Optimal Robotics Reports Record 1999 Year-End Results
Business Editors
MONTREAL, Quebec--(BUSINESS WIRE)--Feb. 24, 2000--Optimal
Robotics Corp., North America's leading provider of self-checkout
systems to retailers, today announced record results for the year
ended December 31, 1999. All references are to U.S. dollars.
Revenue in 1999 was $29,634,246, up 427% from $5,618,013 in 1998.
Net earnings in 1999 were $3,651,768 compared to a net loss of
($3,910,764) in 1998. Fully diluted earnings in 1999 were $.35 per
share compared to a loss of ($.52) per share in 1998.
Revenue for the 1999 fourth quarter was $6,834,636, up 308% from
$1,674,516 in the 1998 fourth quarter. Fourth quarter 1999 net
earnings were $2,378,004 as compared to a net loss of $(1,141,287) in
the fourth quarter of 1998. Fully diluted earnings in the 1999 fourth
quarter were $.18 per share compared to a loss of ($.15) per share in
the 1998 fourth quarter.
In the fourth quarter of 1999, management determined that, based
on the number of purchase commitments received in the fourth quarter
of 1999 and the Company's positive trend in its profitability and
sales levels in recent quarters, it was more likely than not that
Optimal will generate sufficient taxable income to fully realize all
of its future income tax assets. As a result, 1999 year-end net
earnings and fourth quarter 1999 net earnings reflect an income tax
recovery of $3,531,583.
Optimal Robotics installed 288 U-Scan(R) Express Systems, its
core product, in 1999, an increase of 405% from 57 systems installed
in 1998. Optimal installed 64 U-Scan(R) Express Systems in the fourth
quarter of 1999, an increase of 276% from 17 systems installed in the
fourth quarter of 1998. As of January 31, 2000, Optimal had a backlog
of a minimum of 457 U-Scan(R) Express Systems to be installed.
"In 1999, Optimal Robotics clearly distinguished itself as North
America's leading provider of self-checkout systems to retailers,"
said Holden L. Ostrin, Co-Chairman. "The significant growth of our
system installations, shopper transactions and order growth is a
testimony to retailer and shopper acceptance of Optimal's U-Scan(R)
self-checkout systems," added Mr. Ostrin.
Mr. Ostrin further added, "We are very excited about our recent
trends and prospects for 2000. This confidence is directly related to
the support our customers have demonstrated by their orders for 2000
and the backlog we have as a result of those orders. We continue to
make significant investments in our infrastructure to support the
growth in our business. As well, we are exploring opportunities that
may exist to expand our business into foreign markets and to leverage
our installed base to tap applications relating to the Internet and
e-commerce."
Optimal Robotics Corp. is the leading provider of self-checkout
systems to retailers in North America. 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, which
processed over 45 million customer transactions in 1999, is designed
to reduce retailer checkout costs and increase shoppers' convenience.
Optimal's systems are installed in leading retailers, including The
Kroger Company, Meijer, Inc., Ahold NV, The Great Atlantic and Pacific
Tea Co., Inc. ("A&P") and Wal-Mart Stores, Inc. |
