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ITEC Reports 1Q Results: Revenues Up 29%, Losses Decrease by 52%

Press release from the issuing company

SAN DIEGO, Nov. 14 -- Imaging Technologies Corporation today reported results for the first quarter of its 2002 fiscal year ended September 30, 2001. ITEC reported quarterly revenues of $1.08 million compared to revenues of $837 thousand, an increase of 29% over the year-earlier period. Sales of products were $1.06 million in the period, up 61 percent from the first quarter of last year. Gross margin on product sales increased by 10% compared to the prior year to 43%. The Company reduced its operating expenses, including sales, engineering, and administrative expenses, by 45% for the quarter as compared to the prior year. ITEC decreased its loss from $2.4 million, or $0.02 per share, in the first quarter ended September 30, 2000, to $1.1 million, or $0.01 per share, in the period ended September 30, 2001, a decrease of 52%. "We continue to make progress in our efforts to return ITEC to profitability'' said Brian Bonar, ITEC's Chairman and CEO. "Over the past year, we have worked to refine our business plan of providing advanced integrated digital imaging solutions to corporate customers,'' he said. Mr. Bonar remarked that the increase in sales is due to the redefined focus of the Company's sales force on providing office products and systems, which is characterized by a transition by corporate customers from analog to digital systems, management of publishing and printing over the Internet, reliance on outsourcing, and the rapid transition to color output.

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