wow..haven't looked at SEVU in a LOOONG time..Guess they survived. Sort of...stock price is pretty low.
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SeaView Reports First Quarter Results Period Ending March 31, 2003
May 21, 2003 10:50:00 AM ET
Continuing Sales Improvement With a 173% Gain Over Same Period Last Year Represents Third Consecutive Quarter Of Sales Growth
TIERRA VERDE, Fla., May 21 /PRNewswire-FirstCall/ -- SeaView Video Technology, Inc. (OTC Bulletin Board: SEVU) reported its results for the quarter ending March 21, 2003. The Company reported $345,601 in sales for the first quarter of 2003 versus $126,616 for the first quarter of 2002 which represents a 173% increase sales and is the third consecutive quarter of sales growth for the Company. In the past three quarters the Company has generated sales of $768,667 versus $360,546 for the comparable three quarters which is a 113% increase. Further, the quarter's sales volume is the largest sales volume achieved in a quarter since the first quarter of 2000.
The following table sets forth selected information from the statement of operations for the three months ended March 31, 2003 and 2002.
Selected Statement of Operations Information
Quarter Ended Quarter Ended
March 31, 2003 March 31, 2002
Net Revenues $345,601 $126,616
Operating Expenses $745,677 $983,732
Net Income (Loss) $(622,909) $(921,977)
The complete statement of Company results may be found in the quarterly 10-Q report which may be accessed via the Company website, www.seaview.com, using the "SEC filings" link in the investor relations section.
Commenting on these results, George S. Bernardich III, SeaView's Chairman & CEO stated, "The Company is definitely gathering sales momentum across all product lines. We began shipping our first DC PowerLine Vision Systems (PLVS) at the end of the first quarter. The product line is being very well received in the marketplace. And, we expect to execute additional distribution contracts for PLVS in the near future, which would contribute to maintaining our current sales growth. Consequently, we anticipate achieving a cashflow breakeven point by the forth quarter if sales volume maintains current trends. Obviously, this would be a pivotal point in the Company's history and a goal the entire SeaView Team is working toward. The Company is quietly changing from an underwater camera business to a worldwide leader in manufacturing and distribution of PowerLine products to consumer, commercial and industrial markets."
About SeaView Video Technology Inc.:
SeaView Video Technology Inc., www.seaview.com, designs, manufactures and markets, among other devices, products and applications developed to transmit voice, video, audio and data either individually or any and all combinations over power lines, in AC and DC power environments, on any and all power grids. The Company has also developed and manufactures different kinds of underwater video cameras, lights and accessories for the marine, commercial and consumer retail markets.
website: www.seaview.com
e-mail: investor@seaview.com
This press release may contain "forward-looking statements" that involve risks and uncertainties, including statements regarding our plans, future events, objectives, expectations, forecasts, or assumptions. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and in some cases, words such as "believe," "estimate," "project," "expect," "intend," "may," "anticipate," "plans," "seeks," and similar expressions identify forward-looking statements. These statements involve risks and uncertainties that could cause actual outcomes and results to differ materially from the anticipated outcomes or result, and undue reliance should not be placed on these statements. These risks and uncertainties may include: the adoption of our new products by customers; our ability to identify, develop, and commercialize new applications for our products; the ability to manage our anticipated growth; scaling-up our manufacturing capabilities; protecting our intellectual property; and other risks and uncertainties discussed in filings made with the Securities and Exchange Commission (including risks described in subsequent reports on Form 10-Q, Form 10-K, Form 8-K, and other filings). SeaView Video Technology, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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