Bridge Technology Inc. Revenues Climb to $141 Million.Business Editors & 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)--April 2, 2002 Bridge Technology, Inc. (Nasdaq:BRDG BRDG Bridge ) a data storage and communication components manufacturing and distribution company, today announced preliminary results for the year ended December 31, 2001. Year-end results were effected by a weak fourth quarter that reflected substantially lower revenues and losses in domestic operations while experiencing excellent growth in revenues and earnings from our China operations in 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. . Revenues for the three months ended December 31, 2001 were $32,229,002, down 28.9%, and the Company incurred losses of $994,810 compared to a profit of $430,249 for the same three months in 2000. Lower revenues and losses for the fourth quarter, as compared to the fourth quarter in 2000, were attributed primarily to weak fourth quarter results in our domestic manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. for the power supplies business. Revenues for the year ended December 31, 2001 were $141,907,379, up 17.4%, as compared to 2000, resulting in net losses of $2,735,034 or ($0.25) per share compared to a net profit of $1,099,160 or $0.10 per share for the prior year. Lower revenues and losses for the year can be attributed to the slowdown in our domestic operations since June 2001. The year 2002 is expected to reflect continued growth in our China operations both in revenues and earnings. Although the domestic market for the 1st quarter 2002 continues to be soft, we are experiencing a slow recovery and we expect deliveries to increase in the 3rd and 4th quarters of the current year. The Company expects that the total year 2002 revenues should rise to the $175 million range without acquisitions and the Company expects to return to profitability. The Company has received an automatic notice from Nasdaq that our shares have fallen below the minimum bid requirement of $1.00 per share. We have the normal 180 days and an additional 180 days from a SEC notice to rectify rec·ti·fy v. 1. To set right; correct. 2. To refine or purify, especially by distillation. the situation. While the overall stock market climate is depressed we would expect that with improved revenues and earnings in the year 2002 the share price of our stock will meet the minimum bid requirement by Nasdaq. 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, 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. 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 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. 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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