QTEKE.04x.06.Q out.125% revenue increase,expenses down 73%,
Net loss only (48,749) vs. (473,310)loss for the Q ended September 30 2001= Losses down 90%.That is better.WEEEEEEE.
Also the E is leaving very soon.WEEEEEEEEEEEEEEEEEEEEEEEEEEEEE.
Item 2. Management’s Discussion and Analysis
2.1 Results of Operations
Our revenues totaled $150,390 and $66,759 for the three months ended September 30, 2002 and 2001, respectively, resulting in an increase of $83,631 (125 %). The increase in revenue for the quarter ended September 30, 2002 was due primarily to an increase in sales of 4300 systems.
For the three months ended September 30, 2002 and 2001, our cost of sales was $69,909 and $55,075, respectively, resulting in an increase of $14,834 ( 27 %). Our cost of sales consisted primarily of labor, material and production expense.
Our operating expenses totaled $129,169 and $481,609 for the three months ended September 30, 2002 and 2001, respectively, resulting in a decrease of $352,440 (73 %). This decrease was due primarily to a reduction in stock based compensation for consulting services.
In July 2002 we signed an exclusive distribution agreement with Eurotrend Informatics, Ltd. ("Eurotrend"), a private software development company based in Budapest, Hungary. Eurotrend plans to market our products to companies and government agencies located in the countries of Hungary, Austria, Slovakia, Ukraine, Romania, Yugoslavia, Croatia, and Slovenia.
During the three months ended September 30, 2002, we delivered one Q4300 demonstration system to Eurotrend and one Q4300 system to a distributor for installation at a domestic end user site. In addition, we received numerous orders for aperture cards, spare parts, and extended maintenance contracts from domestic customers and supporting business partners.
QUINTEK TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
ENDED SEPTEMBER 30, 2002 AND 2001
September
30, 2002
(Unaudited)
September
30, 2001
(Unaudited)
Sales
150,390
66,759
Cost of sales
69,909
55,075
Gross margin
80,481
11,684
Operating expenses:
Selling, general and administrative
118,836
128,854
Stock-based compensation for services
10,333
352,755
Total operating expenses
129,169
481,609
Loss from operations
(48,688)
(469,925)
Other income (expenses):
Other income
19,878
4,935
Interest expense
(19,939)
(7,520)
Total other income (expenses)
(61)
(2,585)
Net (loss) before income taxes
(48,749)
(472,510)
Provision for income taxes
–
800
Net (loss)
(48,749)
(473,310)
Net loss per share:
Basic and diluted
($0.00)
($0.02) |
