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SAND Technology Announces Results for the Second Quarter Ended January 31, 2013


SAND Technology Announces Results for the Second Quarter Ended January 31, 2013

MONTREAL, March 27, 2013 /CNW/ - SAND Technology Inc. (OTCBB:SNDTF.OB) today reported a net loss for the second quarter ended January 31, 2013 of $249,067 on revenues of $551,072. For the six-month period ended January 31, 2013, the net loss was $713,999 on revenues of $1,129,295.

The Company reported an operating loss, before foreign exchange, interest and earnings from discontinued operations, for the quarter ended January 31, 2013 of $227,118 compared with an operating loss, before foreign exchange, interest and earnings from discontinued operations of $1,313,912 for the quarter ended January 31, 2012. For the six month period ended January 31, 2013, the Company reported an operating loss, before foreign exchange, interest and earnings from discontinued operations of $676,814 compared with an operating loss, before foreign exchange, interest and earnings from discontinued operations of $2,580,139 for the six-month period ended January 31, 2012.

During the six-month period ended January 31, 2012, the Company generated a net income of $5,456,791 which included a gain of $8,571,967 on the sale of the Company's SAP Information Lifecycle Management (ILM) Product Line to Informatica Corporation realized in October 2011.

All figures are in Canadian dollars.

As previously announced, the Company's Board of Directors has taken steps to reduce the Company's current cost of operations as it continues to evaluate its strategic options, with the objective of maximizing value for shareholders. There can be no assurance, however, that the strategic review will result in any specific transaction.

About SAND Technology

SAND revenues consist of license fees for software products and fees for a range of associated services, including software maintenance and support, training and system implementation consulting. SAND Technology has offices in the United States, Canada, UK and Germany and can be reached online at www.sand.com.

SAND Technology, SAND CDBMS, Nucleus, N-Vector, and MPSO are registered trademarks, and SAND/DNA, SAND/DNA Analytics, SAND/DNA aCRM, SAND Analytic Server, SAND Extensible Warehouse, and all related SAND-, SAND/DNA, and Nucleus-based marks and designs, are trademarks of SAND Technology Inc. Other trademarks remain the property of their respective owners.

Caution Concerning Forward-Looking Statements

Certain statements contained in this press release are "forward-looking statements" within the meaning of the United States Securities Act of 1934 and of the United States Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995 or as "forward-looking information" under Canadian securities legislation (collectively, "forward-looking statements"). The forward-looking statements are intended to be subject to the safe harbour protection provided by these Acts. We have based these forward-looking statements on our current expectations and projections about future results, levels of activity, events, trends or plans. Such forward-looking statements are not guarantees and by their nature are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of SAND to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All forward-looking statements included in this press release are based on current expectations and on information available to SAND on the date of this press release. For a more detailed discussion of these risks and uncertainties and other business risks, see SAND's current Annual Report and SAND's reports to the Securities and Exchange Commission (filed on EDGAR at www.sec.gov) and the Canadian securities authorities (filed on SEDAR at www.sedar.com). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. Except as required by applicable laws, we undertake no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.

Financial Highlights

The following financial information is expressed in Canadian dollars and should be read in conjunction with the unaudited condensed consolidated financial statements of the Company for the three-month and six-month periods ended January 31, 2013 and 2012 and the notes thereto which are presented in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standard Board ("IASB").


                       Three months ended       Six months ended
                       January                  January

31, January 31, 31, January 31, Results of Operations


                       2013        2012         2013        2012
    Revenue                $ 551,072   $ 698,245    $           $ 1,298,586
                                                1,129,295

Cost of sales
and product            47,083      266,701      162,702     516,711
support

Gross profit           503,989     431,544      966,593     781,875



Operating
expenses

Research and           225,720     374,087      472,640     694,089
development costs, net

Selling, general and   505,387     1,371,369    1,170,767   2,667,925
administrative
                       731,107     1,745,456    1,643,407   3,362,014

Operating loss         (227,118)   (1,313,912)  (676,814)   (2,580,139)

Net finance            21,949      (1,424)      75,734      597,959
expense

Loss from
continuing             (249,067)   (1,312,488)  (752,548)   (3,178,098)
operations

Gain on sale of
discontinued           -           -            -           8,571,967
operations

Earnings from
discontinued           -           -            -           62,922
operations, net of tax

Net income
before income          (249,067)   (1,312,488)  (752,548)   5,456,791
taxes

Income tax             -           -            38,549      -
recovery

Net income (loss) and  $           $            $
comprehensive income   (249,067)   (1,312,488)  (713,999)   $ 5,456,791
(loss)



Basic income
(loss) per             $ (0.01)    $ (0.07)     $ (0.04)    $ 0.23
share

Basic weighted average
number of common       20,565,748  19,358,636   19,893,609  24,186,465
shares
                                                As at
                                                January     July 31,
                                                31,

Financial                                       2013        2012
Position

Cash                                            $ 213,245   $ 811,655

Working                                         450,992     97,140
Capital

Total assets                                    2,838,217   3,212,678

Total                                           3,477,482   3,148,647
liabilities

Shareholders'
equity                                          (639,265)   64,031
(deficiency)

 

Investor Relations, Mr. Wayne Musselman, Director, SAND Technology Inc.,  
514-939-3477

http://www.sand.com

SOURCE: SAND Technology Inc.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/March2013/27/c8975.html

CO: SAND Technology Inc.
ST: Quebec
NI: CPR ELE SOF NASDAQ ERN 

-0- Mar/27/2013 22:49 GMT

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