ULTR's Earnings are out, looks like .08 for the 4th quarter
Ultradata Systems Reports 4th Quarter Sales Surge And Returns To Profitability For Year Ended December 31, 2003
Monday March 29, 11:38 am ET
ST. LOUIS--(BUSINESS WIRE)--March 29, 2004--Ultradata Systems, Incorporated (OTCBB: ULTR - News), a leader in the field of hand-held electronic information systems, today announced audited financial results for the year ended December 31, 2003. The Company has filed the results on its Form 10-KSB with the Securities and Exchange Commission.
Net sales in 2003 increased to $2.86 million from $1.74 million in 2002, an increase of 64.4 percent. Ultradata reported net income of $109,695, compared with a net loss of $2.04 million in 2002. The profit in 2003 occurred because sales and earnings in the fourth-quarter of 2003 of $1.75 million and $429,582, respectively, offset the losses that the Company incurred during the first three quarters of 2003.
Commenting on the results, C.E.O. Monte Ross said, "The successful introduction of our new product, the Talking Road Whiz(TM), late in the third quarter resulted in a very strong fourth quarter and a significant backlog for the first quarter 2004. On December 31, 2003, our backlog was $646,963, compared to a backlog of $164,864 on December 31, 2002. Since then, we have received over $3 million in orders during the first quarter of 2004."
Mr. Ross continued, "As we expect continued strong sales of the Talking Road Whiz(TM) and variants, we are looking forward to a profitable 2004. During 2002 and 2003 we implemented a variety of measures to reduce expenditures and overhead. The result was that our cost of sales in 2003 fell by 21 percent, even as sales increased, and our operating expenses in 2003 were 27 percent lower than in 2002. Our overall gross margin for 2003 was 48.1 percent, compared to a negative gross margin for 2002."
Mr. Ross went on to say, "Our R&D effort during 2003 was less expensive than in previous years but better focused. We intend to continue to focus our R&D on developing improved versions of talking travel computers, as we strive for further market penetration and continued growth in sales. We feel that there is considerable opportunity for growth in this market niche." |
