EYDY DELIVERS:
(BSNS WIRE) Eye Dynamics Has Record Profits and Sales in 2003
Eye Dynamics Has Record Profits and Sales in 2003
Business Editors
TORRANCE, Calif.--(BUSINESS WIRE)--EYDY--
Eye Dynamics, Inc. (OTCBB:EYDY) completed year 2003 with
its best ever sales and profits. Sales increased to $3.25 million, up
77% from the 2002 level of $1.84 million. Also, net profit increased
to $856,000 as compared to $151,000 in 2002.
The increase in sales is due to successful marketing of its
medical product to an expanding customer base of physicians by
including Neurologists, Internal Medicine and Chiropractors to its
mature market of ENT/Otologist physicians.
Overall expenses for 2003 decreased 6% from 2002 levels while
sales increased 77%. Therefore, expenses, as a percent of revenue,
were only 18% in 2003 as opposed to 34% in 2002.
For 2004, expansion into more medical markets is planned as well
as closer cooperation with MedTrak Technologies, which accounted for
46% of revenues for the year, as they expand their product and market
base.
For six consecutive quarters, sales have increased over the same
quarter one year earlier. The goal for 2004 is to continue this string
of successful quarterly periods. A continuing goal is to further
increase gross profit by reducing product cost by upgrading designs
and improved component selection. Eye Dynamics also plans to increase
the selling price of select products.
This is the second consecutive year of profitability for Eye
Dynamics. Earnings per share are estimated to be $0.05 per share or
when fully diluted, $0.04 per share. The final Audited Financial
Statement will be completed in February.
About Eye Dynamics, Inc.
Eye Dynamics is in the business of producing and marketing
patented proprietary products and other services for the
institutional, medical and government markets. The company is a leader
in the Video ENG medical product market, having invented the Video ENG
system and brought it to market in 1994. SafetyScope, the company's
latest product, is designed for the 'fitness-for-duty' screening of
workers. SafetyScope is simple to use, takes only 90 seconds and does
not require any bodily fluids like urine-based drug testing. It is
based on the manual methods of evaluating eye responses of an
individual to detect neurological signs of impairment used by law
enforcement throughout the United States.
To find out more about Eye Dynamics, Inc. (OTC:EYDY), visit our
web site at www.EYEDYNAMICS.COM
Safe Harbor for Forward Looking Statements
This news release includes forward-looking statements that are
made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. While these statements are
made to convey to the public the company's progress, business
opportunities and growth prospects, readers are cautioned that such
forward-looking statements represent management's opinion. Whereas
management believes such representations to be true and accurate based
on information and data available to the company at this time, actual
results may differ materially from those described. The company's
operations and business prospects are always subject to risk and
uncertainties. Important factors that may cause actual results to
differ are set forth in the company's periodic filings with the U.S.
Securities and Exchange Commission.
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MEDICAL MEDICAL DEVICES GOVERNMENT
SOURCE: Eye Dynamics, Inc.
CONTACT INFORMATION:
Eye Dynamics, Inc.
Charles E. Phillips, 310-328-0477 (Investor Relations)
Generalinfo@EYEDYNAMICS.COM
*** end of story *** |
