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IBZT - Press ReleaseSource: iBIZ Technology Corp.
iBIZ Technology Corp. Completes Second Quarter With a Backlog in Customer Orders
Wednesday April 30, 6:31 pm ET
PHOENIX, April 30 /PRNewswire-FirstCall/ -- iBIZ Technology Corp. (OTC Bulletin Board: IBZT - News) completed its second fiscal quarter with a backlog of customer orders.
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Commenting on the iBIZ's second quarter business, Ken Schilling, iBIZ President and Chief Executive Officer stated, "Repositioning our unique line of PDA value added accessories can be a slow an arduous process, however, we are extremely pleased to close this quarter with a backlog of customer orders including orders from industry leaders Dell and Palm through their distribution channels. At the beginning of our new fiscal year, which started on November 1, 2002, iBIZ began a restructuring program with our PDA product lineup in an effort to deliver, usable additional value to PDA ownership. Today, and as a direct result of our restructuring program we have a product roadmap that is second to none as we began shipping several of our newest products in February of this year. As a result of orders received late in Q2 revenue results for the second quarter will remain soft, however, they will be reflected as shipments are booked in this current quarter (Q3)."
"Beginning in May we'll start delivery to Synnex Information Technologies Inc. with our pocket RADIO CF Card (http://www.ibizcorp.com/pocketradio.html) designed specifically for the Dell Axim, and accordingly will be available through Dell's online store once the inventory is in stock at Synnex. Our participation as a Palm partner during the spring Retail Vision event in Chicago at the end of March, left us with a substantial level of renewed interest in our products from both national and regional retailers. In June, our SDIO pocket RADIO will be available through the Palm Store and our new Xela Case Keyboard (http://www.ibizpda.com/xela.html) will be featured on ad at many of the major retail chains nationwide. During the course of Q1 and Q2 we continued to direct the company to discard all non-profitable entities. Moreover, as a result of our guidance, we substantially paired down overhead costs and directed more of our costs to outsourcing with partners who will be paid through performance. Concurrent with managing costs, we have partnered with a nationally recognized Rep. Management team who enjoys a much broader presence in the retail channel and is beginning to deliver measurable results."
Schilling further commented, "In general, PDA sector sales have been sluggish since it's surge three years ago, however, the existing PDA manufacturing leaders and new players in this sector are once again beginning to stimulate market growth with better price performance, power and unique designs. To that end, iBIZ will continue to direct our efforts toward building a value added line of PDA accessories that will increase in market awareness and product penetration in all channels. Today, iBIZ Technology is a very different company than it was just a few short months ago. By cutting overhead expenses by more than 75 percent and redirecting our efforts to product innovation and development, we believe we are on our way to a profitable future."