SAMSys Technologies Inc. Reports Financial Results for the First Nine Months of Fiscal 2003
Stock Symbol: SMY
Listing: TSX Venture Exchange
Outstanding Shares: 30.3 Million
Web Site: www.samsys.com
TORONTO, Aug. 29 /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
financial results for the nine-month period ended June 30, 2003.
Financial Highlights:
- SAMSys recorded revenues of $188,678 in first nine-months of fiscal
2003, compared to revenues of $1,337,456 for the same period in 2002.
- In the first nine months of fiscal 2003, SAMSys recorded a net loss of
$6,149,035 or $0.21 loss per share compared to a net loss of
$4,099,998 or $0.18 loss per share for the same period in 2002. The
nine-month net loss includes a non-cash charge of $1,487,883 for the
amortization of production development costs and $2,533,123 in
research and development expenses.
- SAMSys' cash balance as of June 30, 2003 was $2,789,260.
- SAMSys' total liabilities as of June 30, 2003 were $460,021.
- Subsequent to June 30, 2003 a total of 1,135,000 outstanding share
purchase warrants have been exercised, resulting in additional funds
amounting to $851,250 being received by the Company.
<<
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9-Months 9-Months
Ending Ending
June 30, June 30,
Unaudited Consolidated Financial Statement 2003 2002
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Revenues $ 188,678 $1,337,456
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Gross profit $ 98,495 $ 465,550
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Net income (loss) ($6,149,035) ($4,099,998)
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Earnings (loss) per share ($0.21) ($0.18)
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Weighted average number of
outstanding shares 28,725,898 22,428,713
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Revenues during the nine-month period ending June 30, 2003 were derived
primarily from the sale of demonstration units to its Value-added Re-seller
partners and to end-users and from RFID integration consulting.
During the nine-month period ending June 30, 2003, the Company continued
to invest in research and development activities for its passive RFID reader
products, particularly UHF reader products designed specifically for logistics
and supply chain applications operating under both the EPC and ISO industry
standards. During this period, the Company continued to invest in the
development of a broader sales and distribution channel and launched a Value
Added Reseller program for both the North American and European markets.
"During this period, we continued to maintain an aggressive strategic
approach to the completion of our current Product Development Program, and the
certification of our products. We are now positioned to commence the
fulfillment of commercial orders and in so doing, generate the scale of
revenues representative of the demand for RFID technology that we are
witnessing," said Cliff Horwitz, SAMSys' Chairman & CEO. "We remain confident,
both from the intellectual property and commercialization standpoints, that
the rewards from our efforts will become evident in the coming weeks and
months." |
