Optimal Robotics Corp. Reports Record Revenue and Earnings for the Third Quarter and Nine Months Ended September 30, 2000
MONTREAL, Quebec--(BUSINESS WIRE)--Oct. 24, 2000--Optimal Robotics Corp. (NASDAQ: OPMR - news), North America's leading provider of self-checkout systems to retailers, today announced record results for the third quarter and nine months ended September 30, 2000. All references are to U.S. dollars.
Optimal Robotics reported record revenues of $20,300,510 for the third quarter as compared to $10,686,086 for the same period of 1999, an increase of 90%.
Pre-tax earnings for the quarter were a record $2,962,179 as compared to $1,420,228 for the same period of 1999, an increase of 109%.
Net earnings for the quarter were a record $1,828,553 or $.13 fully diluted per share as compared to net earnings of $1,420,228 or $.07 fully diluted per share (on a pro forma, tax adjusted basis) for the third quarter of 1999. Fully diluted earnings per share for the quarter increased by 86% from last year (on a pro forma, tax adjusted basis).
Revenues were a record $48,427,768 for the nine months ended September 30, 2000 as compared to $22,799,610 for the same period last year. Net earnings for the nine months were a record $4,577,132 or $.34 fully diluted per share as compared to net earnings of $1,273,764 or $.09 fully diluted per share (on a pro forma, tax adjusted basis) last year.
Third quarter and nine months ended September 30, 2000 financial results are reported on a fully taxed basis as compared to third quarter and nine months ended September 30, 1999 financial results that were reported on an untaxed basis.
During the third quarter, the Company sold 196 U-Scan® systems, the largest quarterly number of systems in its history. For the nine months, the Company sold 469 U-Scan® systems.
``We are very pleased with our results this quarter. We achieved a significant milestone by generating over $20 million in quarterly revenue for the first time. This is a tribute to the increasing demand for self-checkout products in the marketplace and our continuing market leadership,'' said Holden L. Ostrin, Co-Chairman. ``Along with our focus on revenue growth, we are proud of the operating performance in the quarter and the Company's ability to generate strong earnings.''
``With our Plattsburgh, New York assembly facility now fully operational and completely ready to meet anticipated 2001 demand for our products, we are looking forward to the margin increases that will occur in 2001.'' continued Mr. Ostrin. ``We are also pleased to announce that we have recently committed to opening a distribution and sub-assembly facility in Phoenix, Arizona to accommodate growing western-U.S. demand.''
It is the intent of Optimal's conference call to have the question and answer session limited to institutional analysts and investors. Optimal invites retail brokers and individual investors to hear the third quarter conference call replay by dialing 1-888-716-7820--Pass Code: 580732#. The replay may be heard beginning at 9 pm (EDT) on October 24, 2000 and will be available for 48 hours.
Optimal Robotics Corp. is the leading provider of self-checkout systems to retailers in North America. The Company's principal product is U-Scan®, an automated self-checkout system which enables shoppers to scan, bag and pay for their purchases with limited or no assistance from store personnel. U-Scan®, which the Company believes will process over 150 million shopper transactions in 2000, is designed to reduce retailer checkout costs and increase shoppers' convenience.
This news release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include price and product competition, dependence on new product development, reliance on major customers, customer demand for our product and services, control of costs and expenses, domestic and international growth, general industry and market conditions and growth rates and general domestic and international economic conditions including interest rate and currency exchange rate fluctuations. For a further list and description of such risks and uncertainties, see the reports filed by Optimal with the Securities and Exchange Commission. Optimal disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Consolidated statement of operations and consolidated balance sheet follow.
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