Synergx Systems Inc. (Nasdaq Small Cap- SYNX) Announces 49% Increase in Net Income as it Releases Fourth Quarter and Twelve Mont
17 December 2004 - 8:00AM
PR Newswire (US)
Synergx Systems Inc. (Nasdaq Small Cap- SYNX) Announces 49%
Increase in Net Income as it Releases Fourth Quarter and Twelve
Month Results SYOSSET, N.Y., Dec. 16 /PRNewswire-FirstCall/ --
Synergx Systems Inc. reported the following for its fourth quarter
and twelve month period ended September 30, 2004 and 2003: THREE
MONTHS TWELVE MONTHS 2004 2003 2004 2003 Revenues $6,117,000
$5,730,000 $21,790,000 $19,814,000 Income Before Equity Investment
and Taxes 335,000 296,000 780,000 547,000 (Loss) from Equity
Investment (35,000) (52,000) (35,000) Income Before Taxes 335,000
261,000 728,000 512,000 Net Income 185,000 156,000 420,000 282,000
Basic Earnings per Share $.04 $.04 $.09 $.07 Diluted Earnings per
Share $.04 $.03 $.09 $.06 Weighted Average Common and Potential
Dilutive Common Shares Equivalents Outstanding* 5,191,720 5,033,033
4,912,203 4,433,735 * The weighted share calculation for the twelve
months in 2004 is affected by a net loss during the first quarter.
During the fiscal year and quarter ended September 30, 2004
revenues and income before tax increased significantly over the
comparable 2003 periods. The increase in revenues during 2004
resulted from a strong improvement in our Dallas, Texas market,
improved product revenues from New York City Transit projects, and
higher sales of transit communication systems. Income was
positively impacted by the higher revenues and related gross
margins due to the relative fixed nature of certain overhead costs.
In a continuing competitive environment, Management's focus in 2005
will be to manage costs and extend its marketing programs to take
advantage of product development and existing channels of
distribution while broadening geographic penetration. Management
commented that the Company intends to continue evaluating
acquisitions and/or investments and explore opportunities relating
to its 25% investment and license relationship with Secure 724 L.P.
including applications of a wireless feature to augment existing
products for commercial facilities and on-board transit
communication. 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. "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
Copyright