Sytron Announces Third Fiscal Quarter Results:
Company Press Release
Sytron Announces Third Fiscal Quarter
Results
BROOMFIELD, Colo.--(BUSINESS WIRE)--Aug. 30, 1999--Sytron, Inc. (OTC BB: SITR - news)
announced today the results of its operations for the third fiscal quarter ended June 30, 1999.
Sytron's net loss was $287,600 (19% of sales) in quarter three and $647,100 (13%) year-to-date in
fiscal 1999. The 1998 loss was $531,100 (43% of sales) for the third quarter and $3,103,000 (84%)
year-to-date. The 1999 third quarter included $200,000 of nonrecurring legal fees for the Universal
Reader(TM) patent infringement suit and for the SB-2 registration of securities in process with the
Securities Exchange Commission (SEC). 1998's nine-month results included $1,965,600 of losses from
writedowns of inventory and intangible assets.
Revenue was $1,522,700 for the third quarter and $4,848,100 for 1999 year-to-date. This compares
with $1,235,100 for the third quarter of 1998 and $3,681,300 for three quarters of 1998.
The loss from operations was $114,700 for the quarter and $332,000 year-to-date for 1999, as
compared to $295,900 and $942,100, respectively, in 1998. This represented an improvement in the
loss from operations to 7% of sales in 1999 from 26% in 1998.
Sytron, based in Broomfield, Colorado, develops and markets commercial security systems and services
to correctional, airport and corporate markets.
SYTRON, INC.
Consolidated Statement of Operations
Three months ended Nine months ended
June 30, June 30,
1999 1998 1999 1998
---- ---- ---- ----
SALES $1,522,736 $1,235,072 $4,848,057 $3,681,316
COST OF SALES 1,020,782 695,410 3,407,006 2,099,416
---------- ---------- ---------- ----------
GROSS PROFIT 501,954 539,662 1,441,051 1,581,899
OPERATING EXPENSES:
Sales & Marketing 120,751 231,117 494,761 762,529
General &
Administration 326,220 435,595 409,529 1,262,324
Engineering &
Development 169,712 168,826 868,748 499,175
---------- ---------- ---------- ----------
Total 616,683 835,538 1,773,038 2,524,028
LOSS FROM
OPERATIONS (114,729) (295,876) (331,987) (942,129)
-8% -24% -7% -26%
OTHER EXPENSE:
Interest Expense 101,223 46,046 242,635 176,457
Loss from Obsolete
Inventory - 42,000 - 869,698
Loss on Disposal
of Assets 2,700 168,119 2,700 1,095,858
Other Expense 69,861 31,824 73,600 72,520
---------- ---------- ---------- ----------
Total 173,784 287,989 318,934 2,214,533
LOSS BEFORE
EXTRAORDINARY ITEMS (288,513) (583,864) (650,921) (3,156,662)
EXTRAORDINARY ITEMS:
(Loss) from
Discontinued Operations - (1,711) (2,259) (842)
Income from Debt
Release 904 54,514 6,113 54,514
---------- ---------- ---------- ----------
Total 904 52,804 3,855 53,672
NET INCOME/(LOSS) $(287,609) $(531,061) $(647,067) $(3,102,990)
========= ========= ========= ===========
-19% -43% -13% -84%
Interest Expense 101,223 46,046 242,635 176,457
Depreciation &
Amortization 97,088 256,349 291,611 479,268
---------- ---------- ---------- ----------
EBITDA $(89,298) $(228,666) $(112,821) $(2,447,264)
========= ========= ========= ===========
-6% -19% -2% -66%
Contact:
Sytron, Inc., Broomfield
Nancy Ostby, 303/469-6100, ext. 111 |
