Global Election Announces Results Of Operations For Its First Quarter Ended September 30, 2001.
MCKINNEY, Texas--(BUSINESS WIRE)--Nov. 27, 2001
Global Election Systems Inc. (AMEX: GLE; TSE: GSM) announces the results of operations for the first quarter ended September 30, 2001. Revenues for the quarter were US$2.5 million as compared to revenues of US$3.5 million for the same quarter of the prior fiscal year. Net losses for the quarter were US$3.5 million, or US$0.17 per share, as compared to net losses of US$477,000, or US$0.02 per share, for the same quarter of the prior fiscal year. The above results are reported in United States Dollars, while prepared under Canadian generally accepted accounting principles.
Under United States generally accepted accounting principles, for the first quarter ended September 30, 2001, Global had revenues of US$2.5 million as compared to revenues of US$3.5 million for the same quarter of the prior fiscal year. Net losses for the quarter were US$3.5 million, or US$0.17 per share, as compared to a net loss of US$667,000, or US$0.03 per share, for the same quarter of the prior fiscal year.
Brian Courtney, Global's Chief Executive Officer, commented: "The results of the first quarter continue to reflect the difficulties that Global has faced as a result of the November 2000 U.S. Presidential election. While the election created a mandate to change existing voting technology, the length of time this mandate has taken to process through the system continues to affect Global's traditional revenue cycles considerably. "In addition, Global believes there has been a fundamental change to the industry. Local and state governments seek an entity that is both large enough to handle their needs and has the existing support and services in place. Due to Global's results of operations and this fundamental change in the industry, Global has negotiated the sale of the Company to Diebold, Incorporated, a leader in self-service delivery systems with a nationwide service and support organization. The proposed Diebold transaction was approved by Global's shareholders at an extraordinary general meeting held on October 26, 2001. The Board of Directors and management believe the combination of the two companies will make an unprecedented impact on the election industry.
About Global Election Systems Inc.
Global Election Systems Inc., is an industry leader in the election equipment marketplace with over 850 jurisdictions in North America utilizing its AccuVote (optical scan) or AccuVote-TS (touch screen) voting systems. Its product line also includes VoteRemote, a high speed automated absentee ballot printing and processing system. Global's acquisitions and strategic alliances have enabled the Company to participate in international bids involving nationwide voting system projects. For further information, visit Global's website at www.globalelection.com.
This release includes statements which predict or forecast future events, depend on future events for their accuracy or embody assumptions which may prove to have been inaccurate. Such forward-looking statements include, but are not limited to, expectations that the announced business transaction will be consummated and expectations that such transaction, if it occurs, will result in strategic benefits. Global Election cautions that these forward-looking statements, and Global Election's business and prospects, are subject to a number of factors which could cause actual results to differ materially, including: the timely receipt of necessary shareholder, regulatory and other consents and approvals which could be delayed for a variety of reasons related or not related to the transaction itself; fulfillment of all closing conditions to be specified in the transaction documents; potential adverse effects of the changing industry environment; and delays in the normal purchasing cycles and the resultant negative impact on Global Election's sales and revenues. Certain factors which may materially affect the transaction described in this release or Global Election's business, prospects and results are described in Global Election's periodic reports available from the Securities and Exchange Commission, including Global Election's Form 10-K for fiscal year 2000 and subsequent reports on Forms 10-Q and 8-K.
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The Toronto Stock Exchange and the Securities Exchange Commission have not reviewed and do not accept responsibility for the adequacy or accuracy of this news release.
FOR FURTHER INFORMATION PLEASE REFER TO GLOBAL'S WEBSITE www.globalelection.com OR CONTACT:
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|Date:||Nov 27, 2001|
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