Read the q...here is release...I like it a lot:
(COMTEX) B: NDC AUTOMATION, INC. ANNOUNCES QUARTERLY RESULTS
B: NDC AUTOMATION, INC. ANNOUNCES QUARTERLY RESULTS
CHARLOTTE, N.C., Jul 15, 1999 /PRNewswire via COMTEX/ -- NDC
Automation, Inc. (OTC Bulletin Board: AGVS) announced results for its
fiscal quarter ended May 31, 1999. Net revenues increased to
$1,225,864, compared to $895,302 for the fiscal quarter ended May 31,
1998. The increase is primarily due to the Company's continued focus on
providing turnkey AGV systems and increasing its distribution business.
Net income for the second quarter in 1999 was $21,099 compared to a net
loss of $218,109 in1998.
Net revenues for the six months period ended May 31, 1999, increased by
31% to $2,157,893 compared to $1,641,197 in the same period in 1998.
The net loss decreased significantly from $396,880 in 1998 to a net
loss of $135,677 in 1999.
Earnings per share was $.01 for the most recent fiscal quarter compared
to a loss per share of $.06 in 1998, and a loss of $.04 per share for
the most recent six month period compared to a per share loss of $.11
forthe corresponding period in 1998.
On May 31, 1999, the Company's backlog was approximately $2,770,000
compared to approximately $1,020,000 one year earlier.
"We are quite pleased with the second quarter results. Our bookings for
the quarter were in excess of $3,000,000 which significantly increased
our backlog. We expanded bookings and revenues with our new
Powerway(TM) product line and also positioned the Company in new
markets with our orders fromthe automotive industry and recent
installation at the United States Postal Service. The recent
accomplishments are the result of our diversification strategy," says
Ralph Dollander, President of NDC Automation, Inc.
NDC Automation, Inc. provides an integrated package of controls
technology and related products to be incorporated into and used to
control Automatic Guided Vehicle Systems (AGVS). The Company also
provides turnkey AGVS solutions to end-users and to system integrators.
NDCA's controls hardware and software are designed for optimal
flexibility and accuracy and are well suited for a broad range of
vehicle types.
NDC AUTOMATION, INC.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months
Ended
May 31, May 31, May 31,
May 31,
1999 1998 1999
1998
Net revenues $ 1,225,864 $ 895,302 $ 2,157,893 $ 1,
641,197
Cost of goods sold 655,657 538,680 1,231,538
972,585
Gross profit $ 570,207 $ 356,622 $ 926,355 $
668,612
Operating expenses:
Selling $ 171,697 $ 191,104 $ 363,456 $
356,853
General and
administrative 315,332 303,519 573,811
563,935
$ 487,029 $ 494,623 $ 937,267 $
920,788
Operating income
(loss) $ 83,178 $(138,001) $ (10,912) $
(252,176)
Net interest expense (62,079) (80,108) (124,765)
(144,704)
Income (loss) before
income taxes $ 21,099 $(218,109) $ (135,677) $
(396,880)
Federal and state
income taxes -- -- --
--
Net Income
(loss) $ 21,099 $(218,109) $ (135,677) $
(396,880)
Weighted average
number of common
shares outstanding 3,453,451 3,453,451 3,453,451 3,
453,451
Income (loss) per
common share -
basic $ 0.01 $ (0.06) $ (0.04) $
(0.11)
Income (loss) per
common share -
diluted $ 0.01 $ (0.06) $ (0.04) $
(0.11)
Dividends per common
share $ -- $ -- $ -- $
--
SOURCE NDC Automation, Inc.
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com -0-
CONTACT: Ralph Dollander, President, or Claude Imbleau, Chief
Financial
Officer, of NDC Automation, Inc., 704-362-1115
(AGVS)
GEOGRAPHY: North Carolina
INDUSTRY CODE: CPR
SUBJECT CODE: ERN
OTC
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