Thursday, February 14, 2002 10:20:31 PM
ITEC could be in play tomorrow, 9.2M in Revs! It's being discussed all over RB tonight!
Imaging Technologies Reports Second Quarter Results; 6-month Revenues of $9.2 Million
2/14/2002 3:57:00 PM
SAN DIEGO, Feb 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Imaging Technologies Corporation (ITEC) today reported results for the second quarter of its 2002 fiscal year ended December 31, 2001.
FRONT PAGE NEWS
Dell's fourth-quarter results as expected
Enron's Watkins: Lay and board were 'duped'
Dow ends at 10k while Nasdaq buyers lose interest
Guynn says Fed ready to raise rates if needed
ITEC reported second quarter revenues of $8.1 million compared to revenues of $1 million in the same period of the prior fiscal year, an increase of over 700% over the year-earlier period. Revenues for the 6-months ended December 31, 2001 were $9.2 million compared to $1.8 million in fiscal 2001.
The increase in revenues was due primarily to the results of ITEC's acquisition of SourceOne Group in November 2001. SourceOne, operated as a wholly-owned subsidiary of ITEC added revenues of $7 million, representing 2-months of activity. SourceOne operations contributed approximately $100 thousand in pre-tax income since the acquisition.
Sales of imaging products and software were $1.04 million for the quarter, an increase over the first quarter of last year. Product sales revenues were $2.1 million for the 6-months ended December 31, 2001 compared to $1.8 million in the prior year.
Gross margin on product sales for the quarter improved to 65% from 48% in fiscal 2001. Gross margin on product sales for the 6-month period grew to 60% compared to 50% in the prior fiscal year period.
ITEC reported a loss from operations of $1.6 million for the quarter. The net loss, after non-cash expenses was $1.9 million. For the 6-month period, the Company reported losses from operations of $2.6 million and a net loss of $3.6 million.
"Despite our current operating loss, we continue to make progress on a strategic plan," said Brian Bonar, ITEC's Chairman and CEO. "Our entry into the personnel management services business through the acquisition of SourceOne this quarter has served to significantly improve our revenues," he added. "We are pleased with the initial financial results from SourceOne."
"As we fully integrate these new operations into our office products and software business," said Bonar, "we hope to report ongoing improvement in our financial performance."
Period ended December 31 In thousands, except per-share data 3-months 6-months 2001 2000 2001 2000 Revenues $8,110 $1,011 $9,188 $1,848 Net (loss) (1,854) (1,408) (3,615) (3,962) (Loss) per share $(0.01) $(0.01) $(0.02) $(0.04)
About Imaging Technologies Corp.
Imaging Technologies Corporation (ITEC) was founded in 1982. Headquartered in San Diego, California, the Company produces and distributes imaging products for diverse market segments.
ITEC's SourceOne subsidiary is a professional employer organization providing a variety of personnel and human resources services to small to medium-sized businesses.
ITEC's office products and systems operations integrate a variety of products, including printers, plotters, copiers, and software, into a seamless, networked solution for clients who are generally small to medium sized businesses. Hardware, software, supplies, and service are bundled together as a systems solution.
The Company has developed proprietary software (ColorBlind(R)) devoted to color management and is an integrator of imaging products and systems.
ITEC's e-commerce initiatives, www.dealseekers.com and www.color.com , provide sales and service support for consumables such as inks, toner, and paper, and for color education and software products.
Information on the Company is available at the ITEC Web site at www.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.
MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X95148440
SOURCE Imaging Technologies Corporation
CONTACT: Brian Bonar, Chief Executive Officer of Imaging Technologies Corporation, +1-858-613-1300, bbonar@itec.netURL: http://www.dealseekers.com http://www.color.com http://www.prnewswire.com" target="_new">http://www.itec.nethttp://www.prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
Muell <g>
Imaging Technologies Reports Second Quarter Results; 6-month Revenues of $9.2 Million
2/14/2002 3:57:00 PM
SAN DIEGO, Feb 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Imaging Technologies Corporation (ITEC) today reported results for the second quarter of its 2002 fiscal year ended December 31, 2001.
FRONT PAGE NEWS
Dell's fourth-quarter results as expected
Enron's Watkins: Lay and board were 'duped'
Dow ends at 10k while Nasdaq buyers lose interest
Guynn says Fed ready to raise rates if needed
ITEC reported second quarter revenues of $8.1 million compared to revenues of $1 million in the same period of the prior fiscal year, an increase of over 700% over the year-earlier period. Revenues for the 6-months ended December 31, 2001 were $9.2 million compared to $1.8 million in fiscal 2001.
The increase in revenues was due primarily to the results of ITEC's acquisition of SourceOne Group in November 2001. SourceOne, operated as a wholly-owned subsidiary of ITEC added revenues of $7 million, representing 2-months of activity. SourceOne operations contributed approximately $100 thousand in pre-tax income since the acquisition.
Sales of imaging products and software were $1.04 million for the quarter, an increase over the first quarter of last year. Product sales revenues were $2.1 million for the 6-months ended December 31, 2001 compared to $1.8 million in the prior year.
Gross margin on product sales for the quarter improved to 65% from 48% in fiscal 2001. Gross margin on product sales for the 6-month period grew to 60% compared to 50% in the prior fiscal year period.
ITEC reported a loss from operations of $1.6 million for the quarter. The net loss, after non-cash expenses was $1.9 million. For the 6-month period, the Company reported losses from operations of $2.6 million and a net loss of $3.6 million.
"Despite our current operating loss, we continue to make progress on a strategic plan," said Brian Bonar, ITEC's Chairman and CEO. "Our entry into the personnel management services business through the acquisition of SourceOne this quarter has served to significantly improve our revenues," he added. "We are pleased with the initial financial results from SourceOne."
"As we fully integrate these new operations into our office products and software business," said Bonar, "we hope to report ongoing improvement in our financial performance."
Period ended December 31 In thousands, except per-share data 3-months 6-months 2001 2000 2001 2000 Revenues $8,110 $1,011 $9,188 $1,848 Net (loss) (1,854) (1,408) (3,615) (3,962) (Loss) per share $(0.01) $(0.01) $(0.02) $(0.04)
About Imaging Technologies Corp.
Imaging Technologies Corporation (ITEC) was founded in 1982. Headquartered in San Diego, California, the Company produces and distributes imaging products for diverse market segments.
ITEC's SourceOne subsidiary is a professional employer organization providing a variety of personnel and human resources services to small to medium-sized businesses.
ITEC's office products and systems operations integrate a variety of products, including printers, plotters, copiers, and software, into a seamless, networked solution for clients who are generally small to medium sized businesses. Hardware, software, supplies, and service are bundled together as a systems solution.
The Company has developed proprietary software (ColorBlind(R)) devoted to color management and is an integrator of imaging products and systems.
ITEC's e-commerce initiatives, www.dealseekers.com and www.color.com , provide sales and service support for consumables such as inks, toner, and paper, and for color education and software products.
Information on the Company is available at the ITEC Web site at www.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.
MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X95148440
SOURCE Imaging Technologies Corporation
CONTACT: Brian Bonar, Chief Executive Officer of Imaging Technologies Corporation, +1-858-613-1300, bbonar@itec.netURL: http://www.dealseekers.com http://www.color.com http://www.prnewswire.com" target="_new">http://www.itec.nethttp://www.prnewswire.com
Copyright (C) 2002 PR Newswire. All rights reserved.
Muell <g>
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
