Eyelogic Reports Improved Revenue and Earnings for Q3/03
CALGARY, Dec. 3 /CNW/ - Eyelogic Systems Inc. (EYE.A, TSX Venture)
enjoyed improved revenue and earnings performance for the third quarter ended
September 30, 2003. The Company's net earnings before tax for the three months
ended September 30, 2003 increased 87% to $132,325 ($0.05 per share) as
compared to $70,774 ($0.03 per share) for the same period in 2002. The
Company's net earnings before tax for the nine months ended September 30, 2003
of $257,328 ($0.09 per share) is behind last years record pace of $401,493
($0.14 per share).
Revenue increased by 52% for the three months ended September 30, 2003 to
$581,118 as compared to $382,975 for the same period last year. On a year to
date basis revenues are 13% lower to $1,528,654 from $1,756,871 for the same
period last year. Rental fee revenue has modestly increased year over year for
both the three and nine month periods ended September 30, 2003 while software
sales and equipment sales have experienced an improved third quarter in
comparison to 2002, but lag behind 2002 on a year to date basis.
General and administrative costs for the nine months ended September 30,
2003 decreased by $11,780 as compared to the same period in 2002. Of note,
salaries and consulting fees decreased $55,344 (22%) while professional fees
increased $18,142 (33%) and advertising and promotion increased by $12,153
(268%).
The Company's current ratio has improved steadily over the past year to
2.17 at September 30, 2003 from 1.34 at December 31, 2002. As well, long-term
debt decreased to $269,420 from $332,531 at December 31, 2002.
Our diligent business practices are providing Company stability. Expenses
remain steady. Debt is low. Cash flow is excellent. And we continue to develop
new business.
Our latest concept called EyeLab, has been modified to mimic the success
of our sight testing business. We've done this to utilize our expertise in
creating simplified turnkey solutions. The EyeLab concept will now focus on
offering digital retinal imaging to the growing diabetic population via our
established tele-health link to specialists.
Diabetes is a disease that accelerates the aging of the blood vessels.
The retina is composed of many small blood vessels and therefore this disease
can greatly affect vision. Our open access screening program using the latest
technology and software will fill a great need within the industry.
Eyelogic Systems Inc. has proprietary and patent rights to a software
application that allows technicians, under the supervision of physicians, to
perform sight testing delivering highly accurate results. The Company delivers
a turnkey operation to its clients through sales and rentals of computers and
ophthalmic equipment.
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein. |
