TORONTO, May 17 /CNW/ - SAMSys Technologies Inc., ("SAMSys"), (SMY:TSX),
www.samsys.com, of Toronto, an international provider of Radio Frequency
Identification (RFID) reader hardware, today reports on the Company's
unaudited 2004 second quarter financial results for the 3-month and 6-month
period ended March 31, 2004. In 2004, second quarter revenues rose 1300%.
<<
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3-Months 3-Months 6-Months 6-Months
Ending Ending Ending Ending
Unaudited Consolidated March 31, March 31, March 31, March 31,
Financial Statement 2004 2003 2004 2003
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Revenues $639,428 $45,538 $918,593 $85,637
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Gross profit $342,903 $27,037 $490,343 $50,562
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Net income (loss) ($1,716,743) ($2,059,643) ($3,804,645) ($4,248,316)
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Earnings (loss) per
share ($0.04) ($0.10) ($0.07) ($0.14)
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Weighted average
number of outstanding
shares 44,273,858 20,261,854 42,675,342 28,725,898
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>>
"These results reflect the current Industry dynamics and this Company's
strategy for the near term", said Cliff Horwitz, CEO of SAMSys Technologies
Inc. "Revenue growth is representative of the dramatic increase in the number
of individual projects with which we are engaged. These remain primarily of a
Pilot/Evaluation nature but we continue to monitor the conversion to advanced-
stage commercial rollout, particularly in the European market. We expect to
witness continued acceleration in the momentum of RFID adoption as the
deadlines for implementation in accordance with the mandates issued by
Wal-Mart, the US Department of Defense and other early adopters, draw nearer.
As expected, our investment in the building of infrastructure, particularly in
Engineering and Sales & Marketing, has resulted in higher expenses. This
investment will undoubtedly yield the desired returns as we scale up for the
very exciting market ahead."
Revenues for the 3-month period ending March 31, 2004 were $639,428
compared to $45,538 for the same period in 2003. Second quarter gross profit
was $342,903 in 2004 compared to a gross profit $27,037 in the second quarter
of 2003. For the 3-month period ending March 31, 2004 the Company recorded a
net loss of $1,716,743 or $0.04 loss per share compared to a net loss of
$2,059,643 or $0.10 loss per share for the same period in 2003.
Revenues for the 6-month period ending March 31, 2004 were $918,593
compared to $85,637 for the same period in 2003. Gross profit earned was
$490,343 for the first 6-months of 2004 compared to a gross profit of $50,562
for the first 6-months in 2003. For the 6-month period ending March 31, 2004
the Company recorded a net loss of $3,804,645 or $0.07 loss per share compared
to a net loss of $4,248,316 or $0.14 loss per share for the same period in
2003.
SAMSys' unaudited financial statements for the 3-month and 6-month period
ended March 31, 2004 will be posted on May 17th after 11:00am EST on the
Company's website at www.samsys.com.
About SAMSys Technologies Inc.
SAMSys Technologies Inc. (SAMSys), founded in 1995, is a world-leading
provider of radio frequency identification (RFID) hardware solutions and RFID
integration consulting services designed to evaluate and recommend optimal
RFID solutions to enhance existing business process. SAMSys offers a family of
products to simplify the installation and ensure the ongoing performance of
the overall RFID hardware infrastructure. SAMSys is a public company whose
shares are listed for trading on the Toronto Stock Exchange (TSX) under the
symbol: "SMY". The Company has a total of 45.3 million shares outstanding.
Visit SAMSys at: www.samsys.com and www.investorfile.com. |
