SAMSys Technologies Inc. Reports Revenues of $2,341,363 in first 9 months of Fiscal 2001
Stock Symbol: SMY
Listing: Montreal Exchange (ME)
Outstanding Shares: 21.6 Million (Fully Diluted)
TORONTO, Aug. 8 /CNW/ - SAMSys Technologies Inc. (SMY:ME)
(www.samsys.com) ("SAMSys") of Toronto, a provider of Radio Frequency
Identification (RFID) reader hardware, reported its fiscal 2001 financial
results for the third quarter and nine-month period ending June 30, 2001.
During third quarter of fiscal 2001 SAMSys generated revenues of $1,006,474.
For the nine-month period in fiscal 2001 revenues total $2,341,363.
"In conjunction with International Paper, we continue to make solid
progress in all of the Pilot Projects commenced earlier in the year. We are
very encouraged by the results to date, and we are seeing the early stages of
transition to the commercialization stage of some of those projects. We are
extremely satisfied with the quality and integrity of the products developed
thus far, and foresee a smooth shift to full-scale production," says Cliff
Horwitz, CEO of SAMSys. "During this period we believe that we have truly
established ourselves as the leading "RFID Reader Company" through the
invaluable experience gained in addressing, and developing solutions for a
wide array of applications. Our expectations for commercial volume revenue
generation remain in line with analyst forecasts."
Commenting on the quarter, Horwitz stated, "Consistent with our growth in
revenues, we have invested significantly this quarter in both core product
research and development, and in our skilled labour resources. We are now
positioning the Company with the infrastructure required for the full scale
commercial production of RFID readers."
During fiscal 2001, SAMSys moved from development to commercial
production stage of its technology, therefore prior year comparables of
financial information are not meaningful and have not been presented in this
release.
Financial Highlights:
- SAMSys generated third quarter revenues of $1,006,474, a 20% increase
compared to second quarter revenues of $833,627 and a 100% increase
compared to first quarter revenues $501,262. Total revenues for
the nine-month period ending June 30, 2001 amounted to $2,341,363.
- Net loss from operations during the third quarter of fiscal 2001
were $163,028 compared to a loss of $128,710 in the second quarter.
- In the third quarter of fiscal 2001, SAMSys recorded a net loss
of $644,190 or $0.04 per share compared to a net loss of $618,671
or $0.03 per share in the second quarter of fiscal 2001. For the
nine-month period ended June 30, 2001 SAMSys reported a net loss
of $2,067,907 or $0.11 per share. The net loss for this period
includes $1,529,727 of non-cash charges including amortization
of goodwill and development costs.
- As of June 30, 2001, SAMSys had a cash balance of $1,216,709,
accounts receivable of $564,551.
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Fiscal 2001 3rd Quarter 2nd Quarter 1st Quarter 9 months
Consolidated 3 months 3 months 3 months ended
Unaudited ended ended ended June 30,
Financial June 30, March 31, December 31, 2001
Statement 2001 2001 2000
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Revenues $1,006,474 $833,627 $501,262 $2,341,363
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Gross margin 335,509 295,996 127,760 759,265
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Net income from
operations (163,028) (128,710) (289,359) (587,340)
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Amortization of
goodwill &
development costs (510,194) (511,483) (508,050) (1,529,727)
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Interest income 9,032 21,522 18,606 49,160
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Net income (664,190) (618,671) (785,046) (2,067,907)
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Earnings per share (0.04) (0.033) (0.043) (0.11)
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Cash 1,216,709
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Accounts receivable 564,551
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Weighted average
number of
outstanding shares 18,672,432 18,656,498 18,424,905 18,578,842
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