SAND Technology Announces Third Quarter Results for Fiscal 2010
Montreal, June 23, 2010: SAND Technology Inc. (OTCBB:SNDTF), an international provider of column-based database software, today reported a net loss for the three-month period ended April 30, 2010.
Highlights for the current third quarter compared to the same quarter last year include:
– Revenue of $996,654 in Q3-10 vs. Revenue of $2,371,632 in Q3-09
– Net loss of $1,175,229 in Q3-10 vs. Net profit of $300,697 in Q3-09
– North America revenue of $383,169 in Q3-10 vs. North America revenue of $622,289 in Q3-09
– Europe revenue of $583,485 in Q3-10 vs. Europe revenue of $1,749,343 in Q3-09
Tom O’Donnell, President and CEO of SAND Technology stated, “The current quarterly results were obviously unsatisfactory. In the last quarter, we have begun significant restructuring of the sales and marketing function. All North American and UK sales and marketing personnel have been replaced. The problem at SAND is sales and marketing which can and will be fixed. The technology is sound and in many aspects cutting edge. We continue to have access to funding SAND through private placements if the need should arise but are focusing on funding the company through internal cash generation.”
Other achievements in the third quarter include:
– In April 2010, Mike Pilcher joined SAND to be its new Chief Operating Officer. Before joining SAND, Mr. Pilcher was the European Sales Director for Corporate Solutions at LinkedIn, where he substantially expanded the European market and drove continuous revenue growth. Prior to LinkedIn, he held executive positions at prominent technology companies in the UK and North America, including Oracle, Sybase, Marketbright and Tenfold. In each of these positions he successfully managed significant and continuing increases in revenue, customer acquisition and customer satisfaction. Mr. Pilcher is the author of “Prosultative Selling” and a blogger specializing in the use of social media in sales and marketing.
– In June 2010, SAND announced that Brian Schwartz would be its new Vice-President of Sales. Brian Schwartz comes to SAND with more than 15 years of experience in the software industry focusing on business intelligence, analytics, CRM, and HR solutions. Previously, he spent 4 years as Director of Sales at Globoforce, where he successfully increased revenue in his region by 300%. Prior to Globoforce, Brian worked for enterprise software companies including Siebel, Epiphany, and Clarify. He holds a Bachelors degree in Communications from the University of Arizona.