Syscan Imaging, Inc. Announces Third Quarter Financial Results
30 Noviembre 2004 - 9:49AM
PR Newswire (US)
Syscan Imaging, Inc. Announces Third Quarter Financial Results SAN
JOSE, Calif., Nov. 30 /PRNewswire-FirstCall/ -- Syscan Imaging,
Inc. (OTC:SYII) (BULLETIN BOARD: SYII) , an OEM and private label
manufacturer of mobile image scanning systems and image display
solutions, today announced financial results for its third quarter
ended September 30, 2004. The Company's revenues increased to
$1,954,684 for the three months ended September 30, 2004 from
$1,729,405 for the same period in fiscal 2003, an increase of
approximately 13%. Revenues decreased to $4,435,632 for the nine
months ended September 30, 2004 from $4,454,362 for the same period
in fiscal 2003. The increase for the three months ended September
30, 2004, is primarily attributable to an increase in the sales of
the Company's A6 format scanner that is used for the scanning of
identification and security cards. The decrease in revenues for the
nine months ended September 30, 2004 as compared to the same period
in fiscal 2003 is primarily due, and consistent with, the existing
"soft" market conditions in Europe Gross profit increased to
$651,060, or 33.3% of net revenues for the three months ended
September 30, 2004 from $532,821, or 30.8% of net revenues for the
same period in fiscal 2003. Gross profit increased to $1,476,709,
or 33.3% of net revenues for the nine months ended September 30,
2004 from $1,276,137, or 28.6% of net revenues for the same period
in fiscal 2003. The increase in gross profit for the three and nine
months ended September 30, 2004 as compared to the same periods in
fiscal 2003 are the result of the Company's continued penetration
into the Small Office Home Office (SOHO) and Enterprise
(corporations and organizations with greater than 500 employees)
sectors, which yielded better gross margins during such periods.
The Company experienced a net profit of $53,374 for the three
months ended September 30, 2004 and a loss of ($56,921) for the
nine months ended September 30, 2004 compared to a profit of
$333,676 and $721,476, respectively, during the comparable periods
in 2003. The Company's profitability during the three months ended
September 30, 2004 is primarily due to overall revenue growth,
coupled with better gross margins. The Company's loss for the nine
months ended September 30, 2004 is attributable to extraordinary
expenses associated with the Bank Engine acquisition earlier this
year, as well as the addition of human resources and R&D
expenses associated with the Company's move into the image display
market. Darwin Hu, SYII's Chairman and Chief Executive Officer,
reported, "We are comfortable with the Company's results and our
progress towards recognizing revenue from our newly formed image
display group." Further Mr. Hu stated, "We have great confidence in
our dual pronged image Capture/Display stratagem and believe we are
entering the Display industry at the right time." Calendar Year
2004, Q3 highlights: * Syscan Inc. exhibited at the Frontline
Solutions Exhibition in Chicago (USA) and attended the Graphica
Exhibition in Germany. * At these venues, we conducted a pre-launch
of two new scanning products (Q1-2005) and four new flat-panel
display products (Q4-2004). * All of these new products were well
received by our key channel partners in both the North American and
European markets. * Net revenues increased to $1,954,684 from
$1,729,405 during the third quarter of 2003. * Gross profit
increased to 33.3% of net revenues from 30.8% during the third
quarter of 2003. About Syscan Imaging, Inc. Headquartered in San
Jose, California with additional offices in the Netherlands and
Hong Kong, Syscan Imaging, Inc. designs and manufactures imaging
technology solutions. Currently the Company ships proprietary
mobile image-scanning products to customers throughout the United
States, Canada, Europe, South America, Australia and Asia. The
Company has been granted 21 patents related to imaging technology
with an additional 13 patents under review. Syscan Imaging, Inc.'s
common stock is publicly traded on the OTC Bulletin Board under the
symbol SYII. All trademarks and copyrights contained herein are the
property of their respective holders. Note on Forward-Looking
Statements Statements contained in this press release, which are
not historical facts, are forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based largely on current
expectations and are subject to a number of known and unknown
risks, uncertainties and other factors beyond our control that
could cause actual events and results to differ materially from
these statements. These statements are not guarantees of future
performance, and readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this release. Syscan undertakes no obligation to update
publicly any forward-looking statements. DATASOURCE: Syscan
Imaging, Inc. CONTACT: David P. Clark of Syscan Imaging, Inc.,
+1-561-835-4069,
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