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DataLogic Releases CEO Letter to Shareholders Discussing Fiscal
2003 Results and Forward Guidance
IRVINE, Calif., April. 9 /PRNewswire-FirstCall/ -- DataLogic International,
Inc. (OTC Bulletin Board: DLGI; Berlin, Frankfurt StockExchange: 779612), today
releases a letter to shareholders discussing fiscal 2003 results and forward
guidance.
To Our Valued Shareholders,
I am proud to announce that DataLogic has achieved record revenue in 2003 of
$10.7 million as compared to $2.1million from the prior year, a 412%
year-to-year growth. 2003 was a challenging year but very productive for
DataLogic. We have learned from our past mistakes and made substantial progress
against the major milestones we set at the beginning of the year and achieved
results that are pivotal to DataLogic's future success.
Although the net earnings results were a slight disappointment for DataLogic
International, the new year brings confidence that the factors that brought
about the disappointment are well behind us. The main obstacles in Q4 2003 were
the adjustments from the comprehensive year-end audit procedures in preparing
DataLogic for a major exchange listing along with uncollected debts for $113,000
and deferred revenues booking of $125,000. As a result of these adjustments,
defaulted accounts coupled with R&D and ongoing M&A consulting expenses, we did
not realized the full potential earning that we're expected for the quarter.
The adjustments and reclassifications to the previous quarter results were
necessary to form an organized financial based from which we will expand into
our new VoIP and M2M businesses. Although we had to reclassify $113,000 of
income from Kiboga System to doubtful debt, we expect to ultimately collect this
amount through legal actions. Our deferred revenues of $125,000 will be booked
in the first two quarters of 2004.
We expect to record over $3.5 million in revenues in the first quarter. This is
in line with our sales projection of over $20 million in annual revenue for
fiscal 2004.
Since the start of 2004, sales for our VoIP products and licenses have been on
the rise along with strong demands for our GPS products. We are currently
working with over ten major companies in Asia, Middle East, North America, South
America and Europe to either test or deploy our VoIP solutions. The majority of
our current business is deriving from Asia such as China, Vietnam and the
Philippines. We expect the market in Asia to remain strong. We also have plans
to expand into the retail channels in North America this year as well as
stronger penetration into Europe, Middle East and South America.
We're currently marketing our GSM and CDMA vehicle tracking devices in North
America, South America and Europe. The majority of our sales have been to
distributors and application developers but we anticipate to consummate some of
the transactions we have in the current pipeline with various large clients
shortly. We're also conducting tests of the products in China and intend to
increase our marketing effort in Asia beginning this quarter.
We are in the process of organizing our resources and strengthening our
infrastructure to support the anticipated growth through the sales of our VoIP
and M2M products. In conjunction, we also endeavor to eliminate inefficiencies
in our R&D, operations and collection process. We expect this effort to result
in an improved bottom line.
As you recall from my previous shareholders letter, DataLogic is undergoing a
major capital restructuring which will result in new funding and debt
refinancing for the company to significantly reduce the costs of borrowed
capital, strengthen our balance sheet and at the same time leveraging our
capital resources via merger/acquisition activities.
We believe that our actions, both strategic and tactical, have put DataLogic in
a much better position today than it has been over the last few years. These
actions, coupled with an improving economic landscape, give us confidence going
into 2004 that we are well positioned to realize our mission of building
world-class technology companies and increasing shareholders value. We
appreciate all your support and looking forward to a successful and mutually
rewarding 2004.
Sincerely,
Derek Nguyen
Chief Executive Officer
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, asamended 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/