SILENT WITNESS ENTERPRISES LTD ("SWE-T;SILW-Q")
- Revenue Growth for Fiscal 2002
Silent Witness, a leading provider of video monitoring technology,
announced that unaudited revenue for the fourth quarter ended July 31, 2002
was $15,162,000, a 58 percent increase from the prior year fourth quarter
revenue of $9,574,000. Revenue for the fiscal year ended July 31, 2002 was
$57,954,000 compared with $40,041,000 in the prior fiscal year.
The Company has decided to recognize a special pre-tax charge of
$1,200,000 in the fourth quarter for the write-down of certain inventory
acquired as part of the September, 2001 acquisition of the video storage
business of Gyyr, Inc. The special charge is for obsolete inventory used
for sales and service of analog (VCR) recorder systems.
Operating costs for the fourth quarter were lower than the third
quarter as a result of reduced research and development expenditures,
investment tax credits, and foreign currency gains due to the weakening of
the Canadian dollar in the fourth quarter. Net earnings including the
effect of the special charge are expected to be approximately $685,000
($0.09 basic earnings per share) and $1,104,000 ($0.16 basic earnings per
share) for the fourth quarter and the year ended July 31, 2002
respectively.
Conference Call Information:
Further detail regarding the fourth quarter and annual results will be
provided in a LIVE and ARCHIVED Conference Call on Thursday, September
19th, 2002 at 2:00 PM EST. In the U.S., the Conference Call can be accessed
at 1-800- 311-9407. In Canada, please call 1-888-259-2914. For all
conference calls please quote the access code: Silent Witness.
The webcast will be archived and available beginning September 19th,
2002 at 4:00 PM EST through to October 30th, 2002. For more information
visit our website at: silentwitness.com or click
on: www.companyboardroom.com
About Silent Witness:
Silent Witness Enterprises Ltd. (NASDAQ: SILW / TSX: SWE) designs and
manufactures a full range of video monitoring technology for the global
marketplace. Founded in 1986 and headquartered in Surrey, BC, Silent
Witness is a leading provider of high-performance closed circuit television
(CCTV) cameras, digital and analog storage solutions, network-based remote
video surveillance and multiplexers worldwide.
Silent Witness(R) is a registered trademark of Silent Witness
Enterprises Ltd.
This news release may include statements about expected future events
and/or financial results that are forward-looking in nature and subject to
risks and uncertainties. The company cautions that actual performance will
be affected by a number of factors, many of which are beyond control.
Future events and results may vary substantially from what the company
currently foresees.
TEL: (604) 574-1526 ext. 8630 Michael K. Longinotti, CFO
Email: mlonginotti@silentwitness.com
TEL: (770) 425-7877 Todd Atenhan, EPOCH Financial Group, Inc.
Email: tatenhan@bellsouth.net
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