Some info on Sirit:
biz.yahoo.com
Tuesday July 30, 5:44 pm Eastern Time
Press Release
SOURCE: SIRIT TECHNOLOGIES INC.
SIRIT Technologies Inc. Reports Financial Results For Second Quarter Ended May 31, 2002 And Restated Results for First Quarter Ended February 28, 2002
TORONTO, ONTARIO--SIRIT Technologies Inc. ("SIRIT" or the "Company") today announced its unaudited financial statements for the second quarter ended May 31, 2002. The Company has also restated its unaudited financial statements for the first quarter ended February 28, 2002 which were issued on May 6, 2002.
Accounting policies followed in the preparation of the interim consolidated financial statements are consistent with those used in the most recent annual consolidated financial statements. Interim financial statements are normally prepared with comparative amounts for the same period end of the prior year. The Company is in the process of restating the interim financial statements for the three-month periods ended February 28, 2001, May 31, 2001 and August 31, 2001 to reflect changes in the accounting treatment in respect of the acquisitions of the Company's U.K. subsidiaries (i2R Limited and id Systems Ltd.). The consolidated financial statements for the year ended November 30, 2001 reflect the appropriate accounting treatment for these acquisitions and will not be restated. The interim financial statements for the period ended May 31, 2002 do not include comparative statements for the period ended May 31, 2001. The restated comparative interim financial statements will be released upon completion of the restatement.
A summary of unaudited financial results is presented below:
Restated
6 Months 3 Months 3 Months
Ended Ended Ended
May 31, May 31, February 28,
2002 2002 2002
------------------------------------------------------------------------
('000) ('000) ('000)
Revenue $9,151 $4,756 $4,395
Cost of sales 5,444 2,872 2,572
------------------------------------------------------------------------
Gross margin 3,707 1,884 1,823
Operating expenses 4,196 2,256 1,940
------------------------------------------------------------------------
Operating loss before the
following: (489) (372) (117)
Other expenses -
Amortization, interest, forex (1,008) (621) (387)
------------------------------------------------------------------------
Loss before income taxes (1,497) (993) (504)
Recovery of income taxes (83) (41) (42)
------------------------------------------------------------------------
Net loss for the period (1,414) (952) (462)
Loss per common share:
Basic and diluted $(0.03) $(0.02) $(0.01)
Average shares outstanding (000's)
Basic 40,691 40,691 40,691
Diluted 46,786 47,471 46,087
Fiscal 2002 second quarter revenues were $4,756,000, an increase of 8% over the first quarter revenues of $4,395,000, and yielded gross profit margins of 40% for both the second quarter and first half of fiscal 2002.
The net loss for the first half of fiscal 2002 was $1,414,000. Also, the Company has restated fiscal 2002 first quarter unaudited statements resulting in a loss of $462,000. The first quarter restatement has been filed with the applicable securities regulatory authorities. The net loss for the second quarter of fiscal 2002 was $952,000.
SIRIT designs, develops, manufactures and sells Radio Frequency Identification (RFID) technology. Targeted at a diverse set of markets RFID technology has become a core technology for applications including: electronic toll collection, access control, cashless payment systems, product identification, supply chain management applications including logistics, warehousing and manufacturing, and asset management.
Copies of the Company's interim financial report for the first half of fiscal year 2002, including Management's Discussion and Analysis of the statements, are available at: www.sedar.com.
SIRIT currently has 40.7 million common shares outstanding.
Forward Looking Statements
Some statements in this press release contain forward-looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.
--------------------------------------------------------------------------------
Contact:
SIRIT Technologies Inc.
Fred Veinot
Vice President, Marketing and Strategy
Phone: (905) 940-4404 ext. 225
Fax: (905) 940-4405
mail@siritcorp.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
CF Rebel |
