T/R Systems Announces 3Q Results, Revenue Down 66%
Press release from the issuing company
ATLANTA--Nov. 27, 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 third quarter and nine months ended October 31, 2001.
Revenue for the quarter ended October 31, 2001 was $3.1 million, down 66.2% from $9.1 million in the quarter ended October 31, 2000. Net loss for the quarter ended October 31, 2001 was $3.5 million compared to net income of $2.0 million for the quarter ended October 31, 2000. Diluted loss per share for the quarter ended October 31, 2001 was $0.28 per share as compared to diluted earnings per share of $0.16 in the same quarter of the prior year.
For the nine months ended October 31, 2001, revenue was $14.5 million versus $25.2 million in the nine months ended October 31, 2000, a decrease of 42.4%. Net loss for the nine months ended October 31, 2001 was $6.1 million as compared to net income of $4.5 million in the same period in the prior year. Diluted loss per share for the nine months ended October 31, 2001 was $0.50, down from net earnings per share of $0.35 for the nine months ended October 31, 2000.
"As we had expected, it was a very difficult quarter due to the weakness in the economy,'' said Mike Kohlsdorf, President and CEO of T/R Systems. "Our current focus is on the successful launch of our products into the Xerox, Canon and Lanier channels as well as the implementation of our new product strategies into our existing partner channels. We are also very focused on lowering our overall expense structure and have already taken several actions to reduce our break-even point.''
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