alfred..i agree...things looking much better for OPTC now...pretty strong forward statement:
(COMTEX) B: Optelecom, Inc. Reports Third Quarter Profit; Revenues Incre
B: Optelecom, Inc. Reports Third Quarter Profit; Revenues Increase 47.4%
GAITHERSBURG, Md., Nov 5, 2001 /PRNewswire via COMTEX/ -- Optelecom, Inc.
(Nasdaq: OPTC) today announced financial results for the company's third quarter
ending September 30, 2001.
Revenues for the 2001 third quarter advanced 47.4% to $3.81 million, in line
with the company's earlier announced business outlook, from $2.59 million in the
comparable 2000 quarter. The company reported a net profit quarter of $199,318
or $.07 per share compared to a net loss in 2000 of $(3,791,249) or $(1.52) a
share, on weighted average shares outstanding of 2,829,709 in 2001 and 2,488,908
in 2000.
"We are pleased with our performance and progress recorded during the third
quarter, particularly in light of the events of September 11th and the
subsequent marked economic slowdown the nation is experiencing," stated Clyde
Heintzelman, Optelecom's Chairman and CEO. "Our revenue growth and our return to
profitability stand in stark contrast to declines experienced by other companies
in our sectors."
"Optelecom realized the benefits of a significant reorganization of its business
implemented earlier this year and expansion of our main sales channels. We
expect to realize ongoing incremental benefits in the fourth quarter of this
year and beyond. We will continue to fortify the pipeline of new business
opportunities and further strengthen and expand relationships with new and
existing clients. As we fill available capacity, there is significant earnings
leverage in our model. We believe this focus, along with stringent controls on
operating expenses and prudent capital spending, will enable us to leverage our
core investments, leading to continued revenue and earnings growth in 2002."
OPTELECOM, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
2001 2000
Revenues $3,810,620 $2,585,959
Cost of goods sold 2,131,806 2,387,778
Gross profit 1,678,814 198,181
Operating expenses:
Engineering 287,627 491,288
Selling and marketing 553,737 521,855
General and administrative 592,495 978,341
Write-down of Intangible Assets - 1,925,513
Total operating expenses 1,433,859 3,916,997
Operating income (loss) 244,955 (3,718,816)
Other expenses:
Interest expense 45,637 72,433
Total other expenses 45,637 72,433
Income (loss) before benefit for income tax 199,318 (3,791,249)
Benefit for income tax - -
Net income (loss) $199,318 $(3,791,249)
Basic earnings (loss) per share $0.07 $(1.52)
Diluted earnings (loss) per share $0.07 $(1.52)
Weighted Average Shares Outstanding 2,829,709 2,488,908
This press release may contain certain forward-looking statements that involve
risks and uncertainties. The actual results realized by the Company could differ
materially from the statements made herein. Factors that might cause such
differences include, but are not limited to, volatility and uncertainties in
communications and defense, the primary two industries targeted by the Company;
failure to develop and market fiber optic products; lack of reliable vendors,
service providers, and outside products; poor military sales cycles; unforeseen
changes in competing technologies and products; worldwide economic variances;
poor or delayed research and development results; and disparities between
forecast and realized sales. Additional factors are discussed in the Company's
Annual Report on Form 10K, filed with the Securities and Exchange Commission.
Optelecom, Inc., designs, develops, manufactures, and markets high- bandwidth
fiber optic-based communications systems for traffic monitoring,
security/surveillance, and business video systems. Optelecom headquarters are
located at 9300 Gaither Road, Gaithersburg, MD 20877; telephone 301-840-2121 or
800-29-FIBER. Investor inquiries should be directed to Mr. Rick Alpert at
301-948-7872.
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SOURCE Optelecom, Inc.
CONTACT: Rick Alpert of Optelecom, Inc., +1-301-948-7872
URL: optelecom.com
prnewswire.com
Copyright (C) 2001 PR Newswire. All rights reserved.
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KEYWORD: Maryland
INDUSTRY KEYWORD: TLS
SUBJECT CODE: ERN
OTC
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