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Friday August 14, 5:10 pm Eastern Time
Company Press Release
Optimal Robotics Corp. Reports Second Quarter Results
MONTREAL--(BUSINESS WIRE)--Aug. 14, 1998--Optimal Robotics Corp. (NASDAQ:OPMRF - news) today
reported its results for the quarter ended June 30, 1998.
Revenues for the second quarter ended June 30, 1998 decreased to CDN$1,067,676 (US$725,471), compared with CDN$1,740,938 for the second
quarter of 1997. Net loss for the second quarter of 1998 was CDN$1,454,776 (US$988,501), or CDN$0.19 (US$0.13) per share, compared to a net loss
of CDN$542,580, or CDN$0.07 per share for the second quarter of 1997.
Revenues for the six months ended June 30, 1998 totaled CDN$1,872,710 (US$1,272,481), compared with CDN$2,405,087 for the six months ended June
30, 1997. Net loss for the six months ended June 30, 1998 totaled CDN$2,680,382 (US$1,821,283), or CDN$0.36 (US$0.24) per share, compared to
CDN$965,260, or CDN$0.13 per share for the same period in 1997.
''We are very excited about our business going forward and we believe that the investment and efforts that we have made are about to bear significant fruit,''
said Holden L. Ostrin, Vice Chairman of Optimal. ''While total revenues may have declined, this was directly related to the fact that, in 1998, we discontinued
hardware sales that related to our ancillary point-of-sale business,'' continued Mr. Ostrin. ''Instead, we are focused on the fact that in the 2nd quarter of 1998,
we made 10 U-Scan(R) installations as compared to 2 in the 2nd quarter of 1997.''
''The quarter was particularly notable in that we are now going forward with the largest order flow in our history, combined with a new relationship with IBM
and a restructuring of our relationship with PSC. The revised relationship with PSC will allow us to recognize significant revenue increases from the sale of
U-Scan(R) systems and we believe that the long-term benefits of our relationship with IBM are obvious and we have already seen positive accomplishments,''
said Mr. Ostrin.
Mr. Ostrin continued to say, ''We have opened an office in Cincinnati to support our current and future customers and have made additions to our
professional staff and infrastructure that we believe are necessary for our future business success. If we take into account our current order flow, along with
installations at new customer pilot sites and additional U-Scan(R) systems in new test sites for existing customers, we strongly believe that we are at a very
exciting point for the Company.''
Optimal Robotics is the leader in the development and implementation of automated self-checkout systems for retail applications. The U-Scan(R) Express
system is designed to reduce the cost of checkout transactions to retailers and increase shoppers' convenience by providing a level of service and convenience
similar to that provided in the banking industry by ATMs. The U-Scan(R) Express system is currently being used by such leading retailers as The Kroger Co.,
Wal-Mart Stores, Inc., Meijer Inc., Marsh Supermarkets, Inc., Shaw's Supermarkets, Inc. and Star Market Company, Inc.
In addition to historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. The
Company's future actual results could differ materially from the forward-looking statements discussed herein.
Optimal Robotics Corp.
Consolidated Statement of Operations
(Stated in Canadian Dollars, Unless Otherwise Noted)
Six Months Ended June 30,
1998 1998 1997
---------------------------------------------------------------
Convenience
Translation
Into US $
Revenues $1,272,481 $1,872,710 $2,405,087
---------------------------------------------------------------
Cost of
sales and expenses 3,605,740 5,306,566 3,865,979
Other
Interest Income 255,505 376,025 405,559
Foreign exchange gain 256,471 377,449 90,073
---------------------------------------------------------------
511,976 753,474 495,632
Net (loss),
for the period $(1,821,283) $(2,680,382) $(965,260)
---------------------------------------------------------------
Net (loss)
per Class "A" Share $(0.24) $(0.36) $(0.13)
===============================================================
-0-
Optimal Robotics Corp.
Consolidated Statement of Operations
(Stated in Canadian Dollars, Unless Otherwise Noted)
Three Months Ended June 30,
1998 1998 1997
---------------------------------------------------------------
Convenience
Translation
Into US $
Revenues $725,471 $1,067,676 $1,740,938
---------------------------------------------------------------
Cost of
sales and expenses 2,186,510 3,217,886 2,465,422
Other
Interest Income 139,999 206,036 253,341
Foreign exchange gain (loss) 332,539 489,398 (71,437)
---------------------------------------------------------------
472,538 695,434 181,904
Net (loss), for the period $(988,501) $(1,454,776) $(542,580)
---------------------------------------------------------------
Net (loss)
per Class "A" Share $(0.13) $(0.19) $(0.07)
===============================================================
-0-
Optimal Robotics Corp.
Balance Sheet
(Stated in Canadian Dollars, Unless Otherwise Noted)
June 30, December 31,
1998 1998 1997
---------------------------------------------------------------
Convenience
Translation
Into US $
Total Assets $11,143,101 $16,399,303 $18,166,810
Total Liabilities $978,718 $1,440,380 $1,190,805
Shareholders' Equity $10,164,383 $14,958,923 $16,976,005
Contact:
Optimal Robotics Corporation
Holden L. Ostrin, 514/738-8885
holdeno@optimal-robotics.com (e-mail) |
