Nexland Reports Record Results for 3rd Quarter
Friday November 15, 11:20 am ET
MIAMI--(BUSINESS WIRE)--Nov. 15, 2002--Nexland Inc. (OTCBB:XLND - News), a technology driven Internet security company whose Internet Protocol (IP) based networking appliances are installed at enterprise branches and telecommuter offices worldwide, reported record results for the 3rd quarter ended September 30, 2002.
Revenues for the three months ending September 30, 2002 were $3,181,986, an increase of 330% over the three months ended September 30, 2001, principally due to a 424% increase in unit shipments of the Company's Internet access firewall and "hardware routers" over the same periods. Revenues for the nine months ended September 30, 2002 were $6,038,173, an increase of 165% over the nine months ended September 30, 2001, due to a 167% increase in unit shipments of the Company's Internet access firewall and "hardware routers" over the same periods.
Selling, General and Administrative expenses for the three months ending September 30, 2002 were $795,742, as compared to $903,731 for the three months ended September 30, 2001, a decrease of $107,989. SGA for the nine months ending September 30, 2002 were $2,201,808, as compared to $2,785,332 for the nine months ended September 30, 2001, a decrease of $583,524.
The combination of the above factors (and others) led to positive Net Income for the three months ended September 30, 2002 of $393,568, versus a Net Loss of $(457,225) for the three months ended September 30, 2001, an improvement of $850,793. Net income for the nine months ended September 30, 2002 was $321,645, versus a net loss of $(1,709,925) for the nine months ended September 30, 2001, an improvement of $2,031,570.
Commenting on these results, Gregory S. Levine, Chief Executive Officer and President said: "I am pleased to report for the quarter, and nine months previously ended, record sales, strong gross margins and reduced operating expenses. In addition to retiring debt, we will strive to satisfy our clients with timely technology and customer service." |
