.samoa engravings
Any statements contained herein related to future events are
forward
-looking statements and are made pursuant to the safe harbor
provisions of the Private Securities
Litigation Reform Act of 1995. The poor operating result was the result
of increased competition
driving down product margins and the general economic
environment in Fiji and Australia. Such statements
,
including comparable store sales expectations, trends in or
expectations regarding the Company
's revenue growth, and the Company's
growth plans are all based on currently available operating,
financial, and competitive information and are subject to various
risks and uncertainties that
could cause actual results to differ
materially from historical results or those anticipated, including
that the Company may encounter substantial delays, increased expenses
or loss of potential store
sites due to the complexities, cultural
differences, and local political issues associated with the
regulatory
and permitting processes in the island markets in which the Company
may locate its
stores.samoa worldatlas
, the largest lodging company in Hawaii and one of
the fastest growing lodging companies in
the Pacific. This also marks the beginning
of the company's direct connection campaign. This slight
decline in gross
margins reflects the consistent business and margin mix that the operations of
the
Corporation have achieved while making the transition to a more
services-led corporation; however
, it also reflects the effect of the sale of
Certus Consulting Ltd. The company has also proposed
to sell real estate property held in
Papua New Guinea.com) has 13 offices in Australasia and the
South Pacific.engravings tuvalu
----GTREX, Inc.6% as a percentage of sales, store expenses for the first
fiscal
quarter of 2005 were in line with the first fiscal quarter of
2004. and local goods, progressive
merchandising practices, sophisticated distribution capabilities, and
superior customer service
, primarily to island markets.tuvalu outlying
Berlandier. For online information or
reservations, Internet users
can log onto http://www.
Highlights for the first fiscal quarter ended March 27, 2005, were
as
follows:
EPS of $0.1% over Q1 2004. Additional
information about Cost-U-Less is available
at www.engravings rienzi
GTREX, Inc.2% compared
to 48. which was part of the Datec Group in 2003, but sold in
2004
.
Sales of $53.18 per fully diluted share outstanding,
compared to net income of $537,000,
or $0.1
million for the same period a year ago. Other risks and
uncertainties include the Company
's small store base; the mix of
geographic and product revenues; relationships with third parties;
litigation; the Company's ability to maintain existing credit
facilities and obtain additional
credit; business and economic
conditions and growth in various geographic regions; pricing
pressures;
political and regulatory instability in various geographic
regions; and other risks and uncertainties
detailed in the Company's
filings with the SEC.outliers fiji
undertakes no obligation to update any such
statements
to reflect actual events. "However, on
the upside, last year we made a considerable reduction in
long-term debt.04) $0.14
-------------------------------------------------------------
------------
Profit (Loss) per share - diluted $(0.8
---------------------------
----------------------------------------------
In 2004 Datec continued to consolidate its
leadership position in most of
the countries in which it operates.
Business Editors
BELLEVUE
, Wash.
For the first fiscal quarter of 2005 the Company reported net
income of $734,000, or
$0.S.18 $ 0.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
March 27, December 26,
2005
2004
----------- ------------
ASSETS
------
Current assets:
Cash and cash equivalents
$ 4,066 $ 6,081
Accounts receivable, net 1,060
805
Inventories, net 23,105 23,140
Other current
assets 1,607 1,053
---------- -----------
Total current assets 29,838 31,079
Property and equipment, net 15,871 14,345
Deposits and other assets
750 778
-----
----- -----------
Total assets $ 46,459 $ 46,202
========== ===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable $ 16,465 $ 16,132
Accrued expenses and other
liabilities 4,470 5,964
Current portion of long-term debt 267
267
Current portion of capital lease
obligations
103 102
---------- -----------
Total current liabilities 21,305 22,465
Other long-term liabilities
952 920
Long-term debt, less current portion 2,211
2,277
Capital lease obligations, less current
portion
581 607
---------- --------
---
Total liabilities 25,049 26,269
Commitments and contingencies
Shareholders' equity 21,410 19,933
---------- -----------
Total liabilities and shareholders
'
equity $ 46,459 $ 46,202
========== ===========
outlying polynesia
Through a strategic alliance with
Fairfield
Resorts, the world's largest time-share company, Outrigger
Enterprises manages three vacation ownership
properties on Hawaii's
Big Island. Besides improved brand and revenue management, suppliers save
