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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/