DataLogic International Files 2003 Annual Report SEC Form 10KSB
10 April 2004 - 4:40AM
PR Newswire (US)
DataLogic International Files 2003 Annual Report SEC Form 10KSB
Revenues Increase 412% from Fiscal 2002 IRVINE, Calif., April. 9
/PRNewswire-FirstCall/ -- DataLogic International, Inc. (BULLETIN
BOARD: DLGI) , today announced results for the year ended December
31, 2003. The Company's net revenues for the year ended December
31, 2003 were $10,702,715 as compared to net revenues of $2,091,439
for the prior year. The 412% increase in revenues was primarily due
to the expansionof a multi-year state contracts award that
commenced within the first quarter of 2003. The net revenues
excluded an income of $125,000 that was deferred for realization in
fiscal 2004 due to a delay in delivery date and an income of
$113,000 from Kiboga Systems that was reclassified as doubtful
debt. The gross profit for the year ended December 31, 2003 were
$649,572 as compared to $498,936 from the prior year. The gross
profit was decreased by $210,758 due to an adjustment for the cost
of revenuein one of the prior quarters. The consulting expense for
the year ended December 31, 2003 were $756,090 as compared to
$66,000 for the prior year. The $690,090 increase in consulting
expense was attributed to the merger and acquisition related
consulting and legal fees. General and administrative expense for
the year ended December 31, 2003 were $493,322 as compared to the
general and administrative expense of $670,050 for the prior year.
Factoring expense for the year ended December 31, 2003 was$170,674
as compared to $0 for the prior year. The increase in factoring
expense was mainly due to unusual fees incurred for late payments.
Interest expense for the year ended December 31, 2003 was $73,896,
an increase of $51,399, as compared to $22,497 for the prior year.
The increase in interest expenses was attributable to the increase
in the Company short-term debts to finance payroll. As a result of
the above, the net loss for the year ended December 31, 2003 was
$911,582 as compared to the net loss of $261,211 for the prior
year. About DataLogic International Inc. DataLogic International,
Inc. is a technology and professional service company dedicated to
providing a wide range of Information Technology and Communications
related products and services. For more information about
DataLogic, go to http://www.dlgi.com/ or contact Investor Relations
at or (888) 530-8228. This release contains forward-looking
statements within the meaning of Section 27a of the Securities Act
of 1933, as amended and section 21e of the Securities and Exchange
Act of 1934, as amended. Those statements include the intent,
belief or current expectations of the company and its management
team. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those projected in the forward-looking
statements as a result of various factors. Accomplishing the
strategy described herein is significantly dependent upon numerous
factors, many are not in management's control. Some of these
factors include the ability of the company to raise sufficient
capital, attract qualified management, attract new customers and
effectively compete against similar companies. DATASOURCE:
DataLogic International, Inc. CONTACT: Investor Relations of
DataLogic International, Inc., +1-888-530-8228, Web site:
http://www.dlgi.com/
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