rev up, losses down:
(COMTEX) B: Infinite Group, Inc. Reports 39% Revenue Increase for the
B: Infinite Group, Inc. Reports 39% Revenue Increase for the Nine Months Ending
September 30, 2000
WARWICK, R.I., Nov 6, 2000 (BUSINESS WIRE) --
Infinite Group, Inc.
(NASDAQ: IMCI) today announced revenues for the quarter ended
September 30, 2000 of $3,002,473 compared with revenues of $2,892,258
for the three months ended September 30, 1999. Infinite Group's
consolidated net loss for the three months ended September 30, 2000
was $502,212, or a net loss per share of $0.16, as compared to a
consolidated net loss of $834,635, or a net loss of $0.38 for the
quarter ended September 30, 1999.
Revenues for the nine months ended September 30, 2000 were
$9,487,138 compared with revenues of $6,813,998 for the nine months
ended September 30, 1999, an increase of approximately 39.2%. Infinite
reported a net loss from continuing operations of $1,487,934 for the
nine months ended September 30, 2000, or a net loss per share of
$0.54, as compared with a net loss from continuing operations of
$3,199,365 for the nine months ended September 30, 1999, or a net loss
per share of $1.42. Additionally Infinite reported a consolidated net
loss of $1,487,934 for the nine months ended September 30, 2000, or a
net loss per share of $0.54, as compared to a consolidated net income
for the nine months ended September 30, 1999 of $748,086, or $0.34 per
share. The results for the nine months ended September 30, 1999 was
positively impacted by the gain realized on the sale of the Company's
Spectra Science Series A Convertible Preferred Stock (approximately
$4,170,315 net of $825,000 in taxes).
"We experienced significant improvement in productivity for the
three and nine months ending September 30, 2000" stated Clifford G.
Brockmyre, President and Chief Executive Officer of Infinite Group.
"The significant reduction in net losses from continuing operations is
primarily attributed to cost reductions implemented by management. We
are focused on improving our margins in order to continue the trend
toward profitability in our ongoing pursuit to enhance Infinite's
shareholder value," added Brockmyre.
Infinite Group, Inc. is an industry leader in the areas of laser
material processing, advanced manufacturing methods, high productivity
production tooling and laser-applications technology. more
The condensed consolidated statement of income and selected
balance sheet data (Unaudited) for the Company follows:
Selected Statement of Operations Data
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues $3,002,473 $2,892,258 $9,487,138 $6,813,998
Net loss from
continuing
operations 502,212 834,635 1,487,934 3,199,365 Gain on sale
of disposed
business segment (less applicable
income taxes
of $825,000) - - - 4,170,315
Net income(loss) ($502,212) ($834,635) ($1,487,934) $748,086
Income (loss)per share-basic Continuing
operations ($0.16) ($0.38) ($0.54) ($ 1.42) Disposed business
segment
Gain on sale - - - $1.86 Net income(loss)
per share ($0.16) ($0.38) ($0.54) $0.34
Weighted-average
number of shares
used In computation
of per-share
net income 3,070,296 2,198,529 2,736,351 2,246,524
Selected Balance Sheet Data
September 30, December 31
2000 1999
Cash $ 109,346 $ 328,094 Accounts Receivable 1,704,226 1,496,288 Inventory
600,348 536,554 Other Current Assets 253,837 481,546
Total Current Assets 2,667,757 2,842,482
Long-term Assets 8,528,293 8,465,008
TOTAL ASSETS $11,196,050 $11,307,490
LIABILITIES & EQUITY
Current Liabilities $4,015,411 3,850,171 Long-term Liabilities 5,201,587
5,579,163
Total Liabilities 9,216,998 9,429,334
Equity 1,979,052 1,878,156
TOTAL LIABILITIES
& EQUITY $11,196,050 $11,307,490 *T
This release contains "forward looking statements" based on current expectations
but involving known and unknown risks and uncertainties. Actual results or
achievements may be materially different from those expressed or implied. The
Company's plans and objectives are based on assumptions involving judgements
with respect to future economic, competitive and market conditions and future
business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond the control of the Company; therefore,
there can be no assurance that the forward-looking statements will prove to be
accurate.
CONTACT: Infinite Group, Inc. Infinite Group, Inc.
Clifford G. Brockmyre II Bruce J. Garreau
401-738-5777 401-738-5777
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KEYWORD: RHODE ISLAND MASSACHUSETTS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
HARDWARE
MANUFACTURING
EARNINGS
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