TORONTO, Feb. 17 /CNW/ - SAMSys Technologies Inc., ("SAMSys"), (SMY:
TSX-VEN), www.samsys.com, of Toronto, an international provider of Radio
Frequency Identification (RFID) reader hardware, today reports on the
Company's fiscal 2003 audited financial results for the period ended September
30, 2003.
Financial Highlights:
- SAMSys recorded revenues of $367,218 in fiscal year 2003, compared
to revenues of $1,378,493 in the fiscal year of 2002.
- For fiscal year 2003, SAMSys recorded a net loss of $8,104,282 or
$0.27 loss per share compared to a net loss of $5,905,066 or $0.24
loss per share for the fiscal year in 2002. The fiscal 2003 net loss
includes a non-cash charge of $1,983,842 for the amortization of
production development costs and $3,217,990 in research and
development expenses.
- SAMSys' cash balance as of September 30, 2003 was $2,307,546.
- SAMSys' total liabilities as of September 30, 2003 were $571,028.
- Subsequent to September 30, 2003, SAMSys completed a private
placement of 12,000,000 special warrants issued at a price of $1.10
for gross proceeds of $13,200,000.
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Audited Consolidated Fiscal Year Ending 2002 Fiscal Year Ending
Financial Statement 2003 Sept. 30, 2003 Sept. 30, 2002
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Revenues $367,218 $1,378,493
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Gross profit $192,528 $472,493
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Net income (loss) ($8,104,282) ($5,905,066)
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Earnings (loss) per share ($0.27) ($0.24)
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Weighted average number of
outstanding shares 29,036,309 24,012,694
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Revenues during fiscal 2003 period were derived primarily from the sale
of demonstration units to its Value-added Re-seller partners and to end-users
and from RFID integration consulting.
Cliff Horwitz, CEO of SAMSys said," In Fiscal 2003, we dedicated
ourselves to achieving a significant lead in our Product Development strategy;
and we are pleased with our results. This strategy has maintained our focus on
the investment necessary in R&D therefore has ideally positioned us to attack
the opportunity in 2004 with confidence and with a very compelling family of
RFID products and services.
Horwitz continues, "It is our belief that the first half of the current
calendar year will be crucial to the long term success of any enterprise in
this sector. We have seeded a significant number of evaluation/pilot projects
and we eagerly anticipate the "graduation" of these into fully scaled
deployments. We are encouraged by our activities in Europe to date and we
expect a very significant proportion of our current year's revenues to flow
from this market. We anticipate a dramatic growth in revenues emanating from
North American opportunities towards the back end of the current fiscal year
as the deadlines for mandated deployment draw closer."
SAMSys' fiscal 2003 audited financial statements for the period ended
September 30, 2003 are currently posted on the Company's website at
www.samsys.com. |
