Year end results
CSI Credit Systems International Inc
CSU
Shares issued 10,062,500
1998-09-18 close $0.84
Tuesday Sep 22 1998
Mr. James Christensen reports
In 1998, CSI achieved the transformation from a product based company to a
service based company. A change that has been in development over the last two
years, culminating in the company posting record sales and a record gross margin.
Year to date sales of $2,213,574 were up 30 per cent versus the same period last
year. Gross margin increased to 72 per cent up from 55 per cent in 1997.
Expenditures for R&D were $485,989, incurred to complete the ERNEX system
and develop CSI Parking Systems' new ticketing system the CTD 6000.
During this quarter, CSI enjoyed continuing success in expanding the adoption of
ERNEX, as the technology leader for real time customer loyalty solutions by:
certifying CSI's GT-100 by First Data Corporation is completed. Certification
enables CSI to process credit and debit card transactions to First Data's central
processing system. First Data is the largest transaction processor in the United
States; and, installing 500 CSI GT-100 terminals for Best Western Hotels Inc.
across North America. CSI's GT-100 terminal was chosen for its ability to
transmit transaction information through V-Sat, a satellite network operated by
Hughes Network Systems.
CSI Parking took steps to solidify the management team and provide a transaction
processing solution that particularly fits the United States market by: hiring a
president of CSI Parking. This strategic move allows CSI Parking the freedom to
focus on its core business, unattended parking systems; and, completing
development of the CTD 6000 ticketing system, a multifunctional ticketing system
that accepts bills and processes information for the unattended parking market.
FINANCIAL HIGHLIGHTS
Year ended May 31
(thousands of dollars)
1998 1997
Revenue $ 2,213 $ 1,708
Net income (513,171) (375,684)
Earnings per
share (5 cents) (4 cents)
FINANCIAL HIGHLIGHTS
Three months ended May 31
(thousands of dollars)
1998 1997
Revenue $ 503 $ 704
Net income (170) (67)
Earnings per
share (1.6 cents) (.7 cents)
It's coming, but the growth is going to have to be better than 30% for the stock to go. |
