News

Blazepoint remains optimistic of achieving profitability

May 30, 2002

LONDON -- English kiosk and technology hardware manufacturer Blazepoint Group PLC (AIM:BLA) reported a net loss of $701,416 on revenue of $2.8 million for the six-month period ending Feb. 28. But the company remains confident it will reach profitability by the end of the year.

Blazepoint blamed contract delays incurred during the period for the net loss, but company officials predicted that two-thirds of its sales for fiscal year 2002 would occur during the second six-month period.

Blazepoint Chairman Roger Wadsworth said the kiosk side of the business has developed slower than expected, but that the company remains well placed to take advantage of the industry as it matures. Kiosks are among several segments that Blazepoint has entered in recent years, along with defense applications and ticketing-printing.

"I believe by branching into new sectors and broadening Blazepoint's market opportunity we will deliver long-term shareholder value," Wadsworth said in a news release.