Synergx Systems Inc. (Nasdaq Small Cap - SYNX) Announces Fourth Quarter and Twelve Month Results
21 December 2005 - 8:43AM
PR Newswire (US)
SYOSSET, N.Y., Dec. 20 /PRNewswire-FirstCall/ -- Synergx Systems
Inc. reported the following results for its fourth quarter and
twelve month period ended September 30, 2005 and 2004: THREE MONTHS
TWELVE MONTHS 2005 2004 2005 2004 Revenues $ 6,259,000 $6,117,000
$20,787,000 21,790,000 Income Before Equity Investment and Taxes
338,000 335,000 316,000 780,000 (Loss) from Equity Investment
(21,000) (76,000) (52,000) Income Before Taxes 317,000 335,000
240,000 728,000 Net Income 190,000 185,000 130,000 420,000 Diluted
Earnings per Share $.04 $.04 $.03 $.09 Weighted Average Common and
Potential Dilutive Common Shares Outstanding 5,206,696 5,191,720
5,193,276 4,912,203 The decrease in revenues during the twelve
month period of 2005 was primarily from slow economic activity in
the Company's Dallas, Texas market. The improvement in revenues
during the three month period of 2005 was achieved in both the
Dallas and New York City market areas. The Company has put into
effect certain cost reduction initiatives with a view towards
marketing aggressively in both the Dallas, Texas and New York City
metropolitan area. The profit decline during the twelve months
ended September 30, 2005 is primarily due to lower product sales
from the Dallas, Texas market area, although income was
approximately the same for the three month periods of 2005 and
2004. In November the Company effected personnel reductions, which
should result in substantial annualized savings going forward.
Management noted the Company continues to hire, and search for
additional sales representatives in order to maintain and increase
revenues while also pursuing new products and channels of
distribution and evaluating acquisitions to accelerate growth. For
the three and twelve month periods of 2005 the Company also
recorded a loss of $21,000 and $76,000, respectively, on its equity
in the operating loss of Secure 724 LP. Synergx is engaged in the
design, manufacture, marketing and service of a variety of data
communication products and systems with applications in the fire
alarm, life safety, security and communication industries. For
further information about Synergx please go to our website at
http://www.synergxsystems.com/ "Safe Harbor" statement under the
Private Securities Reform Act of 1995: This release contains
forward-looking statements, which reflect management's current
views of future events and operations. These forward-looking
statements are based on assumptions and external factors, including
assumptions relating to product pricing, competitive market
conditions, financial data, and other risks or uncertainties
detailed from time to time in the Company's filings with the
Securities and Exchange Commission. These forward-looking
statements represent the Company's judgment as of the date of this
release and any changes in the assumptions of external factors
could produce significantly different results. DATASOURCE: Synergx
Systems Inc. CONTACT: John Poserina, Chief Financial Officer of
Synergx Systems Inc., +1-516-433-4700 Web site:
http://www.synergxsystems.com/
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