Scanvec Amiable Reports Revenue for the Nine Months Exceeds $10 Million
Press release from the issuing company
PHILADELPHIA--Nov. 16, 2004-- Scanvec Amiable, the recognized global leader in providing complete, professional software solutions from design to production for the sign making and large format digital printing industries, today announced its financial results for the third quarter and nine months ended September 30, 2004.
For the third quarter of 2004 revenues were $3.5 million compared to $3.4 million in the third quarter of 2003. Net income for the third quarter was $202,000 or $0.03 per weighted average fully diluted share, compared to net income of $318,000 or $0.05 per fully diluted share in the third quarter of 2003. During the third quarter as a result of the settlement of a lawsuit 1,765,500 shares of common stock were surrendered to the company, leaving 5,013,500 shares outstanding. Had shares been surrendered at the commencement of the quarter net income would have been $0.04 per share.
For the first nine months of 2004 revenues were $10.9 million compared to $9.8 million for the nine month period in 2003. Net income was $1 million or $0.16 per weighted average fully diluted share outstanding, as compared to a net loss of $31,000 or $0.00 per fully diluted share for the nine month period in 2003. Had the 1,765,500 shares described above been surrendered at the start of the period the net income would have been $0.21 per share.
As of September 30, 2004 the Company had $1.8 million in cash up from $1.3 million at the end of 2003.
Recent Company highlights include:
-- Released Flexi and PhotoPRINT products for the Macintosh(TM) OSX on September 1st, enabling users to run our powerful software on the Mac(TM) or Windows(TM) as they desire.
-- Chosen by Xerox Corporation to be the software provider for the new Xerox 8160 and 8142 Wide Format Color Printers.
Dr. Ramon Harel, CEO of Scanvec Amiable, commented, "We are pleased with the third quarter results as our core sign making and digital printing software business continues to perform well. Our strategy is to grow the core business but also expand into vertical markets including software for color photo copiers and the woodworking industry. With continued strong performance from our core business and the contribution from these additional markets we hope to generate increased revenues and profits in 2005."
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