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SAN DIEGO, Feb. 18 /PRNewswire-FirstCall/ -- Imaging Technologies Corporation (BULLETIN BOARD: IMTO) today announced that it filed its quarterly report for its second quarter on Form 10-QSB.
ITEC reported revenues of $5.6 million for the three-month period ended December 31, 2004, a 140% increase over the same period one year ago. Revenues increased by more than $3.3 million for the period. These revenues included $2.7 million from the Company's temporary staffing business segment, including CallCenterHR(TM) and MedicalHR(TM). During the quarter, the Company accomplished gross PEO billings of approximately $14 million.
Brian Bonar, Chairman and CEO commented, "We are extremely pleased with this quarter's results, showing a 140% revenue increase to $5.6 million. Our management team has done an excellent job by bringing the Company an additional $3.3 million in revenue over the same period last fiscal year. We expect these revenue increases and similar results to continue for upcoming quarters, as our team has done an excellent job of growing the Company."
Over the past three quarters, ITEC has reported consolidated revenues of approximately $14.5 million, reflecting its growth in its financial services business segments. To reflect the changes in business focus, Imaging Technologies will change its name to Dalrada Financial Corporation later this month.
Due to increased operating expenses associated with the integration of new businesses, including non-recurring expenses, the Company reported an operating loss of $2.3 million for the quarter. ITEC reported a net loss of $2.4 million for the period ($0.01 per share).
"Our operating loss, as a percentage of revenues, decreased over 200% from the prior year. We expect to report reduced operating expenses as a percentage of revenues in the future," Bonar added.
Bonar concluded, "As we continue to stabilize our operations to accommodate the growth of our financial services business, we expect also to strengthen our financial performance. We continue to build our core business, and have begun to introduce what we expect to be a variety of value-added services, including debit/credit card services that benefit our clients and co-employees."
About Imaging Technologies Corp.
Imaging Technologies Corporation (BULLETIN BOARD: IMTO) was founded in 1982. Headquartered in San Diego, California, the Company provides a variety of professional services related to human resources to businesses.
A number of ITEC's subsidiaries, including SourceOne Group, and ProSportsHR(TM), are professional employer organizations that provide a variety of personnel and human resources services to small to medium-sized businesses. Further information can be obtained on the following internet sites: prosportshr.com, and sourceonegroup.com.
The Company's MedicalHR(TM), and CallCenterHR(TM) subsidiaries are temporary staffing organizations, which provide full-service staffing services to specialized industries.
The Company owns a controlling interest in Greenland Corporation (BULLETIN BOARD: GRLC) . Greenland's ExpertHR(TM) subsidiary provides professional employer services (PEO) to niche markets. Greenland's common stock trades on the OTC Bulletin Board under the symbol GRLC. Information on the Company is available at the ITEC Web site at greenlandcorp.com /.
The Company owns controlling interested in Quik Pix, Inc. (Pink Sheets: QPIX), a leading visual marketing support firm located in Buena Park, California. The Company's patented PhotoMotion(TM) is a unique color medium of multi-image transparencies. Information on the Company is available at colorvisuals.com./ QPIX also produces and distributes the Company's other imaging products, including its proprietary suite of ColorBlind(R) software, which is devoted to color management for desktop and commercial printing and graphic arts. More information is available at color.com.
Information on the Company is available at the ITEC Web site at itec.net.
Statements in this press release may constitute forward-looking statements and are subject to numerous risks and uncertainties, including the failure to complete successfully the development of new or enhanced products, the Company's future capital needs, the lack of market demand for any new or enhanced products the Company may develop, any actions by the Company's partners that may be adverse to the Company, the success of competitive products, other economic factors affecting the Company and its markets, seasonal changes, and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. The actual results may differ materially from those contained in this press release. The Company disclaims any obligation to update any statements in this press release.
For further information, please contact: Brian Bonar, Chief Executive Officer of Imaging Technologies Corporation, +1-858-451-6120, bbonar@itec.net.
Imaging Technologies Corporation
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