Alanco First Quarter Results; TSI PRISM Wireless Tracking Technology Contributes 60% of First Quarter Revenues As Market Penetration Accelerates.Business Editors SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 18, 2002 Alanco Technologies Inc. (Nasdaq: ALAN) today announced results for its fiscal first quarter ended Sept. 30, 2002, reporting revenue of $2,391,600, an 11.8% increase compared to $2,138,600 reported for the same quarter of the prior year. The increase in revenue is attributed to the June 1, 2002, acquisition of Technology Systems International Inc.'s TSI TSI Total Solar Irradiance (sum solar light in energy per unit of time) TSI Trading Standards Institute (UK) TSI Transportation Safety Institute (US DOT) PRISM prism, in optics, a piece of translucent glass or crystal used to form a spectrum of light separated according to colors. Its cross section is usually triangular. (TM) technology. TSI PRISM results are now reported as a new company business segment, "RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. Tracking technology," with revenues during the quarter of $1,482,400, representing 62% of the consolidated revenues. Revenues contributed by the Data Storage Segment decreased 57% primarily due to the closure of the company's SanOne Inc. subsidiary, as well as continued reduced demand in the remaining two data storage businesses, Arraid Inc. and Excel/Meridian Data Inc. The first quarter loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the amounted to $468,500, or $0.03 per share, compared to a loss from continuing operations of $379,800, or $0.04 per share, in the prior year period. Preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends during the quarter amounted to $12,600, resulting in a net loss attributable to common shareholders of $472,000, or $0.03 per share. Robert R. Kauffman, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Alanco's business strategy has been totally refocused to exploit the unique and proprietary TSI PRISM opportunity, as the operational, financial, and management integration of the June 2002 acquisition has been successfully completed. TSI PRISM revenues of approximately $1.5 million in our initial fiscal year quarter marked the first significant sales of this technology following a seven-year, $17.0 million development effort. For our second quarter ending Dec. 31, we are projecting TSI PRISM sales in excess of $2 million, which reflects contract backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. to be completed in the quarter. Also, as our installed customer base grows, TSI PRISM sales activity is accelerating, and we are in the final stages of a number of new contract awards which should result in continued significant sales growth in the fiscal year second half." Alanco Technologies Inc. is a provider of advanced information technology solutions with a strategic focus upon RFID (Radio Frequency Identification See RFID. ) tracking technology through the 2002 acquisition of Technology Systems International Inc. (TSI). TSI has developed a state-of-the-art wireless RFID tracking technology featuring proprietary software and patented hardware components, marketed as the TSI PRISM(TM) system. The TSI PRISM system is utilized for area security management and personnel monitoring with present market focus on the corrections industry, where the system provides continuous, real-time prison inmate INMATE. One who dwells in a part of another's house, the latter dwelling, at the same time, in the said house. Kitch. 45, b; Com. Dig. Justices of the Peace, B 85; 1 B. & Cr. 578; 8 E. C. L. R. 153; 2 Dowl. & Ry. 743; 8 B. & Cr. 71; 15 E. C. L. R. 154; 2 Man. & Ry. 227; 9 B. & Cr. and officer identification and tracking capabilities indoors and out. TSI PRISM enhances staff safety and facility security; deters Deters may refer to:
(2) (Network Attached Storage) A specialized file server that connects to the network. A NAS device contains a slimmed-down operating system and a file system and processes only I/O requests by supporting the popular ) systems. Except for historical information, the statements 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. made pursuant to the 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. provisions of 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. All such forward-looking statements are subject to, and are qualified by, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. These risks and uncertainties include, but are not limited to, reduced demand for information technology equipment; competitive pricing and difficulty managing product costs; development of new technologies which make the company's products obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. ; rapid industry changes; failure of an acquired business to further the company's strategies; the ability to maintain satisfactory relationships with lenders and to remain in compliance with financial loan covenants A loan covenant is a condition in a commercial loan or bond issue that requires the borrower to fulfill certain conditions or forbids the borrower from undertaking certain actions, or possibly restricts certain activities to circumstances when other conditions are met. and other requirements under current banking agreements; and the ability to secure and maintain key contracts and relationships.
Alanco Technologies Inc.
Condensed Consolidated Statement of Operations
Three Months Ended
Sept 30.
2002 2001
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Net Sales $ 2,391,600 $ 2,138,600
Cost of Sales (1,497,500) (1,247,400)
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Gross Profit 894,100 891,200
Selling, General & Administrative (1,333,700) (1,273,600)
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Operating Loss (439,600) (382,400)
Other Expense (28,900) 2,600
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Loss from Continued Operations (468,500) (379,800)
Income (Loss) from Discontinued Operations 9,100 (1,400)
Preferred Stock Dividend (12,600) --
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Net Loss Attributable to Common Shareholders $ (472,000)$ (381,200)
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Earnings Per Share - Basic & Diluted
Continuing Operations $ (0.03)$ (0.04)
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Discontinued Operations $ 0.00 $ 0.00
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Net Loss Per Share $ (0.03)$ (0.04)
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Weighted Average Common Shares
& Equivalents outstanding 17,032,800 8,707,400
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