distribution costs while providing efficient service to major
customers through a direct connection
.9% of revenue in 2004. I am confident that
2005 will bring further improvements.04) $0. "This
is an important ongoing business
objective for 2005 and we are confident Datec will be on the forefront
of this
exciting new market. Jeffrey Meder, the Company's
President and CEO.9% for the first fiscal
quarter of 2005 over the same period a year ago due to several
factors, including higher utility
and commercial insurance expenses,
and volume related items such as labor costs and credit card fees
.cocos tuvalu
Business Editors
ALISO VIEJO, Calif.com.1
-----------------------------------
--------------------------------------
Gross margin as a percentage of
revenue
47. It will sell a total of five properties for
approximately $2 million
and lease back the two properties in which it has
facilities.1% compared to 15.3% for the corresponding
period a year ago.pitcairn engravings
outrigger. Despite revenue of $49. Consequently, actual results could differ materially
from the
expectations expressed in these forward-looking statements.1859 vanuatu
Datec Group Releases Year-End
Results For Fiscal 2004
"
Consolidated Financial Highlights
12 months ended
December 31 ($ Cdn)
--------------------------------------------------------------------
-----
Percent
2004 2003 Change
---------------------------
----------------------------------------------
Revenue $49,396,805
$48,631,278 + 1. Proceeds from both sales will be used to reduce the
Corporation's debt and
contribute to its working capital.nauru cocos
(OTCBB:GRXI) announced today that it has completed its connection
to
Outrigger Hotels + Resorts, a division of Honolulu-based Outrigger
Enterprises, Inc. as it
reflects
how our Web Services platform is now expanding beyond Global
Distribution System (GDS
) connectivity."
Outrigger Hotels + Resorts currently operates or has under
development 51 hotels
and resorts throughout the pacific region. Outrigger will also
expand our customers' options when
choosing accommodations during
their travels, popularizing GTREX, Inc. Outrigger's affiliate, Outrigger
Lodging Services,
operates nearly two-dozen hotels and resorts throughout the U. For reservations
or information,
call your preferred travel professional or Outrigger Hotels + Resorts
toll-free
at 1-800-OUTRIGGER (688-7444) within the U. In the fourth quarter of 2003 revenue from Certus was $2
million.14 for Q1 2004.3% to $53. Store expense dollars increased 6.This category contains links to
countries within Oceania that have maps and views sites.
rienzi tuvalu
and the company's plethora of
available
travel choices," added Mr., Guam and
Canada. In Fiji, personnel changes have been made to
strengthen
weak operational areas and the operation is being reorganized to
become more services oriented. Cost
structures that were out of line with revenue have been reduced considerably
or eliminated completely
," said Casey O'Byrne, Chairman of Datec.datecgroup.Cost-U-Less Reports Earnings of 18 Cents Per Share
for First Quarter
castanada palau
Elsewhere, call 303-369-7777.
Datec's operating companies in seven of the
nine countries in the Pacific
region had record results in terms of revenue and profit; however,
disappointing results from subsidiaries in Fiji and Australia resulted in an
overall loss. Datec
Australia is being restructured to a more
cost-efficient size. Any statement containing words
such
as "believes" "anticipates" "plans" or "expects" and other statements
which are not historical facts
contained in this release are forward-looking,
and these statements involve risks and uncertainties
and are based on current
expectations.14 per fully diluted share
outstanding for the corresponding
period last year.
"We are pleased to report these solid first quarter results
following our terrific
2004," said J.1% in the most recent
quarter was still very sound.fiji caledonia
,
commented, "This is a significant
event for GTREX, Inc.
About Outrigger Hotels + Resorts
One of the fastest growing lodging
companies in the Pacific,
Outrigger Hotels + Resorts collectively represents more than 12,000
hotel
rooms and condominium units in Hawaii, Australia, Micronesia,
Tahiti, Fiji and New Zealand.tokelau polynesian
GTREX
Inc. Completes Connection to Outrigger Hotels
Christopher Berlandier, Chief Executive Officer
of GTREX, Inc. We
also saw positive results of our efforts to improve overall operating
efficiencies
, such as achieving a reduction in salary and commission expenses
from 20% of revenue in 2003 to 17
.
Datec Group (http://www. Virgin Islands (2), Netherlands Antilles (2),
Hawaiian Islands
(2), California (1), Guam (2), American Samoa (1),
and Republic of Fiji (1).
These statements are
made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995
.19 $ 0.nauru fiji
Outrigger's e-mail address is reservations@outrigger. GTREX searches for the availability
and price
for the itinerary suggested by the buyer over all direct connected
suppliers and GDSs
, and presents the results in an easy to understand
format."
