ATEC Group Reports Fiscal First-Quarter 2002 Results.Business Editors COMMACK, N.Y.--(BUSINESS WIRE)--Nov. 8, 2001 First Quarter Profitable, Balance Sheet Remains Strong and ATEC ATEC Army Test and Evaluation Command (US Army; formerly OPTEC, Operational Test & Evaluation Command) ATEC Australian Tourism Export Council ATEC Advanced Technologies (Hamburg, Germany) Team Managed Extremely Well In Current Challenging Economic Environment ATEC Group, Inc. (AMEX AMEX See: American Stock Exchange : TEC), a leading system integrator and provider of a full line of information technology products and services, today announced financial results for the fiscal 2002 first quarter ended Sept. 30, 2001. For the fiscal 2002 quarter, ATEC posted net income of $97,290 or $.01 cent per share on revenues of $12,048,185, compared with a net loss of $254,838 or $.04 per basic and diluted share on revenues of $14,948,683 in the same 2001 quarter. Gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. increased to 19.4% in the current quarter compared to 14.7% in the same quarter in 2001. Our gross profit increased due to increased service revenue. The slowdown in technology spending has resulted in the decline of hardware revenues. Tony Rametra, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. said "We are very pleased with the results for the first quarter of fiscal 2002. The results speak highly of our dedicated team, that has continuously introduced new products and services and has managed operations extremely well this quarter in spite of the challenging economic environment." "This is a tough economic environment," continued Mr. Rametra, "our new business model incorporates measures to strengthen our existing core business while introducing complementary products to increase market share, build stronger customer relationships and improve our financial position." About ATEC Group Based in Commack, New York Commack is a hamlet and census-designated place (CDP) in Suffolk County, New York, United States. The population was 36,367 at the 2000 census. Commack is partly in the Town of Huntington and the Town of Smithtown. It is located on Long Island. , ATEC Group, Inc., is a leading system integrator and provider of a full line of information technology solutions and services. Its TIS division is a one-stop provider for the computer needs of enterprise customers including businesses, government agencies and educational institutions. TIS offers supply chain management, LAN/WAN LAN/WAN Local Area Network/Wide Area Network , system integration, staffing, Internet and e-commerce solutions. Our new state of the art Customer Interaction Center "CIC CIC circulating immune complexes. CIC Circulating immune complexes. See Immune complexes. ", connecting USA and India, can meet all aspects of today's business needs from help desk to telemarketing, customer support to back office processing. The Global Distribution "GD" division is a B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business division that offers a unique combination of price and delivery to other resellers, retailers and enterprise customers. Nexar Technologies is a registered trademark and PC manufacturing division of the ATEC Group Inc. For more information visit www.atecgroup.com.
ATEC GROUP, INC.
Financial Highlights
For the Three Months Ended
9/30/01 9/30/00
Net revenues $12,048,185 $14,948,683
Gross profit 2,334,491 2,190,346
Net income (loss) 97,290 (254,838)
Net income (loss) per share
Basic .01 ($.04)
Diluted .01 ($.04)
Basic average shares outstanding 7,088,444 7,089,744
Diluted average shares outstanding 7,088,444 7,089,744
Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements that are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including, but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission. |
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