Gary, how about a Canadian company. I've followed many of your picks and I think we share the same kind of investing style and I have a nice little unknown company that trades on TSX venture exchange in Canada. Company's name is Eyelogic Systems. Currently trades 3.8 times earnings.
Eyelogic Systems Inc. (EYE.A, TSX Venture) has proprietary and patent rights to a software application package that allows technicians under the supervision of Physicians to perform sight testing delivering highly accurate results. The Company delivers a turnkey operation to its clients through sales and rentals of computers and Ophthalmic equipment. The Company operates primarily in the provinces of Alberta, British Columbia, New Brunswick and Ontario as well as the state of California.
Eyelogic Systems Inc. is pleased to report substantial growth in revenue for the six months ended June 30, 2002 as compared to the same period in year 2001. Revenues increased by 99% to $1,373,896 from $691,479 in 2001, which is due primarily to a significant increase in equipment sales.
General and administrative costs for the six months ended June 30, 2002 increased by $ 77,781 as compared to the same period in year 2001, of which sala ries and consulting fees comprised the majority of this increase, $54,828. The increase in salary and consulting fees is due mainly to increased staffing levels to support the Company’s growth.
The Company’s net earnings before tax for the period increased 185% to $330,719 ($0.12 per share) as compared to $115,956 ($0.042 per share) for the same period in 2001. Also, return on equity for the six months ended June 30, 2002 improved on an annualized basis to 32.6% as compared to 9.1% for the same period last year.
The Company’s current ratio has improved steadily over the past year to 1.32 at June 30, 2002 from 0.96 at December 31, 2001 and 0.51 at June 30, 2001. The Company has utilized their increased cash flow and sold non-strategic assets to aggressively reduce debt. Total debt decreased to $874,214 from $1,245,642 at December 31, 2001. The Company’s debt to equity ratio has correspondingly improved to 0.28 versus 0.40 at December 31, 2001.
The Company is attracting significant attention and inquiries from international markets with respect to our technologies. Negotiations are currently underway with an initial European distributor. |
