DataLogic International Reports Record Revenues for Q2 2004
19 August 2004 - 12:00AM
PR Newswire (US)
DataLogic International Reports Record Revenues for Q2 2004 -
Revenues Increase 49% - IRVINE, Calif., Aug. 18
/PRNewswire-FirstCall/ -- DataLogic International, Inc., (OTC
Bulletin Board: DLGI; Berlin, Frankfurt Stock Exchange: 779612) a
technology and professional services company providing a wide range
of consulting services and telecommunications products such as VoIP
equipment and GPS vehicle tracking devices, today announced its
financial results for the second quarter of 2004. Net sales for the
second quarter of 2004 increased 49% to $4.0 million, compared to
$2.7 million for the same quarter in 2003. Gross profit for the
second quarter of 2004 increased over 1000% to $1.2 million
compared to $0.1 million in the second quarter of 2003. Gross
margin was 30.7% for the second quarter of 2004, up from 4.1% for
the second quarter of last year. For the second quarter of 2004,
net income grew by $1.2 million to $0.5 million, or $0.01 per
diluted share, when compared to a net loss of $0.7 million, or
$0.02 per diluted share, for the second quarter a year ago. Derek
Nguyen, DataLogic's Chief Executive Officer, commented, "Similar to
the first quarter, much of DataLogic's success this quarter was due
to the increase in VoIP business we experienced. Particularly
pleasing is our gross margin improvement as this business ramps up.
We are expecting to incrementally add additional customers in the
coming months." For the six months ended June 30, 2004, net sales
increased 61% to $8.0 million, compared to $5.0 million for the
same period in 2003. Gross profit increased more than 450% to $2.2
million in the first half of 2004 compared to $0.4 million in the
first half of 2003. For the first half of 2004, gross margin was
27.8%, up from 7.9% for the same period last year. Net income for
the six months ended June 30, 2004 grew by $1.6 million to $1.0
million, or $0.02 per diluted share, when compared to a net loss of
$0.6 million, or $0.02 loss per diluted share, for the six months
ended June 30, 2003. During the second quarter of 2004 DataLogic
received a $3 million financing facility, consisting of a secured
convertible term note, from Laurus Master Fund, Ltd. ("Laurus
Funds"). The funds were used in part to retire high interest debt.
The balance of the funding will be used to support the Company's
organic growth and future strategic initiatives. DataLogic's
President and CFO, Keith Nguyen, commented, "This financing
improved our capital structure and lowered our interest expense, as
it allowed us to repay and terminate a factoring agreement that we
were using as a major funding source. We are pleased to have Laurus
as a partner. With their support, we are now able to consider more
aggressive growth plans." About DataLogic International, Inc.
DataLogic International, Inc. is a technology and professional
services company providing a wide range of consulting services and
telecommunications products such as VoIP phones, videophones,
communications servers and GPS vehicle tracking devices. The
company also provides Information Technology outsourcing and
consulting services. DataLogic's customers include U.S. and
international governmental agencies as well as a variety of
international commercial organizations. For more information,
please visit DataLogic International's web site
http://www.dlgi.com/. This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding, among other things, our plans, strategies and
prospects, both business and financial. Although we believe that
our plans, intentions and expectations reflected in or suggested by
these forward-looking statements are reasonable, we cannot assure
you that we will achieve or realize these plans, intentions or
expectations. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions. Many of the forward-looking
statements contained in this news release may be identified by the
use of forward-looking words such as: believe, expect, anticipate,
should, planned, will, may, intend, estimated, and potential, among
others. Important factors that could cause actual results to differ
materially from the forward-looking statements we make in this news
release include market conditions and those set forth in reports or
documents that we file from time to time with the United States
Securities and Exchange Commission. All forward-looking statements
attributable to DataLogic International or a person acting on its
behalf are expressly qualified in their entirety by this cautionary
language. For further information, please contact Donna Dolan,
Investor Relations of DataLogic International, Inc.,
+1-949-260-0120, ext. 204, . DATASOURCE: DataLogic International,
Inc. CONTACT: Donna Dolan, Investor Relations of DataLogic
International, Inc., +1-949-260-0120, ext. 204, Web site:
http://www.dlgi.com/
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