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T/R Systems Announces 2Q Results, Revenue Down 37%

Thursday, August 30, 2001

Press release from the issuing company

ATLANTA--Aug. 29, 2001--T/R SYSTEMS, INC., a leader in developing innovative solutions for the management and production of digital documents, today announced financial results for its second quarter and six months ended July 31, 2001. Revenue for the quarter ended July 31, 2001 was $5.6 million, down 37.0% from $8.8 million in the quarter ended July 31, 2000. Net loss for the quarter ended July 31, 2001 was $1.1 million compared to net income of $1.7 million for the quarter ended July 31, 2000. Diluted loss per share for the quarter ended July 31, 2001 was $0.09 per share as compared to diluted earnings per share of $0.13 in the same period of the prior year. For the six months ended July 31, 2001, revenue was $11.5 million versus $16.1 million in the six months ended July 31, 2000, a decrease of 29.0%. Net loss for the six months ended July 31, 2001 was $2.7 million as compared to net income of $2.5 million in the same period in the prior year. Diluted loss per share for the six months ended July 31, 2001 was $0.22, down from net earnings per share of $0.19 for the six months ended July 31, 2000. "We are disappointed with our results and remain very concerned about the state of the global economy,'' said Mike Kohlsdorf, President and CEO of T/R Systems. "In light of our concerns about the overall economy and in order to operate more efficiently, on August 20, 2001, we initiated a 14% across the board workforce reduction. The effects of this reduction are not expected to be fully reflected in our business until the fourth quarter of this fiscal year. Despite our concerns with the economy, we are excited about the new alliances and products that we expect to be announcing and shipping in the second half of this fiscal year.''

 

 

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