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DataLogic International Reports Fiscal 2004 Financial Results
Revenues Increase 33% From Fiscal 2003
IRVINE, Calif., May 9 /PRNewswire-FirstCall/ -- DataLogic International, Inc.,
(OTC Bulletin Board: DLGI; Berlin, Frankfurt Stock Exchange: 779612) a provider
of consulting services and communication solutions including VoIP, GPS based
mobile asset tracking, and secured mobile communications, today announced its
financial results for the year ended December 31, 2004.
In fiscal 2004 and continuing in Fiscal 2005, the Company has achieved
significant strategic milestones, such as:
* Hiring of a new CEO, Keith Moore, who has built several successful
technology companies;
* Acquisition of the assets of New Mexico-based IS Solutions, LLC (ISS),
now DataLogic New Mexico, Inc.;
* Shipments of its competitively priced Panther Trak(TM) device, which
harnesses wireless connectivity and the Global Positioning System to
allow a complete range of customer-defined options in keeping track of
valuable vehicular assets;
* Development of EncrypTAC(TM), a next-generation encryption and
two-factor authentication product that provides law enforcement agents
using mobile communications efficient access to FBI databases without
compromising security. EncrypTAC is being prepared for full
commercial roll-out;
* An April 20, 2005 award win in the Device category for Panther Trak
from the Orange County Chapter of AeA, the nation's largest technology
trade organization
* Formation of the Company's Communications Group, which includes VoIP
(Voice over Internet Protocol) equipment and services, GPS vehicle and
asset management products and services, secured mobile communications
and video communications solutions.
Financial Results
DataLogic International's net revenues for the year ended December 31, 2004
were $14,255,054 million as compared to net revenues of $10,702,715 million for
the year ended December 31, 2003. The 33% increase in revenues year over year
was primarily due to the growth of the Company's consulting services and VoIP
business segments.
Gross profit for the year ended December 31, 2004 was $2,661,991, or 19% of
revenues, as compared to gross profits of $649,572, or 6% of revenues, for the
prior year. The increase in the Company's gross profit margin was primarily
due to improved efficiencies.
Operating expenses for the year ended December 31, 2004 were $3,707,938 as
compared to $1,294,434 for the prior year. The increase in operating expenses
was attributed to costs associated with the growth of the Company's consulting
services and $1.3 million bad debt write-off due to its VoIP clients inability
to execute their business plans.
Interest expense for the year ended December 31, 2004 was $295,064, as compared
to $73,896 for the prior year. The increase in interest expense was primarily
attributable to the Company's notes, debt issuance, and beneficial conversion
factor expenses related to the Laurus Master Fund financing facility
established in June, 2004.
As a result of the above, the Company's net loss for the year ended December
31, 2004 was $1,403,837, or a loss of $0.04 per share, as compared to a net
loss of $911,582, or a loss of $0.03 per share in the prior year.
For the year ended December 31, 2004 the Company's assets consisted of cash and
cash equivalents of $643,847, $1,630,570 in accounts receivable, $16,000 in
marketable securities, and $53,526 in inventory, as compared with $253,517 in
cash and cash equivalents, $1,533,544 in accounts receivable, $61,000 in
marketable securities and $66,225 in inventory in the prior year. For the year
ended December 31, 2004 Company current liabilities consisted of $1,447,353 in
accounts payable and accrued expenses and $1,244,184 in short-term debts, as
compared with $815,000 in accounts payable and accrued expenses and $1,633,276
short-term debts in the prior year.
In preparing the financial statements for the year ended December 31, 2004
management performed a detailed analysis of the operations, records and
estimates used in all business segments and as a result wrote off various
non-performing assets and reclassified transactions. This effort was necessary
to provide the operating foundation upon which to build and support the
Company's anticipated growth in 2005 and beyond, and return the Company to
profitability.
Management Analysis
"We achieved solid revenue growth in 2004 across all our business segments and
have made significant strides to returning the Company to profitability. We
have a solid operating foundation and have built considerable growth momentum
for DataLogic in 2005," stated Keith Moore, Chairman and CEO. "Looking ahead,
we are continuing the development, testing and commercialization of innovative
communications technologies and revisiting current and past clients with
expanded service offerings. We have begun marketing Panther Trak, our GPS
based mobile asset tracking device as well as our cost-effective VoIP telephony
solutions in populous developing nations that lack communications
infrastructure. We are also launching EncrypTAC, our secured mobile
communications technology, nationally. Additionally, we continue to explore
acquisition opportunities to increase market share and provide our company
recurring revenues streams."
About DataLogic International, Inc.
DataLogic International, Inc. is a technology and professional services company
providing a wide range of consulting services and communication solutions such
as VoIP, GPS based mobile asset tracking, and secured mobile communications.
The company also provides Information Technology outsourcing and private label
communication solutions. DataLogic's customers include U.S. and international
governmental agencies as well as a variety of international commercial
organizations. For more information about DataLogic International, please
visit 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.
Contact Information:
Keith C. Moore, Chairman and CEO
DataLogic International, Inc.
949-260-0120, ext. 106
Sean Collins, Partner
CCG Investor Relations and Strategic Communications
818-789-0100, ext. 202
DATASOURCE: DataLogic International, Inc.
CONTACT: Keith C. Moore, Chairman and CEO of DataLogic International,
Inc., +1-949-260-0120, ext. 106; or Sean Collins, Partner of CCG Investor
Relations and Strategic Communications, +1-818-789-0100, ext. 202, for
DataLogic International, Inc.
Web site: http://www.dlgi.com/