- Net profit of $592,000 for the nine months ended September 30 compared to a net profit of $309,000 for the same period last year. Philadelphia, Pa., November 14, 2002 – Scanvec Amiable Ltd. (OTCBB: SVECF) announced a net profit of $40,000 or $0.01 per share, for the third quarter ended September 30, 2002, compared to a net profit of $304,000 or $0.04 per share, reported for the same period last year. Revenue for the third quarter of 2002 decreased $151,000 or 3.8% to $3,859,000 from $4,010,000 for the same period in 2001. The company announced a net profit of $592,000 or $.09 per share for the nine months ended September 30, 2002, compared to a net profit of $309,000 reported for the same period last year. Revenue for the first nine months of 2002 decreased $187,000 or 1.5% to $12,159,000 from $12,346,000 for the same period in 2001. Total operating expenses for the third quarter increased $69,000 or 2.4% to $2,946,000 compared to $2,877,000 for the same period in 2001. The Cost of Goods Sold for the third quarter increased $41,000 or 5% to $869,000 compared to $828,000 for the same period in 2001. Total operating expenses for the first nine months ended September 30, 2002 decreased by $792,000 or 8.4% to $8,683,000 compared to $9,475,000 reported for the same period last year. The Cost of Goods Sold for the nine months ended September 30, 2002 increased $282,000 or 11% to $2,853,000 compared to $2,571,000 reported for the same period in 2001. More products, which bear a royalty to third party developers, were sold in 2002 than in 2001, resulting in an increased Cost of Goods Sold expense. "In a difficult economic environment, the company has worked very hard to maintain itself at an operational level similar to that in 2001 and has successfully maintained profitability." Dr. Ramon Harel, CEO of Scanvec Amiable said in a statement. For the fourth quarter, our outlook is for modest growth. Positive events that occurred in the third quarter, such as the release of our FlexiFAMILY 7 in various languages and key updates that were developed to the core product line to drive the latest and most popular devices in the industry, should contribute nicely for a steady revenue stream. The mid-October release of PhotoPRINT 3 will add to our revenue stream in the fourth quarter and into well into 2003. Most importantly, we expect to deliver positive overall growth for 2002, and continue our positive momentum into 2003 and beyond. The company is leveraging existing strategic partnerships and developing new strategic partnerships better than ever, to deliver more robust solutions, increase exposure and to maximize operating expenses." added Dr. Harel. Scanvec Amiable is the recognized global leader, enabling the professional graphics manufacturing industry in creating innovative and cutting edge displays. Scanvec Amiable offers complete and professional solutions for the sign making, digital printing, and CAD/CAM for CNC manufacturing industries. Scanvec Amiable is headquartered in Philadelphia, PA. Scanvec Amiable has additional offices in San Juan Capistrano, CA., and Brussels, Belgium. For additional information please call 800-229-9066, 610-521-6300, e-mail us at [email protected], or visit www.ScanvecAmiable.com.