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ModaCAD Reports Record Net Sales for 1997

ModaCAD Inc. announced net sales for the year ended December 31, 1997 increased 32% to $4.45 million from $3.37 million in 1996.

The company also reported net income of $354,275 or 7 cents per share (6 cents per share fully diluted) on 4,800,918 weighted average shares outstanding vs. net income of $645,435 or 20 cents per share on 3,247,766 weighted average shares outstanding for the fiscal year ended 1996.

ModaCAD also announced record revenue and earnings for the fourth quarter. Revenue for the period was $2.19 million, compared with $1.22 million for the fourth quarter in 1996. Earnings increased more than 600% to $1.06 million, or 18 cents per share (17 cents per share fully diluted) from $165,883 or 5 cents per share in 1996.

"ModaCAD's year-end and fourth-quarter results represent a strong rebound from losses reported during the company's third quarter. The strong fourth-quarter performance is also beginning to validate the e-commerce strategy on which the company embarked during the second half of fiscal 1997," said Joyce Freedman, ModaCAD's chief executive officer.

Increased sales primarily resulted from the recognition of revenues associated with e-commerce and consumer products as well as continued growth from the company's CAD and electronic merchandising products.

Additionally, the company continues to report strong balance sheet information with a cash position in excess of $12 million, stockholders' equity in excess of $20 million, and a better than 32-to-1 current ratio.

ModaCAD's core rendering and digital content management technologies enable computers to create photorealistic, synthetic 3D images and scenes on a computer screen from computer-generated data in real-time.

ModaCAD develops, markets, and licenses 3D rendering, modeling, and virtual reality software for a broad variety of applications to the commercial, consumer, e-commerce, and OEM marketplaces.