"In addition, in 2004 Datec continued
to position itself to benefit from
opportunities that might arise in the Pacific from the convergence
of voice
and data technology," he said.18 compared to EPS of $0. "Despite having to measure up against
an
extraordinarily high comparable store sales growth percentage from a
year ago, our same store
sales increase of 7. The Company builds its business through
delivering high-quality U.com
Forward
-Looking Statements
This press release contains statements that are forward-looking.mariana federated
GTREX, Inc
.9%
-------------------------------------------------------------------------
Operating
expenses $22,100,498 $22,237,107 + 3. The company was established in Edmonton
, Alberta in 1993.engravings castanada
will offer direct real-time access to the Outrigger
Hotels Computer Reservation
System (CRS), containing inventory and
information on its resorts and properties to its customers
. (TSX: DGL. O'Byrne, "We launched a
number of new service-based initiates in partnership with our
major business
partners, IBM, Microsoft and Canon. We opened a new office in Honiara, the
capital
of the Solomon Islands, and we continued to assert Datec's leadership
position in Papua New Guinea
, further building our services business.2M, a 6.castanada caledonia
In the fourth quarter of 2004, Datec
began aggressive initiatives to
arrest and correct this trend. (the "Company") (Nasdaq:CULS) today
announced results for the
first fiscal quarter ended March 27, 2005.
Comparable store sales
(stores open a full 13 months) increase
of 7.
As previously reported, total sales for
the fiscal quarter ended
March 27, 2005 increased 6. destinations, including
political instability
, armed hostilities, terrorism, natural disasters
or other activity that involves or affects air travel
or the tourism
industry generally, could cause actual results to differ materially
from historical
results or those anticipated.rienzi outliers
8% 45.10
-----------------------------------------------
--------------------------
Long-term debt $1,542,285 $4,952,017
- 68."
Overall, for continuing operations for the year ended December 31, 2004
the corporation
's gross margin as a percentage of revenues was 47. At present, Datec
does not plan to seek additional
financing other than the realization of
equity from real estate assets, a situation that could change
if the company
identifies acquisition opportunities.
COST-U-LESS
, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except
share and per share data)
(Unaudited)
13 Weeks Ended
March
27, March 28,
2005 2004
---------- ----------
Net sales
$ 53,239 $ 50,078
Merchandise costs 43,665
41,012
---------- ----------
Gross profit
9,574 9,066
Operating expenses:
Store
6,727 6,295
General and administrative
1,697 1,745
Store openings 31 40
---------- ----------
Total operating expenses
8,455 8,080
--
-------- ----------
Operating income 1,119 986
Other income (expense):
Interest expense, net (51) (126
)
Other 116 27
---------- ----------
Income before income taxes
1,184 887
Income tax provision 450 350
---------- ----------
Net income
$ 734 $ 537
==========
==========
Earnings per common share:
Basic $
0.caledonia nauru
7%
-------------------------------------------------------------------------
Profit
(Loss) from operations $(976,871) $1,598,921
---------------------------------------
----------------------------------
Weighted average number of shares 25,598,404 11,539,137
-------------------------------------------------------------------------
Income Taxes
(recoverable) $1,002,907 $(113,106)
--------------------------------------------
-----------------------------
Profit (Loss) per share - basic $(0.
Subsequent to
year-end 2004, Datec announced the disposal of its real
estate properties located in Fiji.3% increase
over Q1 2004."
At 12.
Cost-U-Less currently operates eleven stores in the Caribbean and
Pacific
region: U.S.tuvalu castanada
"Over the next several months, GTREX plans to more aggressively
market Open Travel
Alliance (OTA) connectivity and bring this
technology into the travel supplier market, and this newest
connection
to Outrigger will help facilitate this process.S.
Mainland under a variety of brands
. GTREX intends to market its
services through travel distribution partners, contributing to the
expansion
of the Company's marketing channels and expedite revenue
growth.com
1859 palau
To
make these developments
more accessible to customers, GTREX, Inc.S. EDMONTON, April 1 - Datec Group Ltd.
"We have
moved quickly to address operations with poor performance.2% 48.
For information and
investor inquiries please contact:
Robert Rowell, Investor Relations
Telephone 1-800-299
-7823
Email: robertrowell@hedlinlauder. For the first fiscal quarter
same store sales rose
7. Prolonged adverse occurrences affecting tourism
or air travel, particularly to non-U.1859 vanuatu
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