Bridge Technology, Inc. Announces Corrected Record Earnings for Preliminary Fourth Quarter and Year End Results.Business Editors and High-Tech Writers GARDEN GROVE Garden Grove, city (1990 pop. 143,050), Orange co., S Calif., a suburb of Long Beach and Los Angeles, on the Santa Ana River; founded 1877, inc. 1956. Many of its residents work in nearby aerospace and defense installations, and there is light manufacturing. , Calif.--(BUSINESS WIRE)--March 1, 2001 Bridge Technology, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap Market:BRDG BRDG Bridge ) a data storage and communication components company, today announced corrected preliminary results for fourth quarter and year ended December 31, 2000. Final results will be reported upon completion of an annual audit by BDO Seidman BDO Seidman, LLP is the United States arm of BDO International, one of the largest accounting firms outside of the Big Four. History BDO Seidman, LLP was founded as Seidman and Seidman in New York City in 1910 by Maximillian L. Seidman. & Company. Revenues for the fourth quarter ended December 31, 2000 climbed 446% to approximately $46,400,000, compared to $8,500,000 during the same prior year period. Net income was approximately $730,000 or $0.07 per share, versus $114,400 or $0.01 per share for the prior year. Management attributed the strong revenue and earnings growth to expanded business in China, which now represents over 50% of revenues and earnings. For the year ended December 31, 2000, revenues were approximately $122,000,000 up 256% versus $34,200,000 for the prior year's period. Net income was approximately $1,400,000 or $0.13 per share up 86% compared to $669,000 or $0.07 per share. About Bridge Technology, Inc. Bridge Technology, Inc. manufactures, markets, and distributes digital recording, storage and communication components primarily to long standing OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers. The company, with subsidiaries in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Japan, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , and China, is also a design innovator for the data, voice, multimedia, Internet and wireless communication industries. More information on Bridge Technology, Inc. may be obtained over the Internet at www.bridgeus.com.
Selected Financial Data
Three Months Ended Year Ended
December 31st December 31st
2000 1999 2000 1999
Revenues $46,400,000 $ 8,500,000 $122,000,000 $ 34,300,000
Net Income $ 730,000 $ 114,400 $ 1,400,000 $ 669,000
Earnings per
common share;
diluted $ 0.07 $ 0.01 $ 0.13 $ 0.07
Earnings per
common share;
basic $ 0.07 $ 0.01 $ 0.13 $ 0.07
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 contained in this release, which are not historical facts, may be deemed to contain forward-looking statements including, but not limited to, deployment of new services, growth of the customer base, and growth of the service area, among other items. Actual results may differ materially from those anticipated in any forward-looking statement with regard to magnitude, timing, or other factors. Deviation may result from risk and uncertainties, including, without limitation, the company's dependence on third parties, market conditions for the sale of services, technical factors affecting networks, availability of capital, and other risks and uncertainties. The company disclaims any obligation to update information contained in any forward-looking statement. |
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