MISSISSAUGA, ONTARIO--Rand A Technology Corporation [TSE: RND], operating as RAND Worldwide(TM), announced today that preliminary results for the third quarter, ended September 30, 2001, have been negatively impacted by an accelerated slowdown in the global economy. Final results for the quarter will be released on or about October 24, 2001.
Revenues for Q3 of 2001 are expected to be in the range of $87 million to $90 million, with an anticipated loss of between $0.23 and $0.27 per share. These results are compared with revenues of $104.4 million during the same period a year earlier, and $92.9 million in Q2 of 2001, and net earnings of $0.22 per share for Q3 of 2000 and net loss of $0.18 per share in Q2 of 2001. The Company expects to record a loss before interest, taxes, depreciation and amortization (EBITDA) of approximately $2.0 million, compared with positive EBITDA of $2.9 million the previous quarter.
"The events of September 11 have had a chilling affect on what was already a softening U.S. economy and this has led many of our customers to further defer major buying decisions," said Brian Semkiw, Chief Executive Officer of RAND Worldwide. "We continue our diversification strategy, which is based on our solid foundation as the undisputed leader in our field. These difficult times have slowed our progress but we remain focused on returning to profitability in the coming year."
Since the beginning of the year, RAND Worldwide has introduced several significant operational changes to reduce costs, especially in the United States, and the initial results of these changes have already begun to take effect. Meanwhile, the Company continues to implement additional restructuring and cost-cutting measures.
About RAND Worldwide
RAND Worldwide is the world's leader in providing knowledge-based solutions to organizations with engineering design and information technology requirements. The Company provides design automation software solutions to companies around the globe. These solutions help our clients to become more competitive and profitable through reducing new product development costs and accelerating the time to bring new products to market. In addition to CAD software tools, RAND Worldwide also offers technical education and support, hardware, network integration, and a comprehensive list of engineering related solutions. RAND Worldwide offers companies in every industry the advantage of purchasing a total solution. RAND Worldwide employs 1,400 individuals in more than 110 sales and client service centres around the globe. The RAND Worldwide corporate head office is located in Mississauga, Ontario, Canada and can be reached at 905-625-2000 or through the Internet at
FOR FURTHER INFORMATION PLEASE CONTACT: RAND Worldwide Greg Taylor Vice President, Investor Relations & Communications (905) 625-2000, ext. 2369 (905) 625-3378 (FAX) E-mail: