Optimal Robotics Corp. Announces Quarterly Results, Record Revenue and Installations
MONTREAL--(BUSINESS WIRE)--April 23, 1999--(NASDAQ:OPMR) Optimal Robotics Corp. (NASDAQ: OPMR) today announced its results for the quarter ended March 31, 1999. All references are to U.S. dollars
The Company reported record revenues of $5,090,265 for the quarter, an increase of 870 percent from $525,033 for the first quarter of 1998. The operating loss for the quarter was $514,333 or $.07 per share compared to an operating loss of $837,178 or $.11 for the first quarter of 1998. The net loss for the quarter was $574,826 or $.08 per share compared to a net loss of $799,325 or $.11 per share for the first quarter of 1998.
Optimal Robotics had record revenues of its core product, the U- Scan(R) Express, of $4,925,722, an increase of 950 percent from $468,903 in the first quarter of 1998. The Company installed 51 U- Scan(R) Express systems in the quarter compared to 7 systems installed in the first quarter of 1998 and 57 systems in all of 1998. Optimal Robotics has installed a total of 65 U-Scan(R) Express systems since the beginning of 1999. "Our significant increase in revenue and installations of U-Scan Express(R) systems during the quarter demonstrates that our growth strategy is on track", said Holden L. Ostrin, Vice Chairman of Optimal Robotics. "In 1998, we made substantial infrastructure investments in anticipation of handling considerable growth in orders and installations. We believe that our sizable backlog and our continued growth will validate the soundness of these investments."
Optimal Robotics Corp. is the leading provider of self-checkout systems for express lanes in supermarkets and supercenters throughout the United States. The Company's principal product is the U-Scan(R) Express, an automated self-checkout system which enables shoppers to scan, bag and pay for their purchases with limited or no assistance from store personnel. The U-Scan(R) Express is designed to reduce the cost of checkout transactions to retailers and increase shoppers' convenience. There are currently 151 U-Scan(R) Express systems, which include 602 checkout terminals, installed in stores located in 18 states for several leading retailers, including The Kroger Company, Meijer, Inc. and Wal-Mart Stores, Inc.
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