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T/R Systems Announces Q1 Loss: Revenue Increases 17%

Press release from the issuing company

ATLANTA--May 27, 2003--T/R SYSTEMS, INC., a leader in developing innovative solutions for the management and production of digital documents, today announced a 17% increase in revenue for its first quarter, which ended April 30, 2003. Revenue for the quarter ended April 30, 2003 was $3.8 million versus $3.3 million in the same quarter a year ago. The revenue increase is mainly the result of improvements in the sales of the MicroPress products into the OEM distribution channel. Revenue from those sales was $2.9 million in the first quarter as compared to $1.5 million a year ago. Unit sales into the OEM distribution channel increased 86% in the first quarter compared to the same quarter last year. In the quarter ended April 30, 2003 the net loss was $1.0 million versus a net loss of $3.3 million in the quarter ended April 30, 2002. The significant decline in the net loss is the result of improved revenue, a lowering of product costs as well as a reduction in all other expense categories. Loss per common share outstanding was 8 cents versus 27 cents in the same quarter last year. "We are encouraged with the improvements in MicroPress sales in the first quarter," said Mike Kohlsdorf, President and Chief Executive Officer. "We have worked diligently to improve revenue while reducing our cost structure as we progress toward our goal of a return to profitability." Cash and cash equivalents was $5.1 million on April 30, 2003. There was no outstanding debt.