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DataLogic International Files 10-QSB and Corrects Prior Earnings Announcement
- Revenues Increase 324% From Q2 2002
IRVINE, Calif., Nov. 14 /PRNewswire-FirstCall/ -- DataLogic International, Inc.
(BULLETIN BOARD: DLGI) ; (Berlin Stock Exchange: 779612), today announced
results for third quarter ended September 30, 2003. The Company's net revenues
for the three months ended September 30, 2003 increased $2,125,308 or 324% to
$2,780,609 as compared to $655,301 for the three months ended September 30,
2002. The Company had previously reported revenues of $2,753,728.
The Company's gross profit from operations for the three months ended September
30, 2003 increased $285,188 or 579% to $334,444 as compared to $49,256 for the
same period in the prior year. The increase in income from operations was
materially due to an increase in operating profits from more billable employees,
sales of VoIP phones and airtime, and the Company's ability to better manage its
general and overhead expenses.
Factoring expense for the three months ended September 30, 2003 was $72,095, an
increase of $69,085, as compared to $3,010 for the same period in the prior
year. The increase in factoring expense was mainly due to unusual fees incurred
for several large late payments. Interest expense for the three month period
ended September 30, 2003 was $20,116, an increase of $13,055, as compared to
$7,061 for the three months ended September 30, 2002. The increase in interest
expenses was attributable to the increase in the Company's short-term debts to
finance payroll.
The Company's net profit for the three months ended September 30, 2003 was
$100,160, an increase of $112,081, as compared to the net loss of $11,921 for
the same period in the prior year. The Company had previously reported net
income of $145,374. The error was due to the incorrect consideration of the
factoring expense.
About DataLogic International Inc.
DataLogic, operating through its wholly-owned subsidiary, DataLogic Consulting
Inc., is a professional service company dedicated to solving its clients'
business problems with technology-based solutions. Its services include SAS
consultancy, project management, software development, Internet solutions,
telecommunications/wireless integration, value added reselling/training and IT
outsourcing. The Company also provides short and long term staffing solutions
to IT clients and healthcare/medical providers. Among the industries that
DataLogic serves include Communications, Energy, Financial, Government,
Healthcare, Manufacturing, Retail and Transportation. A partial list of the
Company's current and previous clients include Alcon Labs, Amgen, Boeing, Compaq
Computer, Cisco Systems, City of Houston, Commonwealth of Virginia, FDNY, FedEx,
IBM Corp., International Paper, Kiboga Systems, Orange County Transportation
Authority (OCTA), PacifiCare/RX Solutions, Phillips Petroleum, Prudential
Healthcare, State of North Carolina, State of Rhode Island, SAS Institute and
Sun Microsystems. For more information on DataLogic International, Inc., go to
http://www.dlgi.com/ or contact Investor Relations at (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
that 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: DataLogic International Inc., Investor Relations,
+1-888-530-8228
Web site: http://www.dlgi.com/