TRKR- as many of you know I am long this one. Another BB with the real potential no P&D crap, not going to blast to the moon and leave you with your pants down and at thes prices stil looks attractive, but is of course very risky.... They are cheap and growing, alliances with Sony, Symbol, etc. Worth a look to at least keep on the radar.
(PR NEWSWIRE) Tracker Corporation of America
Reports Second Quarter Six Mo Tracker Corporation
of America Reports Second Quarter Six Months
Results; Company Provides Program Updates
TORONTO, Nov. 15 /PRNewswire/ -- The Tracker
Corporation of America (OTC Bulletin Board: TRKR)
today announced results of operations for the second
quarter and six months ended September 30, 1999.
Revenues for the second quarter and six months ended
September 30, 1999 were $21,102 and $54,885,
respectively, compared to $21,431 and $93,513 for the
corresponding periods in 1998. Gross profit was
$17,939 and $49,424, compared to $12,390 and
$42,090 in 1998. Development costs increased to
$261,398 in the second quarter and $421,724 in the six
months, compared to $143,538 and $313,653 for the
same periods in 1998. Net loss for the second quarter
and six months was $206,369 ($0.004 per share) and
$333,700 ($0.0064 per share), respectively, compared
to a net loss of $339,581 ($0.0149 per share) in the
second quarter in 1998 and a net profit of $108,215
($0.0047 per share) for the first six months of 1998.
Weighted average number of shares outstanding for
the second quarter and six months of fiscal 1999 were
51,855,246 for both periods, compared to 22,802,142
for both periods in 1998.
The increase in gross profit for the first six months of
fiscal 1999 resulted from payments derived from the
Company's contract with Sony Computer
Entertainment America, Inc. ("Sony"). The decrease in
revenue during this period was due to the Company's
decision to focus their limited resources on the
development of new product lines. Cost of sales
decreased in the first six months resulting from an
increase in software sales and a decrease in label
product sales. The net loss, which included the net loss
from discontinued operations, resulted primarily from
increased development costs associated with renewed
marketing initiatives.
In an update on programs and contracts in-house, the
Company reported the following:
The Florida Police Chiefs Foundation (FPCF) and the
Company have agreed to extend the date for
completion of their agreement to collaborate on a
statewide Operation Bicycle Identification Partnership.
The delay is solely related to the FPCA's requirement
that the Company resolve an outstanding contract
issue with the International Association of Chiefs of
Police. Tracker is actively pursuing a solution to that
issue and expects definitive five-year term agreements
to be signed by December 31, 1999, or sooner.
The Company is currently working with Symbol
Technologies on the design and development of a
custom mobile registration application using 2-D
barcodes, as well as mobile enhancements to their
current Asset Management system. Symbol
Technologies is currently compiling a functional
specification on applications identified from Tracker's
initiated research.
The Company has installed a customized asset tracking
and move management applications at Sony. As Sony
is an alpha and beta site for this new product, Tracker
is continuing to develop additional functionality
required by Sony. These additional functions, when
completed and approved by Sony, will be designed and
incorporated by Tracker into Tracker's new Asset
Management System. The customized asset tracking
and move management system is scheduled for release
by Tracker in February 2000. The system will be
targeted to public and private sector clients and
represents a completely portable solution for asset
management and individual accountability.
In September 1999, the Company initiated discussions
with Schwinn Cycling & Fitness, Inc. on an OEM
application of identifying bicycle ownership, in
addition to continuing label sales in bicycle accessory
packs.
The Company continues to work in cooperation with
Warrentech Additive, Inc. through the provision of
Tracker's vehicle labels for purchasers of Warrentech's
extended warranty program. Under the best efforts
agreement, sales of the extended warranty service
through auto dealerships have not met Warrentech's
expectations. Warrentech is reviewing the program
and is exploring enhancements to the program with a
goal toward achieving their original expectations.
"We believe the worst is behind us," said Bruce I.
Lewis, Chairman and CEO of Tracker. "The several
years past have been riddled with legal issues and
limited resources. The resolve of these issues and the
recent infusion of funds into the Company has enabled
me and management to focus our efforts on furthering
the marketing of Tracker's fine technology products.
We believe and expect that our existing relationships
and those that we are pursuing will result in revenues
and increased value to our shareholders. We ask for
your continued patience and support."
The Tracker Corporation of America is a development
stage company that develops, markets, sells and
operates asset management, inventory control and
personal property identification and recovery systems
using advanced bar code and laser scanning
technology.
For more information visit the Company's web site at
www.tracker.com
Forward-looking statements made herein are pursuant
to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned
that actual results, performance or developments could
differ materially from those expressed or implied by
these forward-looking statements as a result of known
or unknown risks, uncertainties and other factors
described from time to time in the company's filings
with the Securities and Exchange Commission, press
releases or other communications.
SOURCE The Tracker Corporation
-0- 11/15/1999
/CONTACT: Bruce I. Lewis of The Tracker
Corporation, 416-593-2604; or Fran Daniels of
Financial Sciences of America, 310-278-4413, for The
Tracker Corporation/
/Web site: tracker.com
(TRKR) |
