Jim...I show last q filed for Jan 31st, 1999...which makes the next q due by June 15th...which is this week. This is press release for that qtr...
SMS Reports Financial Results for Second Fiscal
Quarter 1999
AUSTIN, Texas, May 17 /PRNewswire/ -- Scientific Measurement Systems (OTC Bulletin Board: SCMS - news; SMS)
today announced financial results for their second fiscal quarter, the three months ended January 31, 1999.
Revenue for the second fiscal quarter in 1999 was down 60% compared to the same period a year ago, $540,000 in Q2 of
FY 1999 versus $1,353,000 in the second quarter of 1998. The loss for the quarter was ($162,000) versus ($34,000) for the
second quarter of 1998, but the Company suffered a slightly smaller net loss, ($334,000), versus ($357,000) for the same
six-month reporting period last year. The net loss per share for both six month reporting periods was ($.02).
Total operating costs for the second quarter were reduced to $218,000 in fiscal 1999, compared to $385,000 in fiscal 1998.
Research and development costs were slightly increased over the same period in 1998 while General and Administrative
(G&A) expenditures were reduced 38%. Marketing expenditures were also reduced 62% over the same quarter in FY 1998.
Those cost adjustments were a significant factor in avoiding greater losses.
''The Company's balance sheet continues to constrain operations. I am pleased, though, that we are able to reduce the size of
the loss, however modestly, over the analogous six month period in FY 1998 -- while experiencing a 30% drop in revenues,''
stated Howard L. Burris Jr., President and CEO of SMS. ''The Company does have a great deal of interest in its systems from
a number of new and incumbent customers, and a significant research and development agreement has recently been concluded
with a major international firm,'' he added. ''This agreement could in time lead to the sale and production of multiple units with
the same design and configuration. Serial production of common systems would obviously become a tremendous benefit to the
company.''
SMS designs, manufactures, and sells industrial CT equipment and services to a worldwide customer base. The company is a
recognized leader in the development and commercialization of CT technology. CT provides a fully non- destructive method for
creating 2-D and 3-D data sets of an object, allowing the user to examine both internal and external features. SMS is a public
company traded on the OTC Bulletin Board under the symbol SCMS. SMS is based in Austin, Texas, and can be reached at
512-837-4712 or at www.sms-ct.com.
Selected Data from Consolidated Financial Statements (Unaudited)
Q ended 1/31/99 Q ended 1/31/98
1999 1998
Revenue $540,000 $1,353,000
Net Income (Loss) ($162,000) ($34,000)
Net Income (Loss) per Share ($.01) ($.00)
Statements made in this press release, including those related to the production backlogs, industry attitudes toward ''close
packed'' detector technology, projections of future revenues, and the Company's ability to secure future financing are
forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Among other things, a continued backlog in the scanning services business is as dependent upon purchasing decisions by
present and potential customers as well as increased competition from new and existing competitors; industry attitude toward
''close packed'' detector technology is subject to introduction of competing products by others in the industry; projections of
future revenues are dependent upon the Company's realization of pending job orders and research contracts; and the
Company's ability to obtain additional financing mechanisms is subject to the general availability of investor capital in the
marketplace. In addition to the factors set forth in this release, the environmental, governmental, technological, economic,
competitive, and other factors identified in the Company's filing with the Security and Exchange Commission could affect the
forward-looking statements contained in the press release.
For more information, contact Howard Burris, President & CEO of Scientific Measurement Systems, Inc., 512-837-4712, or
email, howard@sms-ct.com.
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