SAMSys Technologies Reports Q3 Financial Results for Fiscal 2004
Q3 Revenues grow to $1.05 million from RFID reader sales for
supply chain pilots
TORONTO, Aug. 16 /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 third quarter financial results for the 3-month and 9-month
period ended June 30, 2004.
Q3 Financial Highlights:
- Revenues: $1.05 million up 900%
- Loss per share: $0.04
- Cash position: $11.7 million
Recent business and corporate developments:
- Listing on the Toronto Stock Exchange
- Opening of sales office in the United Kingdom
- Named to Microsoft RFID partner advisory council in the USA
- Selected for the RFID Solutions Team for Metro Group's RFID Supply
Chain Rollout
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Unaudited 3-Months 3-Months 9-Months 9-Months
Consolidated Ending Ending Ending Ending
Financial June 30, June 30, June 30, June 30,
Statement 2004 2003 2004 2003
-------------------------------------------------------------------------
Revenues $ 1,054,310 $ 103,041 $ 1,966,903 $ 188,678
Gross profit $ 469,695 $ 47,933 $ 960,038 $ 98,495
Net income
(loss) ($1,950,519) ($2,013,769) ($5,131,870) ($6,149,035)
Earnings
(loss)
per share ($0.04) ($0.07) ($0.12) ($0.21)
Weighted
average number
of outstanding
shares 45,243,542 28,725,898 43,478,954 28,725,898
-------------------------------------------------------------------------
Revenue for the third quarter 2004 was $1,054,310 compared to $639,428 in
the second quarter 2004, representing a 64% quarter-over-quarter increase in
revenues. Third quarter 2004 revenues also represent about 900%, increase over
third quarter 2003 revenues of $103,041. This increase over revenues from the
corresponding quarters is almost entirely made up of UHF RFID reader sales for
pilot deployments in supply chain applications.
"Our revenue growth reflects the increased activity within the Supply
Chain market for RFID technology; and that remains our principal target
market," said Cliff Horwitz CEO of SAMSys. "To date we have been engaged by
over 150 customers for Pilot/Evaluation projects and accordingly, our RFID
readers have been deployed in USA, Canada, Europe, South America and Asia. We
expect to witness continued acceleration in the momentum of RFID adoption, as
the mandated timelines outlined by Wal-Mart, the US Department of Defense,
Metro Group and others, draw nearer. We remain committed to the continued
investment in Product and New Business Development; and fully expect to have
that strategy reflect positively on our future results. We anticipate that
later this calendar year, SAMSys will begin to generate revenues from Product
Sales in respect of projects which have advanced to the early stages of full
commercial rollout. Other recent accomplishments and developments provide
grounds for optimism that additional sources of meaningful revenue will accrue
to the Company in the coming quarters."
Third quarter gross profit was $469,695 in 2004 compared to a gross
profit $47,933 in the third quarter of 2003. For the 3-month period ending
June 30, 2004 the Company recorded a net loss of $1,950,519 or $0.04 loss per
share compared to a net loss of $2,013,769 or $0.07 loss per share for the
same period in 2003.
Horwitz continues, "Given the enormous opportunities in RFID marketplace,
and the expected growth rate, we continue to invest in infrastructure. We
strongly believe that the current market dynamics demand a bold, daring
strategy and we are determined to meet the challenges which present
themselves; and in so doing, position ourselves for future rewards."
Revenues for the 9-month period ending June 30, 2004 were $1,966,903
compared to $188,678 for the same period in 2003. Gross profit earned was
$960,038 for the first 9-months of 2004 compared to a gross profit of $98,495
for the first 9-months in 2003. For the 9-month period ending June 30, 2004
the Company recorded a net loss of $5,131,870 or $0.12 loss per share compared
to a net loss of $6,149,035 or $0.21 loss per share for the same period in
2003.
SAMSys' unaudited financial statements for the 3-month and 9-month period
ended June 30, 2004 will be posted today prior to 11:00am EST on the Company's
website at www.samsys.com. |
