Earnings are out.
VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 4, 2000--Global Election Systems Inc. (TSE:GSM. - news) today announced results for the second quarter and the first six months of fiscal 2000.
Second Quarter Results:
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1999 1998 1998
US$ CDN$ US$ CDN$
Revenues 5.0 million 7.4 million 2.4 million 3.6 million
Net Income 120,000 178,000 (954,000) (1.4 million)
Earnings
per share 0.01 0.01 (0.05) (0.07)
E.P.S. fully
diluted 0.01 0.01 -- --
Six Month Results:
Dec.31 Dec. 31, Dec. 31, Dec. 31,
1999 1999 1998 1998
US$ CDN$ US$ CDN$
Revenues 11.3 million 16.7 million 6.7 million 10.0 million
Net Income 788,000 1.2 million (698,000) (1.0 million)
Earnings
per share 0.04 0.06 (0.04) (0.06)
E.P.S. fully
diluted 0.04 0.06 -- --
Notes: Exchange rate of 1.4793 used in conversion from US$ to CDN$, brackets indicate a loss.
Howard Van Pelt, president and chief executive officer, said that the increase in sales is attributed principally to new customer sales of our election software systems. Most gratifying were the improved gross margins resulting from more efficient utilization of labor.
Van Pelt added that while system sales were excellent in this quarter, the revenue and net income could have been significantly better had there not been the previously announced delay in the delivery of 338 AccuVote systems. While backlogs rarely occur in this business, one of Global's suppliers under-performed in the quality control area.
These systems will be booked in the third quarter. Other factors affecting net income included the increase in interest expenses from US$63,000 to US$137,000, and a write down of US$131,000 for trade-in inventory that will expire June 30, 2000.
The outlook for the second half of fiscal 2000 is very positive for Global in both revenues and earnings.
Global is one of the fastest growing election and vote tabulation companies in the election industry. It continues to provide leading edge technology to the election marketplace with advanced products such as the AccuVote (optical scan) Voting System, the AccuVote-TS (touch screen) Voting System, and the CMIS Voter Registration System.
Global's superior solutions-based technology, the system's proven ability to deliver accurate results on a timely basis, and the Company's highly capable sales and after-sales people set it apart from its competitors. Global is dedicated to providing technological solutions to election jurisdictions.
Global Election Systems Inc. shares trade on the Toronto Stock Exchange under the symbol ``GSM'. |
