ITSI...OTC BB .55...trading w/ttm PE of 5...due to shipping and billing timelines qtrs tend to be bumpy...they recently signed up new contracts in India which is a huge new mkt for them...backlog at $12m....52wh is 1.34 w/13m shares outstanding:
(COMTEX) B: International Lottery & Totalizator Systems Reports Profit F
B: International Lottery & Totalizator Systems Reports Profit For Fiscal Year
2002 and Transition Period Results
CARLSBAD, Calif., Jul 29, 2002 /PRNewswire-FirstCall via COMTEX/ --
INTERNATIONAL LOTTERY & TOTALIZATOR SYSTEMS, INC. (OTC Bulletin Board: ITSI)
today announced results for the 12 month fiscal year ending April 30, 2002, and
the four month transition period ending April 30, 2001. For 2002, revenues were
$18.2 million compared to $24.1 million for the prior full fiscal year ending
December 31, 2000. The Company posted net income of $1.3 million or $0.10 per
share for fiscal 2002, compared with net income of $2.6 million or $0.20 per
share for the 12 month fiscal year ending December 31, 2000.
The transition period resulted from a change in fiscal year end announced by the
Company in March 2001. For the four month transition period ending April 30,
2001, the Company posted a net loss of $0.2 million, or $0.01 per share,
compared to a pro-forma net income of $1.2 million or $0.09 per share for the
comparable four month period ending April 30, 2000.
"We are pleased with our performance in 2002, particularly in the context of
difficult worldwide economic conditions," said ILTS President Mark Michalko. "We
have achieved profitability for the second consecutive full fiscal year by
implementing the strategic initiatives outlined in our corporate growth plan and
by introducing a streamlined cost structure."
Mr. Michalko continued, "During this past year ILTS entered new, exciting
markets with significant growth potential. As importantly, the company continued
to forge strategic partnerships for the joint development of new products to
cost-effectively expand our product offerings for the future. The Company's
backlog provides continued impetus going into fiscal year 2003."
International Lottery & Totalizator Systems, Inc. provides computerized wagering
systems, equipment and services to lottery and racing organizations worldwide.
ILTS can be found on the World Wide Web at ilts.com .
The statements in this press release which are not historical facts are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth or implied
by forward-looking statements. These risks and uncertainties include the absence
of significant contract backlog, the dependence on business from foreign
customers sometimes in politically unstable regions, political and governmental
decisions as to the establishment of lotteries and other wagering industries in
which the Registrant's products are marketed, fluctuations in quarter-by-quarter
operating results and other factors described in the Registrant's Annual Report
on Form 10-K for the year ended April 30, 2002.
ILTS REPORTS RESULTS FOR FISCAL YEAR END APRIL 30, 2002
and FOUR MONTH TRANSITION PERIOD ENDING APRIL 30, 2001
STATEMENT OF OPERATIONS
(thousands of dollars except per share amounts)
12 MONTHS ENDED 4 MONTHS ENDED
April 30, December 31, April 30, April 30,
2002 2000 2001 2000
(audited) (audited) (audited) (unaudited)
Revenue $18,180 $24,100 $4,203 $11,936
Net Income $1,277 $2,580 $(187) $1,230
Net income per
diluted share $.10 $.20 $(0.01) $.09
BALANCE SHEET SUMMARY
(thousands of dollars)
April 30,
2002
(audited)
Cash and cash equivalents $5,419
Total current assets $9,625
Total assets $10,132
Total liabilities $3,073
Shareholders' equity $7,059
Backlog $12,100 |
