Hi Fox,
Here's the first quarter.
SAMSys Technologies Inc. Reports First Quarter Financial Results for Fiscal 2003
Stock Symbol: SMY
Listing: TSX Venture Exchange
Outstanding Shares: 28.7 Million
Web Site: www.samsys.com
TORONTO, Feb. 28 /CNW/ - SAMSys Technologies Inc., ("SAMSys"), (SMY:TSX-
VEN), www.samsys.com, of Toronto, a provider of Radio Frequency Identification
(RFID) reader hardware, today reports on the Company's unaudited fiscal 2003
first quarter financial results for the three-month period ended December 31,
2002.
Financial Highlights:
- SAMSys recorded revenues of $40,099 in first quarter of fiscal 2003,
compared to revenues of $641,370 for the same period in 2002.
- In the first quarter of fiscal 2003, SAMSys recorded a net loss of
$2,075,623 or $0.07 loss per share compared to a net loss of
$1,142,514 or $0.04 loss per share for the same period in 2002. The
first quarter net loss includes a non-cash charge of $495,961 for the
amortization of production development costs and $766,794 in research
and development expenses.
- SAMSys' cash balance as of December 31, 2002 was $5,694,996.
- SAMSys' total liabilities as of December 31, 2002 were $434,949.
<<
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Unaudited Consolidated Q1 Fiscal 2003 Q1 Fiscal 2002
Financial Statement December 31, 2002 December 31, 2001
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Revenues $40,099 $641,370
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Gross profit 23,525 205,931
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Net income (loss) (2,075,623) (1,142,514)
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Earnings (loss) per share (0.07) (0.04)
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Weighted average number of
outstanding shares 28,725,898 18,676,498
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>>
"These results reflect the investment we have made in commercializing the
products and technologies developed during the activities with which we were
involved over the past couple of years. While much progress was made in
expanding our capabilities and the library of technologies during that period,
commercial product targeted at real world applications required significant
refinement. Furthermore, in the first quarter of 2003 we initiated our Value
Added Reseller (VAR) program in order to become proactive in the distribution
of our RFID products within a variety of vertical and geographic markets. We
sought out the most effective, experienced and well-established resellers in
North America and Europe and have been extremely successful in convincing them
to join our program," said Cliff Horwitz, CEO of SAMSys. "To date, a network
of fourteen VAR's in the USA, United Kingdom and Canada has become "delivery
agents" for SAMSys RFID products. As a result, I am confident that we will
shortly witness the beginning of tangible results from our marketing
strategy."
SAMSys' first quarter fiscal 2003 unaudited financial statements are
currently posted on the Company's website at www.samsys.com. |
