News
Third quarter 2000 results show revenue increase for VendTek Systems
April 25, 2002
VANCOUVER
¾Automated transaction and retailing technologies provider VendTek Systems Inc., (CDNX:VSI), today reported third quarter financial results for the period ended July 31, 2000.Revenues increased to $1.63 million in the third quarter of 2000, up by 63 percent over third quarter 1999 revenues of $1 million and up 10 percent from revenues in the second quarter 2000. Revenues in third quarter 2000 are comprised of traditional product sales. However, VendTek's next-generation technologies
¾pre-paid Internet and cellular distribution networks and smart-card loading systems¾are likely to lead the drive toward continued revenue growth.Net loss for the third quarter 2000 was $205,939 (or $0.02 per share) compared with a net loss of $114,645 (or $0.02 per share) during the same period in 1999 and compared to a net profit of $2,048 in the second quarter 2000. The loss for the third quarter 2000 includes a one-time write-down on raw materials used in the Company's traditional product lines of $115,235 and a one-time customer deposit-financing discount of $45,370.
Other results for the third quarter include:
·
General and administration (G & A) expenses: $264,132 in the third quarter of 2000 compared with $158,015 in the corresponding period of 1999 and $294,911 in the second quarter of 2000. G&A expenses are greater in the third quarter of 2000 versus the third quarter of 1999 because of the costs incurred as a result of VendTek now being a public entity, increased legal, travel and rent expense associated with growing the company and increased expenditures relating to securing finance and technology opportunities.
·
Selling and marketing expenses: $109,730 in the third quarter of 2000 compared with $71,569 in the third quarter of 1999 and $159,605 in second quarter of 2000. Product development expense totaled $140,073 in the third quarter of 2000 compared with $84,270 in the third quarter of 1999 and $162,652 in the second quarter of 2000. These expenses increased over the third quarter of 1999 primarily as a result of the efforts being made towards the development, sale and launch of the first e-Fresh Network in the U.K.On August 3, VendTek announced a $2.7 million order for its e-Fresh Network from its U.K. customer ROK
Communications Ltd.¾the largest order in the company's history. The e-Fresh System enables cellular service providers to distribute cellular time electronically via a real-time network of self-serve kiosks, and other automated distribution and retailing systems.Related Media
Subscribe
Get the latest news and resources from Kiosk Marketplace.
Recent Posts
