WhatTheyThink

Delphax Restates Q3 Results, Correction Reduces Net Loss

Thursday, December 12, 2002

MINNEAPOLIS, Dec. 10 -- Delphax Technologies Inc. today announced that it has restated previously reported results for the third quarter and nine months ended June 30, 2002, to correct an error in the consolidation of intercompany transactions between the parent corporation and its Canadian subsidiary, which was acquired in December 2001. The restatement, contained in an amendment to the company's Quarterly Report on Form 10-Q for the third fiscal quarter, reduces Delphax's net loss for the quarter from $458,000 or $0.07 as originally reported to a net loss of $10,000 or $0.00 cents per share. For the nine months ended June 30, 2002, the previously reported net loss of $399,000 or $0.06 cents per share becomes net income of $50,000 or $0.01 per share.