Optimal Robotics Corp. Announces Record Revenue, Installations and Backlog
Canadian Corporate News - March 08, 1999 23:04
MONTREAL, QUEBEC--Optimal Robotics Corp. (NASDAQ: OPMR) today announced its results for the year ended December 31, 1998. The Company has changed its reporting currency to U.S. dollars and continues to account under Canadian generally accepted accounting principles.
The Company reported record revenues of $5,618,013, an increase of 65 percent from $3,396,717 in 1997. The net loss for the year was$3,910,764 or $.52 per share compared to a net loss of $1,381,137 or $.19 per share in 1997.
Optimal Robotics had record revenues of its core product, the U- Scan(R) Express, of $5,154,961, an increase of 209 percent from $1,670,967 in 1997. The Company installed 57 U-Scan(R) Express systems in 1998, an increase of 159 percent from 22 systems installed in 1997. Optimal Robotics has installed 34 U-Scan(R) Express systems in slightly over the first two months of 1999. The Company currently has 120 U-Scan(R) Express systems installed in several leading retailers, including Kroger, Meijer and Wal-Mart, and currently has purchase commitments for 150 U-Scan(R)Express systems.
"We are very pleased with our accomplishments in 1998", said Holden L. Ostrin, Vice Chairman of Optimal Robotics. "Management took the view that 1998 would be a year of building infrastructureand growing an installed base so that we could position U-Scan(R) Express as an important factor in the self-checkout industry, which is rapidly evolving. We believe that our 1999 pace, with 34 systems already sold and installed this year, and our backlog demonstrate that our efforts and investments are paying off", said Mr. Ostrin. |
