Global Election Reports Strong Second Quarter; Sales Increased 106%.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Feb. 4, 2000 Global Election Systems Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :GSM.) today announced results for the second quarter and the first six months of fiscal 2000.
Second Quarter Results:
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1999 1998 1998
US$ CDN$ US$ CDN$
Revenues 5.0 million 7.4 million 2.4 million 3.6 million
Net Income 120,000 178,000 (954,000) (1.4 million)
Earnings
per share 0.01 0.01 (0.05) (0.07)
E.P.S. fully
diluted 0.01 0.01 -- --
Six Month Results:
Dec.31 Dec. 31, Dec. 31, Dec. 31,
1999 1999 1998 1998
US$ CDN$ US$ CDN$
Revenues 11.3 million 16.7 million 6.7 million 10.0 million
Net Income 788,000 1.2 million (698,000) (1.0 million)
Earnings
per share 0.04 0.06 (0.04) (0.06)
E.P.S. fully
diluted 0.04 0.06 -- --
Notes: Exchange rate of 1.4793 used in conversion from US$ to CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $, brackets indicate a loss. Howard Van Pelt van Pelt is the surname of several people: People
tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. were the improved gross margins resulting from more efficient utilization of labor. Van Pelt added that while system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. were excellent in this quarter, the revenue and net income could have been significantly better had there not been the previously announced delay in the delivery of 338 AccuVote systems. While backlogs rarely occur in this business, one of Global's suppliers under-performed in the quality control area. These systems will be booked in the third quarter. Other factors affecting net income included the increase in interest expenses from US$63,000 to US$137,000, and a write down of US$131,000 for trade-in inventory that will expire June 30, 2000. The outlook for the second half of fiscal 2000 is very positive for Global in both revenues and earnings. Global is one of the fastest growing election and vote tabulation tab·u·late tr.v. tab·u·lat·ed, tab·u·lat·ing, tab·u·lates 1. To arrange in tabular form; condense and list. 2. To cut or form with a plane surface. adj. Having a plane surface. companies in the election industry. It continues to provide leading edge technology to the election marketplace with advanced products such as the AccuVote (optical scan) Voting System Noun 1. voting system - a legal system for making democratic choices electoral system legal system - a system for interpreting and enforcing the laws , the AccuVote-TS (touch screen) Voting 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 Voter registration is the requirement in some democracies for citizens to check in with some central registry before being allowed to vote in elections. An effort to get people to register is known as a voter registration drive. Centralized/compulsory vs. System. Global's superior solutions-based technology, the system's proven ability to deliver accurate results on a timely basis, and the Company's highly capable sales and after-sales people set it apart from its competitors. Global is dedicated to providing technological solutions to election jurisdictions. Global Election Systems Inc. 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 &uot;GSM&uot;. If you would prefer to receive company news releases via e-mail, please advise Natasha Blackburn at natasha@humekieran.on.ca. 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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