EYDY Eye Dynamics Reports First Quarter Revenue Increased 94% Over Same Period Last Year
TORRANCE, Calif.--(BUSINESS WIRE)--May 21, 2002--Eye Dynamics (OTCBB:EYDY - News), today announced first quarter revenue for 2002 increased 94% over the same period in 2001. Revenue of $218,000 was fueled by an improving market for its medical products, which had been depressed over the past year. Also, the success of their private label customer in developing a new vertical market (Neurology Physicians) for the specialized medical instrument helped the overall growth.
With the increase in revenue the company was able to reduce its quarterly loss to $44,648 in 2002 from $199,736 in 2001. The $44,648 includes $59,000 of expenses incurred in the quarter for the effort to gain financing for the commercialization of the SafetyScope Impairment Detection product.
Eye Dynamics President Charles Phillips stated, "We are pleased with the improvement in revenue and our ability to reduce expenses. But, we still have to increase revenue further and will continue our quest for financing to commercialize the SafetyScope product."
About Eye Dynamics, Inc.
Eye Dynamics is in the business of producing and marketing patented proprietary products and other services for the institutional, medical and government markets. SafetyScope, the company's latest product, is designed for the `fitness-for-duty' screening of workers. SafetyScope is simple to use, takes only 90 seconds and does not require any bodily fluids like urine-based drug testing. It is based on the manual methods of evaluating eye responses of an individual to detect neurological signs of impairment used by law enforcement throughout the United States. These signs can be caused not only by illegal drugs, but also reactions to prescribed or over-the-counter medications and/or physiological states like fatigue.
To find out more about Eye Dynamics, Inc. (OTCBB:EYDY - News), visit our website at www.eyedynamics.com.
Safe Harbor for Forward Looking Statements
This news release includes forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
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