Stockwatch version:
AIT's first-quarter results
AIT Advanced Information Technologies
AIV
Shares issued 10,901,886
1999-02-12 close $1.45
Monday Feb 15 1999
Mr. Bernie Ashe reports
AIT Corporation had net income of $110,000 on revenue of $3-million for the first quarter ended Dec.
31, 1998. The results represent a 25 per cent increase in revenue over the same quarter last year, when
the company recorded a $220,000 net loss on revenue of $2.4-million. The company generated
$404,000 in cash from operations during the first quarter.
AIT sold its interactive security products division in October 1998, a move intended to return the
company to profitability by concentrating all of its resources on its core business of identification
products. The company announced important deals with the U.S. State Department, Singapore, and the
British Virgin Islands during the quarter. These contracts show strength in both the issuance and
inspection markets. In particular, the market for remote issuance of passports and visas in consulate and
embassy operations bodes well for the company's GenIE product.
The airline industry continues to provide a new market opportunity for the company's core reader
technology. British Airways is continuing its rollout of the PAX Reader in the United States and the
company is in various stages of product evaluation with several other major airlines.
GenIE is a software product for the issuance of secure documents. The PAX Reader is a multifunction
data capture device that uses optical character recognition technology and the ability to decode magnetic
stripe information to read travel documents such as airline tickets, boarding passes, passports, visas,
and identification cards.
CONSOLIDATED INCOME STATEMENTS
Three months ended Dec. 31
(thousands of dollars)
1998 1997
Revenues $2,998 $2,402
Direct costs 1,202 1,015
------ -------
Gross margin 1,796 1,387
------ -------
Expenses
Selling, general and
administrative 1,183 1,174
Research and
development 439 460
------ -------
1,622 1,634
------ -------
Net income/(loss)
before undernoted items 174 (247)
Net interest expense (68) (9)
Foreign exchange gain 4 36
------ -------
Net income/(loss)
from continuing
operations 110 (220)
Net (loss) from dis-
continued operations - (1,445)
------ -------
Net income (loss) $110 $(1,665)
====== =======
Earnings (loss)
per share from
continuing operations 1 cent (3 cents)
Earnings (loss)
per share 1 cent (26 cents) |
