QTEK PR out today..........
Quintek Announces Third Quarter Financial Results
CAMARILLO, Calif., May 30 /PRNewswire/ -- Quintek Technologies, Inc. (OTC Bulletin Board: QTEK - news) is pleased to announce financial results for the third quarter and nine months ending March 31, 2000.
Revenues for the nine months ending March were $780,275, an increase of 42.5% over $547,745 recorded for the nine months ending March 1999. For the three months ending March 2000 revenues were $382,544, an increase of 55% over $247,548 recorded for three months ending March 31, 1999. In the third quarter, the Company shipped equipment to a number of new accounts including GTE Airfone, Boeing Company, Lufkin Industries, Whirlpool Corporation, and Carolina Power & Light.
Operating cash flow for the nine months ending March 31, 2000 was a deficit of $48,729, a substantial improvement over the deficit of $637,846 for the comparable period in 1999. For the nine months ending March 31, 2000, earnings per share was a loss of $0.09 versus a loss of $0.31 per share for the comparable period in 1999. Earnings were impacted by non-operating and acquisition expenses of $1,737,731 and $633,504 in the nine months ending March 31, 1999 and 2000 respectively.
In reviewing other performance measures, cost of goods sold decreased 26% and 14.0% for the three months and nine months ending March 31, 2000, respectively, over comparable periods in 1999. Costs in 1999 were impacted by a reserve established for obsolete inventory.
In the quarter ending March 31, 2000, Quintek acquired Juniper Acquisition Corp., a fully reporting company registered with the Securities and Exchange Commission in order to maintain an orderly market for its stock on the OTC Bulletin Board. In the quarter ending March 31, 1999, Quintek acquired Pacific Diagnostic Technologies, a publicly held company, in order to establish a public trading market for its stock.
``We continue to see increased demand for our chemical-free, aperture card imaging equipment, software, services, and media,'' indicated Tom Sims, President & CEO of Quintek. ``With our one-of-a-kind technology and network of strategic partners in place, we are well positioned to provide the most cost effective and environmentally superior solution for long term storage of digital information.'' In addition, Quintek is continuing development of its Internet Shuttle software, which will further reduce storage and facility cost for its customers, extend Quintek's market share to include new industries, and accelerate card royalties in an estimated $2.5 billion market.
Quintek is continuing to build its asset base with the objective of qualifying to meet the requirements for a small cap listing. As an incremental step to this objective, Quintek recently swapped a small amount of its stock to acquire a 5% equity position in Microshield Technologies, Inc., Quintek's stake could increase substantially in value as Microseal continues to develop its proprietary technology.
See Edgar for details...........
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