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T/R Systems Announces Q3 Loss, But 31% Increase in Revenue

Press release from the issuing company

ATLANTA-- Dec. 4, 2002--T/R SYSTEMS, INC., a leader in developing innovative solutions for the management and production of digital documents, today announced a 31% increase in revenue for its third quarter, which ended October 31, 2002. Revenue for the quarter ended October 31, 2002 was $4 million versus $3.1 million in the same quarter a year ago. The revenue increase is mainly due to improvements in the sales of MicroPress products into the OEM distribution channel. OEM revenue increased 108% to $2.5 million in the third quarter as compared to $1.2 million a year ago. Unit sales into the OEM distribution channel more than tripled over the previous year due to the introduction of the X Series line of MicroPress products in late 2001 and early 2002 and the X Series launch into the Canon channel in North America in April 2002. The operating loss in the third quarter declined 70% to $1.7 million from an operating loss of $5.6 million in the quarter ended October 31, 2001. The significant decline in the operating loss reflects improved revenue, reductions in product costs, and a decline of $2.4 million in all other expense categories. "We are very pleased with the 31% growth in revenue on a year on year basis as well as with the lower loss in this very difficult economic environment," said Mike Kohlsdorf, President and CEO of T/R Systems. "Many of our key business metrics such as revenue growth, cost of product, days sales outstanding in accounts receivable, and inventory levels have shown tremendous improvement. Nonetheless, we will not be satisfied until we return to profitability and cash growth." Diluted loss per share for the quarter ended October 31, 2002 was $0.14 per share and contained no tax benefit. Last year the diluted loss per share was $0.28 but would have been $0.44 per share had there been no tax benefit. T/R Systems remained debt free at October 31, 2002.