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Trading around 1 7/8 this am: Digital Recorders Announces Initial Deliveries on Orders Totaling $7 million RESEARCH TRIANGLE PARK, N.C., July 15 /PRNewswire/ -- Digital Recorders, Inc., (Nasdaq: TBUS - news) today announced delivery of pilot and initial production quantities of both exterior and interior sign and message systems for the Southeastern Pennsylvania Transportation Authority (''SEPTA'') and the San Francisco Municipal transit systems. These orders represent more than $7 million in revenues for the company. The SEPTA order encompasses over $2.0 million to be delivered in the second half of 1999. The San Francisco order includes approximately $5 million to be delivered in 1999 and beyond. These transit bus vehicles will be equipped with both the TwinVision LeDot® destination signs and Talking Bus® automatic voice annunciation systems. ''These orders give evidence to our strategic advantage of the capability to combine and integrate the exterior TwinVision system with the interior Talking Bus system effectively giving the customer a single source for both,'' said David L. Turney, Digital Recorders Chairman and CEO. ''With the completion of the San Francisco order, we will have a significant percentage of the Bay Area transit systems equipped with our communications systems including Oakland and San Mateo. We believe this market represents potential of $2 million a year in revenue to our company. Correspondingly, the SEPTA installation gives us a strong penetration of the major Northeastern Corridor market and includes both full size and smaller vehicles.'' Digital Recorders develops technologically advanced digital communications systems for transit, transportation applications and digital signal processing equipment for law enforcement applications. The company's transit and transportation systems include TALKING BUS®, an on-vehicle internal voice messaging and passenger information system and the TwinVision® LeDot Destination Sign System -- a proprietary, electronic external destination sign. Statements which are not historical facts, including statements about the company's confidence and strategies and its expectations about new and existing products, technologies and opportunities, market and industry segment growth, demand and acceptance of new and existing products are forward looking statements that involve risks and uncertainties. The risks include, but are not limited to, product demand and market acceptance risks; the impact of competitive products and pricing; the effects of economic conditions and trade, legal, social and economic risks, such as import, licensing and trade restrictions; the result of the company's business plan and the impact on the company of its relationship with its lender. SOURCE: Digital Recorders, Inc. More Quotes and News: Digital Recorders Inc (Nasdaq:TBUS - news) Related News Categories: computers, telecom Digital Recorders' Revenues and Earnings Continue to Improve in First Quarter Highlights: -- Sales for 1st Quarter Up 83% -- Per Share Loss For 1st Quarter Narrowed to 9 cents vs. 19 cents a Year Ago -- Operating Loss Reduced to $107,040 compared with $573,822 in 1st Quarter '98 RESEARCH TRIANGLE PARK, N.C., May 7 /PRNewswire/ -- Digital Recorders, Inc., (Nasdaq: TBUS - news) today announced sales increased 83 percent for the first quarter ended March 31, 1999, as the company's turnaround continues to gain momentum. DRI reported first quarter sales of $4,039,000, up 83 percent from $2,208,000 in the first quarter of fiscal 1998. The company cut its operating loss to $107,040 from $573,822 in the first quarter a year ago. The loss before taxes amounted to $127,212 in the quarter versus a loss of $616,923 in the year ago quarter. After income taxes, the loss from continuing operations totaled $128,125 versus $564,099. The company paid preferred dividends of $41,800 in this year's quarter and $39,825 in the quarter last year. After those dividends and an accounting change that added $131,686, the net loss in the quarter this year was $301,611. The net loss in the year ago quarter was $519,801. On a per share basis, the loss from continuing operations amounted to five cents in this year's quarter and 23 cents in the prior year's same quarter. After the accounting change this year the net loss applicable to common stock shareholders totaled nine cents. After income of three cents a share from discontinued operations in the first quarter of 1998, the net loss for common shareholders totaled 19 cents. The weighted average number of common shares and equivalents outstanding were 3,274,075 shares in first quarter 1999 compared with 2,674,075 shares in the year-ago period. The one-time accounting charge was for compliance with an accounting pronouncement related to capitalized organizational and startup costs of prior years. ''The first quarter sales and earnings improvement shows that our turnaround continues,'' said David L. Turney, chairman and CEO. ''All four business units posted revenue improvements in the quarter and TwinVision, Digital Audio, and Transit Communications Systems (''TCS-Talking Bus'') all recorded significant operating profit improvements.'' ''Market acceptance of all product groups in the company and market share gains in both TwinVision and at TCS are especially noteworthy. Our record high backlog, in all business units, reaching even into the year 2000, provides a strong foundation for 1999,'' Mr. Turney concluded. Digital Recorders develops technologically advanced digital communications systems for transit and transportation applications as well as digital signal processing equipment for law enforcement applications. The company's transit and transportation systems include TALKING BUS®, an on-vehicle internal voice messaging and passenger information system and the TwinVision® LeDot Destination Sign System -- a proprietary, electronic external destination sign. Statements which are not historical facts, including statements about the companies confidence and strategies and its expectations about new and existing products, technologies and opportunities, market and industry segment growth, demand and acceptance of new and existing products are forward looking statements that involve risks and uncertainties. The risks include, but are not limited to, product demand and market acceptance risks; the impact of competitive products and pricing; the effects of economic conditions and trade, legal, social and economic risks, such as import, licensing and trade restrictions; the result of the company's business plan and the impact on the company of its relationship with its lender. | ||||||||||||
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