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T/R Systems Announces Q2 Results: Loss Narrows

Press release from the issuing company

ATLANTA--Aug. 27, 2003-- T/R SYSTEMS, INC., a leader in developing innovative solutions for the management and production of digital documents, today announced a 3% increase in revenue for its second quarter, which ended July 31, 2003. Revenue for the quarter ended July 31, 2003 was $4.0 million versus $3.9 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 and improved revenue from the Digital StoreFront(TM) product. Revenue from sales into the OEM channel was $2.8 million in the second quarter as compared to $2.4 million a year ago. In the quarter ended July 31, 2003, the net loss was $784,000 versus a net loss of $6.9 million in the quarter ended July 31, 2002. The operating loss for the quarter that ended July 31, 2002 contained certain restructuring charges of $3.6 million, principally for inventory and equipment writedowns, severance for terminated employees and the costs of facility consolidation. The significant decline in the net loss is the result of a decrease in product costs as well as a reduction in all other expense categories. Loss per common share outstanding was 6 cents versus 55 cents in the last year's comparable quarter. Cash and cash equivalents were $4.9 million on July 31, 2003, a decline of $190,000 during the quarter. There was no outstanding debt. "We are encouraged by our recent financial performance," said Mike Kohlsdorf, President and Chief Executive Officer. "We are pleased that the actions we have taken in the previous year to improve revenue while lowering product costs and overall expenses are beginning to pay off."