PDSi Reports Consecutive Record Quarterly Revenues of $2.9 and $4.2 Million to Close 1999
COLUMBUS, Ohio.--(BUSINESS WIRE)--Feb. 17, 2000--PDSi (OTC BB:
PNDS)
Annual Revenues Exceed $12 Million
PDSi (OTC BB: PNDS), a leading engineering design center and
repair facility providing high-end Unix-based solutions for the
telecommunications industry and original equipment manufacturers
(OEMs), today announced pre-audit record revenues of approximately
$12.2 million for the year ended Dec. 31, 1999, up 35 percent from
$9.0 million in 1998. Pre-audit revenues for the fourth quarter of
1999 also reached a record of approximately $4.2 million, an increase
of 47 percent over the previous record-setting $2.9 million third
quarter of 1999.
PDSi expects to report audited revenues and earnings for 1999 in
late March.
"We are pleased with the strong revenue growth PDSi achieved this
year, particularly the significant growth in product sales in the
third and fourth quarters, which were boosted by the addition of
several new customers and substantial follow-on orders from existing
clients," said John D. Bair, president and chief executive officer of
PDSi. "We had been building toward a $3 million quarter in 1999, and
we were strongly encouraged by our record third and fourth quarter
revenues of $2.9 million and $4.2 million to close out the year.
"Over the past year, we have taken significant steps to position
the company for continued growth. On the product development side,
working closely with Sun Microsystems' Microelectronics division under
a licensing agreement, we've developed new, groundbreaking technology
for wireless telecommunications and high-speed data transmission
applications, and have sold this hardware/software solution to our
first two beta customers. We also recently expanded our production,
repair and engineering floor space and increased our staff to better
meet the needs of our current and future customers.
"We expect continued improvement in product and service sales in
2000 as we refine our engineering design efforts to capture
opportunities in the wireless telecommunications market, and
strengthen our position in providing worldwide, turnkey service and
support solutions for OEMs," Bair concluded.
About PDSi
PDSi provides leading-edge technology and service solutions to
the telecommunications, medical systems and manufacturing process
control markets. By combining high-end engineering design capability
with knowledge of standard, commercially available hardware and
software, PDSi is able to expedite the application development process
to meet Original Equipment Manufacturers' (OEMs) unique needs,
typically reducing or eliminating non-recurring engineering (NRE)
charges and fast-tracking time-to-market.
PDSi's comprehensive end-of-life control allows OEMs to maximize
their return on investment in technology by minimizing re-engineering
and software development charges that often result when key components
are no longer provided by suppliers. PDSi also provides complete,
customer-defined service and support programs for OEM products, as
well as depot repair services and parts stocking. For more
information, visit the PDSi web site at www.pinnacle.com.
Safe Harbor Statement: Statements in this release which relate to
other than strictly historical facts, including statements about the
Company's plans and strategies, as well as management's expectations
about new and existing products and services, technologies and
opportunities, market growth, demand for acceptance of new and
existing products and services are forward-looking statements. The
words "believe," "expect," "anticipate," "estimate," "project," and
similar expressions identify forward-looking statements that speak
only as of the date thereof. Investors are cautioned that such
statements involve risks and uncertainties that could cause actual
results to differ materially from historical or anticipated results
due to many factors. The Company undertakes no obligations to publicly
update or revise such statements.
--30--mjr/ny*
CONTACT: John Bair
President & CEO
614/748-1150 |
