Optelecom, Inc. Reports Positive Third Quarter Results
GAITHERSBURG, Md., Oct. 28 /PRNewswire/ -- Optelecom, Inc. (Nasdaq: OPTC - news) today announced results for the third quarter ended September 30, 1999.
Optelecom reported net income of $122,348, or $0.05 per share on sales of $3,163,430. For the same period last year, the company reported a net loss of $(268,888), or $(0.13) per share on sales of $4,180,177.
For the nine months ended September 30, Optelecom reported a net loss of $(123,828), or $(0.06) per share, compared to a net loss of $(425,770), or $(0.20) for the same period last year.
''We are pleased to see the positive impact of reductions in our operating expenses, which continued to decline year-over-year, as well as quarter-to- quarter. The majority of expense reduction occurred at our Paragon AV operating unit, which returned to profitability,'' said Edmund Ludwig, president and CEO of Optelecom.
''The challenge moving forward is to continue these improvements while we focus on enhancements to core product lines, continue to refine manufacturing procedures, and introduce new features that drive sales,'' added Ludwig.
On October 8th, Optelecom delivered to Seokyo Telecommunications Co. Ltd, ahead of schedule, one of the largest series 9000 systems produced to date. At the same time the company continued to advance research and development programs.
''Our results reflect reduced costs at Paragon and across all Optelecom operations,'' said Tom Driscoll, Vice President of Finance. ''We are seeing improved cash flows that allow us to expand marketing efforts and increase commercial sales.'' |
