Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : AIT Advanced Information Technologies Corp. -- Ignore unavailable to you. Want to Upgrade?

To: hugh thorne who wrote (113)	2/15/1999 4:53:00 PM
From: Flea	Read Replies (1) \| Respond to of 130

Stockwatch version: AIT's first-quarter results AIT Advanced Information Technologies AIV Shares issued 10,901,886 1999-02-12 close $1.45 Monday Feb 15 1999 Mr. Bernie Ashe reports AIT Corporation had net income of $110,000 on revenue of $3-million for the first quarter ended Dec. 31, 1998. The results represent a 25 per cent increase in revenue over the same quarter last year, when the company recorded a $220,000 net loss on revenue of $2.4-million. The company generated $404,000 in cash from operations during the first quarter. AIT sold its interactive security products division in October 1998, a move intended to return the company to profitability by concentrating all of its resources on its core business of identification products. The company announced important deals with the U.S. State Department, Singapore, and the British Virgin Islands during the quarter. These contracts show strength in both the issuance and inspection markets. In particular, the market for remote issuance of passports and visas in consulate and embassy operations bodes well for the company's GenIE product. The airline industry continues to provide a new market opportunity for the company's core reader technology. British Airways is continuing its rollout of the PAX Reader in the United States and the company is in various stages of product evaluation with several other major airlines. GenIE is a software product for the issuance of secure documents. The PAX Reader is a multifunction data capture device that uses optical character recognition technology and the ability to decode magnetic stripe information to read travel documents such as airline tickets, boarding passes, passports, visas, and identification cards. CONSOLIDATED INCOME STATEMENTS Three months ended Dec. 31 (thousands of dollars) 1998 1997 Revenues $2,998 $2,402 Direct costs 1,202 1,015 ------ ------- Gross margin 1,796 1,387 ------ ------- Expenses Selling, general and administrative 1,183 1,174 Research and development 439 460 ------ ------- 1,622 1,634 ------ ------- Net income/(loss) before undernoted items 174 (247) Net interest expense (68) (9) Foreign exchange gain 4 36 ------ ------- Net income/(loss) from continuing operations 110 (220) Net (loss) from dis- continued operations - (1,445) ------ ------- Net income (loss) $110 $(1,665) ====== ======= Earnings (loss) per share from continuing operations 1 cent (3 cents) Earnings (loss) per share 1 cent (26 cents)