T/R Systems Q1 Results: $3.3 million Loss on Revenue of $3.3 Million
Press release from the issuing company
ATLANTA--May 30, 2002--T/R SYSTEMS, INC., a leader in developing innovative solutions for the management and production of digital documents, today announced financial results for its first quarter ended April 30, 2002.
Revenue for the quarter ended April 30, 2002 was $3.3 million, down from $5.9 million in the quarter ended April 30, 2001. However, revenue for the quarter ended April 30, 2002 was up from revenue of $3.1 million in the previous quarter ended January 31, 2002. In the quarter ended April 30, 2002, the operating loss was $3.3 million versus $2.7 million in the quarter ended April 30, 2001. The effect of the decrease in revenue on the operating loss in the quarter ended April 30, 2002 was partially offset by a decrease in operating expenses.
The net loss for the quarter ended April 30, 2002 was $3.3 million compared to $1.5 million for the quarter ended April 30, 2001. In the quarter ended April 30, 2001, T/R Systems recognized a non-cash tax benefit of $856,000 as a result of the pre-tax loss for that period. No such tax benefit was recognized during the quarter ended April 30, 2002. Diluted loss per share for the quarter ended April 30, 2002 was $0.27 per share as compared to $0.12 in the same quarter of the prior year.
Assuming no tax benefit had been recognized in the quarter ended April 30, 2001, the net loss for the quarter would have been $2.4 million, or $0.19 per share, as compared to the actual net loss for the quarter ended April 30, 2002 of $3.3 million, or $0.27 per share.
"While we are disappointed in our overall operating results for the first quarter, we are encouraged by the increase in revenue over the previous quarter as well as the initial reception of our new product strategy by our OEMs," said Mike Kohlsdorf, President and CEO of T/R Systems. "Going forward, we remain focused on fully implementing our new product strategy and returning to positive cash flow and profitability."
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