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Company Posts Profit In Excess Of $800,000
Image Processing Systems Inc. (TSE:IPV)-under its trade name IPS
Automation-announced today that it has posted a profit in its
first quarter, which ended June 30, 1999. IPS announced that its
first quarter results are a direct result of the rebound in the
Asian economy, the restructuring of operations in the previous
fiscal year and continued strong sales in Europe and the Americas.
Revenues for the first quarter ended June 30, 1999 were $8.4
million, compared to $2.0 million for the same period last year.
Earnings for the first quarter were $820,418, compared to a loss
of $1.6 million for the same quarter last year. Fully diluted
earnings per share were 4 cents for the quarter, compared to a 13
cents loss per share in the first quarter of the previous year.
The gross profit margin also improved to 52 percent, from 33
percent in the previous year's first quarter.
The first quarter revenues represent an increase of $1.9 million
over the fourth quarter of the previous year, a growth of almost
29 percent. The first quarter earnings from continuing operations
were a significant improvement over the loss of $234,000 in the
fourth quarter of the previous year.
"Our strategy of spreading our sales across Europe, the Americas
and Asia, as well as diversifying and broadening our product line,
is paying off," comments Ken Wawrew, IPS President and Chief
Executive Officer. "Furthermore, we continue to benefit from our
corporate restructuring."
"IPS remains focused on meeting the increasing demand in the
display inspection market as well as the glass inspection markets,
which includes automotive and CRT glass. In addition, we are
continuing to pursue business development opportunities for our
products on a global level, thereby minimizing our vulnerability
to economic weaknesses in any one particular region."
IPS Automation is a complete electronic vision systems provider.
The company's automated display inspection and alignment (ADI)
systems are recognized as the best in the world for display
manufacturers. IPS also provides advanced inspection solutions for
the automotive glass and brewing industries, developed in close
co-operation with key customers.
IPS Automation, an ISO 9001 and IQNET certified company, is listed
on the Toronto Stock Exchange under the symbol IPV and has offices
and representatives in Brazil, Canada, China, Japan, Korea, The
Netherlands, Poland, Taiwan, the United Kingdom and the United
States. Blue-chip customers worldwide use IPS Automation's solutions. |
