Global Election Announces First Quarter Results.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 14, 2000 Global Election Systems (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :GSM.) North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Firm Offers Cutting-Edge Voting Solutions Global Election Systems Inc. (GSM:TSE.) today announced first quarter results for the period ending September 30, 2000. Revenues from sales and other income were US$3,491,000 for the quarter, due to the shift from hardware acquisitions to support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services in preparation for the presidential election in November. However, Global subsidiary, Spectrum Print and Mail Services, offset anticipated lower revenues by posting earnings of US$1,345,000 in the same quarter. Global expects similar revenue growth from Spectrum to continue. The announced results covered the critical time period that included Global's nationwide preparation for the 2000 U.S. presidential election, the final results of which extended well past the November 7 election date. "We expected sales to be slower this quarter," said Bob Urosevich Bob Urosevich is head of I-Mark, the creator of the software architecture used in US voting machines, and part of the management of Diebold Election Systems. Urosevich has been working in the election systems industry since 1976. In 1979, Mr. , Global Election's President and COO. "This was the largest and most comprehensive election in the history of the company with over 840 U.S. jurisdictions utilizing Global's high-tech voting systems. The impact of the election, which turned out to be the closest and certainly the most high profile presidential election in the nation's history, has created numerous new opportunities for voting system sales in the future." Global Election's cost of sales and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. also decreased 47 per cent to US$1,781,000 in the quarter compared to US$3,359,000 for the same period in 1999. Spectrum contributed US$556,000 to the cost of sales and operating expenses. In fiscal year 2000 cost of sales and operating expenses as a percentage of gross revenues decreased to 51 per cent from 53.7 per cent in 1999 due in part to Spectrum's greater gross margins on product sold in the 2000 period. "It is a normal part of our business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets that in quarters before major national elections Global's revenues dip as a result of helping our customers prepare for their elections. Global acquired Spectrum Print and Mail Services to offset this occasional revenue dip," said Urosevich.. "Currently we are looking to continue bolstering our sources of revenue during quarters before large elections through strategic partnerships and acquisitions that make sense for our business." About Global Election Systems, Inc. Global Elections is an industry leader in the election equipment marketplace with over 850 jurisdictions in North America utilizing its AccuVoteTM (optical scan) or AccuVoteTM-TS (touch screen) voting systems. Its product line also includes VoteRemote, a high speed automated absentee ballot printing and processing system and the CMIS (Common Management Information Services) Pronounced "c-miss." An OSI standard that defines the functions for network monitoring and control. CMIS - Common Management Information Services voter registration system. Global Election's recent acquisitions and strategic alliance with Indra, SSI (1) See server-side include and single-system image. (2) (Small-Scale Integration) Less than 100 transistors on a chip. See MSI, LSI, VLSI and ULSI. 1. (electronics) SSI - small scale integration. 2. of Madrid Spain, a worldwide systems integrator, has enabled the company to participate in international bids involving nationwide voting system projects. Global Election Systems Inc.'s shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "GSM". If you prefer to receive Global Election System's news releases via email, please advise Bonnie Merritt at bonnie@gesn.com The Securities Exchange Commission has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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