Q1 results, possible turnaround, bottom fishing time?
Global Election Systems Inc. announces earnings for first quarter 2000
Global Election Systems Inc. is pleased to announce net income of
US$668,000 (earnings of 4 cents a share) on revenue of US$6.255 million for
the first quarter ended September 30, 1999 of fiscal year 2000. Earnings on a
fully diluted basis were 3 cents a share compared to 1 cent a share for the
same period in the previous year. Net income is after deduction of
revaluation of trade-in equipment - $131,000, amortization - $108,000, and
provision for income taxes - $20,000.
Global is pleased with the excellent growth in both net income and
revenue. In the first quarter, net income increased by US$412,000, or 161%
while revenue increased by US$1.974 million, or 46%. The increase in revenue
is due to new account sales and the continued expansion of the customer base.
Global continues to grow in the market place and continues to provide the
finest products and services in the election industry.
The chart below is stated in Canadian $, using the average foreign
exchange rates for the quarters ended September 30, 1999 and September 30,
1998, are as follows:
<<
Canadian $ % Change
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1st Quarter 1st Quarter
Fiscal Year 2000 Fiscal Year 1999
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Revenue $ 9,296,000 $ 6,485,000 + 43
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Net income* $ 992,000 $ 388,000 + 156
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Earnings per share $ 0.05 $ 0.02
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Earnings per share -
fully diluted 0.05 0.02
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>>
*After deducting revaluation of trade-in equipment - $195,000,
amortization - $161,000, and provision for income taxes - $30,000.
Global is one of the fastest growing election and vote tabulation
companies in the election industry. The Company provides leading edge
technology to the election marketplace with technologically advanced products
such as the AccuVote (optical scan) Voting System, the AccuVote-TS (touch
screen) Voting System, and the CMIS Voter Registration System. Global is
dedicated to providing technological solutions to election jurisdictions.
Global's common stock is traded on the Toronto stock Exchange, Canada, under
the symbol ``GSM'.
Statements by Global in this release relating to its business and
markets, such as projections of future performance, statement of management's
plans and objectives, forecasts of market trends and other matters, are
forward looking statements that involve risks and uncertainties. Global's
actual results may differ materially from the results discussed in those
forward-looking statements. Factors that may cause a difference include, among
others, those listed in Global's public filings.
GLOBAL ELECTION SYSTEMS INC.
Signed: ``Howard T. Van Pelt'
------------------------------
Howard Van Pelt, President and Director
-30-
For further information: Clinton H. Rickards, Director, (604) 261-6313,
fax (604) 261-9226, www.globalelection.com
To request a free copy of this organization's annual report, please go to
www.newswire.ca and click on reports@cnw |
