Imagis Announces Year-end Results
by: Editorial Department
2004-04-14 11:31:12 AM
Imagis Technologies announced that its fiscal year revenues at December 31, 2003 were US$1,355,742, a decrease of 55 percent over the previous fiscal year. The decreased revenues were primarily due to lower software sales.
Operating expenses totaled $5,414,599 for 2003, which is 46 percent lower than the 2002 operating expenses of $9,974,281. The lower costs over the prior period resulted from significant decreases in the areas of administration, sales and marketing, and technology development and technical services. Management has implemented significant cost reduction strategies during the final quarter of 2002 and throughout 2003.
Overall, the Company incurred a net loss for the year ended December 31, 2003 of $4,058,857 or $0.74 per share, which is 42 percent lower than the net loss incurred during the year, ended December 31, 2002 of $6,951,393 or $1.71 per share. Even though the Company experienced reduced revenues during the year, the loss was reduced through management's cost reduction strategies.
Imagis, with its roots in the development of law enforcement applications and Facial Recognition (FR) algorithms, has emerged as an international supplier of Arrest and Booking software. The company's technology is used in a variety of identity investigation and verification applications ranging from victim identification to 'alias' fraud detection.
asmag.com
steve |
