ATEC Group Reports Fiscal Six Months and Second-Quarter 2002 Results.Business Editors COMMACK, N.Y.--(BUSINESS WIRE)--Feb. 12, 2002 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) Group, Inc. (AMEX AMEX See: American Stock Exchange : TEC), a leading systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. and provider of a full line of information technology products and services, today announced financial results for the fiscal 2002 six months and second quarter. Second quarter net revenues were $7,619,339, compared with $13,435,283 for the same quarter a year ago. Gross profit for the quarter was $1,057,655 versus $1,803,946 in the second quarter of the prior year. The company incurred a net loss for the quarter of $ 181,115 or three cents per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with a net loss of $421,365 or six cents per basic and diluted share, in the comparable quarter last year. Net revenues for the six-month period were $19,667,524, compared with $28,383,966 for last year's first half. Gross profit for the six months equaled $3,392,175, versus $3,994,292 last year. The six-month net loss was $83,825, or one cent per basic and diluted share, compared with a net loss of $676,203 or ten cents Ten Cents has several meanings:
"The results for the two quarters ended December 31, 2001 were negatively impacted by the economic slowdown that began early last year and then was compounded by the events of September 11," said Surinder Rametra, Chairman. "However, we are continuing to optimize the operations and to meet the current global economic changes". Mr. Rametra went on to say "the rejoining of B.J. Singh as the Chief Executive Officer with his proven record of achievements and success will improve our marketing and strengthen the current management team to lead the Company to profitability." B.J. Singh, Chief Executive Officer, stated "the re-alignment of our sales, service and support staffs and the addition of several proven sales executives will result in cost reductions and increased revenues from new business." B.J. continued, "I believe that the worst is over. The economic rebound should start soon and with that will start the corporate upgrade cycle. ATEC will be at the forefront as the cycle begins." 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. 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. For more information visit www.atecgroup.com.
ATEC GROUP, INC.
Financial Highlights
For Three Months Ended For the Six Months Ended
---------------------- ------------------------
Net revenues $ 7,619,339 $ 13,435,283 $ 19,667,524 $ 28,383,966
Gross Profit $ 1,057,655 $ 1,803,946 $ 3,392,175 $ 3,994,292
Net loss $ (181,115) $ (421,365) $ (83,825) $ (676,203)
Net Income
(loss) per
share
Basic $ (.03) $ (.06) $ (.01) $ (.10)
Diluted $ (.03) $ (.06) $ (.01) $ (.10)
Average shares
outstanding 7,021,644 7,089,744 7,055,044 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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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