SYYS Otc bb 1.00/1.05...this company has both feet firmly planted in the DOD and other gov't agencies, growing numbers top and bottom line, strong relative ratios, strong future IMO...4.3m shares outstanding:
SOURCE: SYS Technologies
SYS Technologies Reports Record Third Quarter Revenue
SYS Growth Trend Continues as Contract Revenues Increase 39%
SAN DIEGO--(BUSINESS WIRE)--May 28, 2002--SYS Technologies (OTCBB:SYYS - News), a provider of systems integration and management services, today announced earnings for its third quarter that ended March 30, 2002.
Total contract revenues for the first nine months of 2002 were $11.7 million, reflecting a 39% growth rate over revenues of $8.4 million during the same period last year. The company's net income was $269,000 for the first nine months of 2002, resulting in earnings of $.07 per common share. Income from operations increased 64%, with an accompanying increase in net income of 83% over the same period last year. The company's increase in revenue is attributable to its continued growth in providing professional engineering and management services to the federal government.
"The investments we have made are paying off. We continue to win contracts and to add employees. Employment and revenues are at record levels and growing, and we believe that this trend is sustainable. The company continues to invest in new business development and is developing proprietary new software tools for internal use that permit SYS Technologies to provide greater capability and more cost-effective services to our customers. The U.S. Navy is actively employing our TopVu(c) visualization tool in large training exercises. We have also initiated sales and marketing in the information assurance marketplace using our improved testing and certification tools. We are optimistic that the Shadow acquisition and our new visualization and information assurance testing tools will add to our services growth in the future," said Cliff Cooke, president and chief operating officer at SYS Technologies.
Operational Highlights
As an integral part of the company's growth strategies, SYS Technologies completed the acquisition of Shadow Research International Inc. (Shadow) of Golden, Colo. during the quarter. Established in 1988, Shadow is a technology-based consulting services organization providing support for the Navy Logistics Productivity's (NLP) Research and Development program. Shadow is currently under contract to execute the NLP Bounty Hunter Program that focuses on expansion of the technology emphasis to all aspects of system obsolescence whether it is electronic, mechanical or hydraulic, and will target both functional and economic cases. Shadow is also developing an Obsolescence Prediction Tool (OPT) to provide the Navy with a current, accurate and accessible repository of component-level trend information for weapon and weapon support systems obsolescence management.
Business Developments
SYS Technologies also has numerous GSA contracts with the U.S. Navy to provide Information Technology, Financial Management Services and Professional Engineering Services. The company is utilizing GSA contract vehicles to provide Oracle programming services and logistics engineering services at the Naval Construction Battalion Center in support of the Naval Construction Forces. These contracts are registered in the GSA Advantage System and continue to provide a means to develop new customers. The federal government is also using GSA vehicles to contract SYS Technologies to provide engineering support to the Battle Field Tactical Trainer, the Broad Area Maritime Surveillance and the Joint Strike Fighter Programs.
About SYS
Founded in 1966, SYS Technologies provides engineering, technical, financial and management services to a myriad of commercial and U.S. government customers. SYS Technologies currently has several multiple-year management and engineering service contracts with the U.S. Navy and General Services Administration at various locations across the country. The company, which has seen steady growth in recent years, is publicly traded (OTCBB:SYYS - News). SYS Technologies is headquartered in San Diego and located at 9620 Chesapeake Drive, Suite 201, San Diego, Calif. 92123, and has offices in Oxnard, Calif., Arlington and Chesapeake, Va. For additional information, visit the SYS Web site at systechnologies.com.
DIEGO--(BUSINESS WIRE)--July 23, 2002--SYS Technologies (OTCBB:SYYS - News) today announced awarded contracts of $2.8M.
The awards were the result of the government's competitive bid process and include options of an additional $2.5M, for a total of $5.3M.
In June 2002, SYS Technologies was awarded $2,176,916 in contracts to provide research, development, testing, system engineering, operational procedure development/validation/life cycle support, safety, technical/analysis functions, data/voice communications and program management support for the Naval Sea Systems Command.
SYS Technologies East Coast Operations, located in Virginia, will perform this work. Linda Gagnon, Senior Vice President of East Coast Operations, commented, "This is a very exciting time for the East Coast Operations division of SYS Technologies. We are precisely one year old this month and we are eagerly looking forward to future growth. Our recent contract awards solidify our foundation and we are aggressively marketing new opportunities for controlled diversification of our customer base.
"Although we have focused on our in-depth experience with the Naval Sea Systems Command, we are now beginning to branch out into other government and business sectors. During our first year, we developed a real-time, query-oriented, database that can be accessed by our clients from remote locations and we are very enthusiastic and optimistic that our tool will broaden our spectrum of clients. We have been very fortunate to gather a unique cadre of talented employees and I am extremely proud of our team and very confident in our ability, credentials and integrity!"
Additionally, during the month of June 2002, SYS Technologies received $600K in funding on the SAIC System Engineering & Integration contract, bringing the total funding on this contract to $2M for the first nine months of this year. These contracts provide support to the Navy in the areas of system engineering, joint system architecture development and technical support for a number of Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance Programs (C4ISR).
"These awards via the SAIC SE&I contract are a significant addition to that received on our own prime contract, clearly demonstrating our aggressive and continued growth as we close out the second year of operation of the C4ISR Division in San Diego," said Ken Regan, SYS Technologies Senior Vice President. "The growth in personnel, funding and diversity of sponsorship for the C4ISR Division since its establishment in July 2000, are very encouraging. In particular, sponsorship by operational commands to implement our proprietary software, TAPS-VSS, for both exercises and in operations has been especially rewarding, and a strong validation of our technical expertise and products. TAPS-VSS is the first product of our TopVu(TM) line of data fusion and knowledge management tools for operational conflict management and program management applications as well." |
