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IW : IMAGEWARE SYSTEMS (AMEX)
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ImageWare Systems, Inc. Announces Second Quarter Results
Net Income of $5,000 Versus a Loss of $1,150,000 for Comparable Quarter
SAN DIEGO, Aug 15, 2000 (BUSINESS WIRE) -- ImageWare Systems, Inc. today announced unaudited results for the second quarter ended June 30, 2000.
RESULTS OF OPERATIONS
For the three months ended June 30, 2000, product revenues increased 154% from $0.7 million for the three months ended June 30, 1999 to $1.7 million for the corresponding period in 2000. The backlog of product orders as of June 30, 2000 was approximately $1.1 million.
And for the six months ended June 30, 1999, product revenues increased 120% from $1.4 million for the six months ended June 30, 1999 to $3.1 million for the corresponding period in 2000. The increase reflected the further purchases of the Crime Capture System by new and existing customers.
Total gross margins increased from $0.6 million, or 51% of revenues, for the three month period ended June 30, 1999 to $1.4 million, or 70% of revenues for the corresponding period in 2000.
Total gross margins increased from $1.3 million, or 56% of revenues, for the six month period ended June 30, 1999 to $2.3 million, or 61% of revenues for the corresponding period in 2000.
The net income increased from a loss of $1.15 million for the three months ended June 30, 1999, to a profit of $5,000 for the same period in 2000. For the six months ended June 30, the net loss decreased from $1.7 million in 1999 to $0.9 million in 2000.
ImageWare Systems, Inc. develops, sells and supports a suite of modular software products known as C.R.I.M.E.S.(R) that is used by law enforcement and public safety agencies to manage criminal history records. ImageWare software systems and associated hardware allow their customers to quickly capture, archive, search, retrieve and share digital photographs and criminal history records.
ImageWare products are currently being used by government agencies such as the New York City Police Department, the Los Angeles County Sheriff's Department, the Arizona Department of Public Safety, the Montreal Police Department and law enforcement agencies in Minneapolis, Portland, Seattle, Indianapolis and Orlando.
Statements in this press release that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements involve a high degree of risk and uncertainty, are predictions only and actual events or results may differ materially from those projected in such forward-looking statements.
Factors that could cause or contribute to differences include the uncertainty regarding viability and market acceptance of the Company's products and services, the need for regulatory approval of the Company's products and the Company's dependence on reimbursement by third parties.
These factors and others are more fully described in the section entitled "Risks Related to Our Business" in the Company's Amendment No. 2 to the Registration Statement on form 10-SB (File No 333-93131), as filed with Securities and Exchange Commission. .
L.G. Zangani, LLC provides financial public relations service to the Company, As such L.G. Zangani, LLC and/or its officers, agents and employees, receives remuneration for public relations and or other services in the form of moneys, capital stock in the Company, warrants or options to purchase capital in the Company. |
