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Microcap & Penny Stocks : SMY - SAMSys Technologies Inc -- Ignore unavailable to you. Want to Upgrade?

To: twentyfirstcenturyfox who wrote (79)	3/1/2002 5:17:54 PM
From: Montana Wildhack	Read Replies (1) \| Respond to of 342

SAMSys Technologies Inc. Reports First Quarter Financial Results For Fiscal 2002 Company: SAMSys Technologies Inc. Stock Symbol: SMY Listing: Canadian Venture Exchange (CDNX) Outstanding Shares: 20.7 Million Web Site: www.samsys.com TORONTO, March 1 /CNW/ - SAMSys Technologies Inc., ("SAMSys"), (SMY:CDNX), www.samsys.com, of Toronto, a provider of Radio Frequency Identification (RFID) reader hardware, today reports on the Company's first quarter financial results for the 3-month period ended December 31, 2001. Financial Highlights: - SAMSys revenues rose 28% to $641,370 in the first quarter of fiscal 2002, compared to revenues of $501,262 in the first quarter of fiscal 2001. The majority of revenues in the first quarter were earned from pilot programs sales for the Company's RFID technology. - In the first quarter of fiscal 2002, SAMSys recorded a net loss of $1,142,514 or $0.06 loss per share compared to a net loss of $931,412 or $0.04 loss per share for the same period in fiscal 2001. The net loss in the first quarter of fiscal 2002 includes a non-cash charge of $495,961 for the amortization of production development costs and $403,990 in research and development expenses. << ------------------------------------------------------------------------- Consolidated Financial Statement 3-Months 3-Months -Unaudited Ended Ended December 31, December 31, 2001 2000 ------------------------------------------------------------------------- Revenues $641,370 $501,262 ------------------------------------------------------------------------- Gross profit 205,931 127,760 ------------------------------------------------------------------------- Net income (loss) (1,142,514) (785,046) ------------------------------------------------------------------------- Earnings (loss) per share (0.06) (0.04) ------------------------------------------------------------------------- Weighted average number of outstanding shares 18,676,498 18,204,649 ------------------------------------------------------------------------- >> "These results reflect the immediate and direct impact of the catastrophic events of last year, and the limitation of our activities for a considerable portion of this quarter", said Cliff Horwitz SAMSys Chairman & CEO. "I am gratified with the growth we were able to achieve during the quarter, together with the progress made in our continued efforts to complete our product line into the most comprehensive, within the Industry. I have little doubt that the full benefit of these activities will be reflected in the near term."