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Eden
Prairie, Minn, May 5, 2000 - - Coda Music Technology, Inc. announced today
for the first quarter ended March 31, 2000 it recorded net income of $60,035
or $.01 per share as opposed to a loss of $(275,289) or $(.04) per share
for the quarter ended March 31, 1999. This is the first time in the Company’s
public history that profits were recorded in the first calendar quarter.
In the quarter ended March 31, 2000, net sales totaled $1,803,732, a 48%
increase over net sales of $1,216,357 for the quarter ended March 31, 1999.
The majority of the increase related to increased Finale, Allegro and PrintMusic!
sales in comparison to the first quarter of last year. CEO John Paulson
stated, “The increase in notation sales is attributable to strong consumer
response to Finale 2000 and the importance of having a family of notation
products ranging from $545 to $69.95.” SmartMusic Studio and SmartMusic
Accompaniment sales were up 10% and the recently introduced Intonation Trainer
also contributed to the increase.
Gross margins increased slightly from 86.8%
to 87.2%. This increase, in combination with the increased sales described
above, increased gross margin dollars 49% to $1,573,195.
Expenses increased $183,864 to $1,532,436 for the quarter ended March 31,
2000 primarily due to increased personnel costs including benefit improvements,
training and higher personnel levels due to sales increases; attendance
at more trade shows and related travel expenditures; and the timing of marketing
projects.
Source: Coda Music Technology, Inc.
www.codamusic.com
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