TORONTO, Feb. 17 /CNW/ - SAMSys Technologies Inc., ("SAMSys"), (SMY:TSX-
VEN), www.samsys.com, of Toronto, a provider of Radio Frequency Identification
(RFID) reader hardware, today reports on the Company's fiscal 2002 audited
annual financial results for the period ended September 30, 2002.
Financial Highlights:
- SAMSys recorded revenues of $1,378,493 in fiscal 2002, compared to
revenues of $3,089,861 in fiscal 2001.
- In fiscal 2002, SAMSys recorded a net loss of $5,905,066 or $0.25 loss
per share compared to a net loss of $2,817,598 or $0.15 loss per share
in fiscal 2001. The net loss in fiscal 2002 includes a non-cash charge
of $1,983,843 for the amortization of production development costs and
$2,082,007 in research and development expenses.
- SAMSys' cash balance as of September 30, 2002 was $7,225,780
- SAMSys' total liabilities as of September 30, 2002 was $326,419
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Audited Consolidated Financial Statement Fiscal Year Fiscal Year
2002 2001
September 30, September 30,
2002 2001
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Revenues $1,378,493 $3,089,861
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Gross profit 472,493 1,049,465
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Net income (loss) (5,905,066) (2,817,598)
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Earnings (loss) per share (0.25) (0.15)
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Weighted average number of outstanding shares 24,012,694 18,600,471
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>>
"Fiscal 2002 was a rewarding year for SAMSys from both a product and
corporate perspective, said Cliff Horwitz, CEO of SAMSys. "We are proud of the
work done over the past year by establishing well-defined and practical
architectures, which reflect "real-world" operating environment challenges and
solutions. This effort has shaped much of our thinking and planning, and is
the foundation of both our current and future RFID product portfolio.
Horwitz continued, "From a corporate perspective the equity investment by
BTG in April 2002, provided SAMSys with the necessary financial strength with
which to add very important skill sets to our team and move to a larger
premise to attack the future aggressively. In doing so, we attracted three
very important members to our management team. Tres Wiley, our Chief Operating
Officer, joined the company in May 2002; Pat Finn, our Director of Sales, in
July 2002; and Marv Baker, our Director of Engineering, in December 2002. We
have relocated our principal Technical Development Center to state-of-the-art
facilities in Durham, NC and have added an all-important Demo Center in order
to better market our products and services. Given the above forementioned, we
believe that the Company is stronger and better positioned than at any time
previously in its history."
"I look forward to fiscal 2003, a year that SAMSys should begin to
produce tangible results directly associated with our technology development
and recent marketing activities," said Horwitz.
SAMSys' fiscal 2002 audited financial statements are currently posted on
the Company's website at www.samsys.com. |
