Attention Business/Financial Editors:
SAMSys Technologies Inc. Reports Revenues of $1,334,889 in first 6 months of Fiscal 2001
Stock Symbol: SMY
Listing: Montreal Exchange (ME)
Outstanding Shares: 21.6 Million (Fully Diluted)
Web Site: www.samsys.com
TORONTO, May 16 /CNW/ - SAMSys Technologies Inc. (SMY:ME)
(www.samsys.com) ("SAMSys") of Toronto, a provider of Radio Frequency
Identification (RFID) reader hardware, reported its financial results for the
quarter and first half year period ending March 31, 2001. During the first six
months of fiscal 2001, SAMSys generated revenues totaling $1,334,889.
"We are extremely happy with the results for the first half of the year,
and we are confident that the expectations for the full year, which we
outlined earlier in the year, will be met," says SAMSys' Chairman/CEO Cliff
Horwitz. "These financial results clearly reflect both the increase in the
Company's activities, and associated growth of our operations to meet those
demands. With further transition to full-blown commercialization of the
products developed during this period, we will enjoy significant improvement
in our financial results and cash flow."
During fiscal 2001, SAMSys moved from development to commercial
production stage of its technology, therefore prior year comparables of
financial information are not meaningful and have not been presented in this
release.
Financial Highlights:
- SAMSys generated second quarter revenues of $833,627, a 66% increase
compared to first quarter revenues of $501,262. Total revenues in the
six-month period ending March 31, 2001 are $1,334,889.
- Gross margins increased to 35.5% in the second quarter of fiscal 2001
compared to 25.5% in the first quarter.
- Net loss from operations during the second quarter of fiscal 2001
improved to a deficit of $128,710 from a deficit of $289,359 in the
first quarter of fiscal 2001
- In the second quarter of fiscal 2001, SAMSys had a net loss of $618,671
or $0.033 per share compared to a net loss of $785,046 or $0.043 per
share in the first quarter of fiscal 2001. For the six month period
ended March 31, 2001 SAMSys reported a net loss of $1,403,717 or $0.076
per share. The net loss for this period includes $1,019,533 of non-cash
charges including amortization of goodwill and development costs.
- As of March 31, 2001, SAMSys had a cash balance of $1,463,533 and
accounts receivable of $418,944
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Fiscal 2001 2nd Quarter 1st Quarter 6 months ended
Consolidated Unaudited 3 months ended 3 months ended March 31,
Financial Statement March 31, 2001 December 31, 2000 2001
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Revenues $833,627 $501,262 $1,334,889
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Gross margin 295,996 127,760 423,756
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Net income from operations (128,710) (289,359) (424,312)
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Amortization of goodwill &
development costs (511,483) (508,050) (1,019,533)
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Interest income 21,522 18,606 40,128
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Net income (618,671) (785,046) (1,403,717)
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Earnings per share (0.033) (0.043) (0.076)
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Cash 1,463,533
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Accounts receivable 418,944
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Weighted average number of
outstanding shares 18,656,498 18,424,905 18,537,817
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SAMSys in partnership with International Paper is seeking opportunities
to deploy smart packaging RFID technologies to enhance data flow within
operations of Fortune 500 organizations. Its value-added proposition is to
decrease almost $70 billion of waste from inventory irregularities, excessive
labor costs and theft in the retail supply chain.
RFID is an electronic labeling system that uses radio frequency to count
closely spaced items without the need to separate and scan individual items.
RFID consists of a tag and a reader. The reader transmits a signal to the tag,
which is a small transceiver. The tag transmits encoded data back to the
reader, which logs it via computer. The tag has read-write capabilities,
enabling its data to be modified remotely. The system provides greater
flexibility over bar-code inventory-control systems because there are no line
of sight requirements and physical contact or operator intervention is not
required. |
