EYE.a up 48% today on the following news
Eyelogic Systems Inc - News Release
Eyelogic six-month earnings increase on higher revenues
Eyelogic Systems Inc EYE
Shares issued 2,734,786 Aug 28 2002 close $ 0.50
Wednesday September 4 2002 News Release
Mr. Gord McDonald reports
EYELOGIC REPORTS SUBSTANTIAL INCREASES IN REVENUE AND EARNINGS
Eyelogic Systems reports substantial growth in revenue for the six months ended June 30, 2002, as compared with the same period in year 2001. Revenues increased by 99 per cent to $1,373,896 from $691,479 in 2001, which is due primarily to a significant increase in equipment sales.
The company's net earnings before tax for the period increased 185 per cent to $330,719 (12 cents per share) as compared with $115,956 (4.2 cents 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 per cent as compared with 9.1 per cent for the same period last year.
General and administrative costs for the six months ended June 30, 2002, increased by $77,781 as compared with the same period in year 2001, of which salaries and consulting fees made up 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 current ratio has improved steadily over the past year to 1.32 at June 30, 2002, from 0.96 at Dec. 31, 2001, and 0.51 at June 30, 2001. The company has used its increased cash flow and sold non-strategic assets to aggressively reduce debt. Total debt decreased to $874,214 from $1,245,642 at Dec. 31, 2001. The company's debt to equity ratio has correspondingly improved to 0.28 versus 0.40 at Dec. 31, 2001.
The company is attracting significant attention and inquiries from international markets with respect to its technologies. Negotiations are currently under way with an initial European distributor.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com |
