Ztest's First Quarter Sales Increase 238 Percent
MISSISSAUGA, ONTARIO--ZTEST Electronics Inc., ZTST - CDN, ("ZTEST") is pleased to announce that its first quarter 1998 consolidated revenue increased 238 percent from last year's results for the same period, improving to $1,512,408 from $466,448. Operating profit growth for this first quarter ended September 30, 1997 was up 287 percent to $101,077 from $26,112 for the same period last year.
The improved sales and net income figures reflect the strong growth occurring at Chessen U.V. Systems Inc. ("Chessen"), in which ZTEST recently acquired a 53.26 percent ownership position. Chessen, ZTEST's third Strategic Partner, is involved in the rapidly growing field of Advanced Surface Engineering Technologies, marketing and selling their thin film Physical Vapor Deposition ("PVD") and U.V. Processor systems throughout the world. Chessen recently completed, from its order backlog, delivery of PVD systems to customers in Quebec and California and has numerous international inquiries and sales quotations under negotiations as a result of Chessen's successful demonstration of their PVD technology at the recent EMO trade fair in Hanover, Germany.
Some of the revenue growth came from electronic design consulting services, under which ZTEST has been hired to develop a new product from specifications to the pilot stage. ZTEST is currently negotiating to expand its future role in this project.
ZTEST's other two Strategic Partners, Nexsys Commtech International Inc. of Waterloo Ontario and UNIQRYPT Technologies Inc. of Mississauga, Ontario both continue to make progress in the development and marketing of their respective products. It is anticipated that ZTEST's exclusive manufacturing arrangements with these two partners will results in additional revenue growth in the coming quarters.
In addition to its proprietary line of Automatic Test Equipment, ZTEST offers Strategic Partner services in electronic design, development and manufacturing to emerging high tech companies in return for long-term manufacturing contracts, fees for services and equity positions.