SAMSys Technologies Inc. Reports Financial Results for the First 6-Months of Fiscal 2002
Stock Symbol: SMY
Listing: TSX Venture Exchange
Outstanding Shares: 28.7 Million
TORONTO, May 30 /CNW/ - SAMSys Technologies Inc., ("SAMSys"), (SMY:TSX-
VEN), www.samsys.com, of Toronto, a provider of Radio Frequency Identification
(RFID) reader hardware, today reports on the Company's financial results for
the 6-month period ended March 31, 2002.
Financial Highlights:
- SAMSys recorded revenues of $1,160,216 in the first six-months
of fiscal 2002, compared to revenues of $1,334,889 for the same
period in fiscal 2001. The majority of revenues in this period were
earned from pilot programs sales for the Company's RFID technology.
- In the first 6-months of fiscal 2002, SAMSys recorded a net loss
of $2,392,618 or $0.12 loss per share compared to a net loss of
$1,403,717 or $0.08 loss per share for the same period in fiscal 2001.
The net loss for the 6-month period in fiscal 2002 includes a non-cash
charge of $991,921 for the amortization of production development costs
and $752,260 in research and development expenses.
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Consolidated Financial Statement -Unaudited 6-Months 6-Months
Ended Ended
March 31, 2002 March 31, 2001
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Revenues $1,160,216 $1,334,889
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Gross profit 403,521 423,756
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Net income (loss) (2,392,618) (1,403,717)
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Earnings (loss) per share (0.12) (0.08)
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Weighted average number of outstanding
shares 19,469,176 18,537,817
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>>
"These results reflect the continued focus on our long term strategy to
provide the most comprehensive range of RFID reader products and services. We
continue to invest in the completion of our product offering, and to add
skilled and talented people to the SAMSys management team," said Cliff Horwitz
SAMSys Chairman & CEO. "Second quarter activities, including the recent
investment by BTG in SAMSys and the addition of Tres Wiley to our senior
management team will have a substantial impact on our RFID product
commercialization process." |
