Global Payment Technologies Announces Fiscal 2002 First-Quarter Results.Business Editors HAUPPAUGE Hauppauge can refer to:
Global Payment Technologies, 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 Symbol: GPTX) ("GPT GPT glutamic-pyruvic transaminase; see alanine transaminase. GPT abbr. glutamic-pyruvic transaminase GPT glutamic-pyruvic transaminase. "), a leading manufacturer and innovator of currency acceptance systems used in the worldwide gaming, beverage, and vending industries, today announced its fiscal 2002 first-quarter results.
Summary of Financial Highlights
(in 000s, except per share data)
Three Months Ended December 31,
2001 2000 Change
Net Sales $8,290 $6,589 25.8%
Net Income $ 118 $ 111 6.3%
Net Income Per Share
Basic $ 0.02 $ 0.02 $ (0)
Diluted $ 0.02 $ 0.02 $ (0)
Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs McNeill McNeill may refer to:
n. Abbr. VP 1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death. 2. and CFO See Chief Financial Officer. , stated, "Given the tough economic climate, we are pleased that GPT's fundamentals have remained strong with net income this quarter representing our fifth consecutive quarter of profitability, as well as a significant increase in revenue as compared to the year ago period. Our gross profit percentage decreased from 32.9% to 25.6%, which was the result of previously forecasted startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. costs due principally to higher initial purchasing costs and product mix related to higher Argus(TM) sales. Specifically, Argus(TM) sales in the first quarter were approximately 75% of sales as compared to zero in the prior year period and 30% in our last quarter. This substantial rise in Argus(TM) sales means that we will, as previously stated, start benefiting from lower purchase prices and increased manufacturing efficiencies which should increase margins in each of our remaining three quarters this fiscal year. In addition, GPT's 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. were reduced in absolute terms (Alg.) such as are known, or which do not contain the unknown quantity. See also: Absolute and as a percentage of sales from 31.6% to 24.8%. This is a testament to our cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. efforts, as well as the hard work and effort of all GPT associates who continue being more efficient. With the expected improvement of the gross profit percentage in our second fiscal quarter, as well as our cost containment efforts, we anticipate improvement in our bottom line over this quarter. With respect to our financial condition, which remains strong, we have achieved better utilization of assets by reducing inventory as a percentage of sales, have a current ratio in excess of 3 to 1, and maintained a high availability Also called "RAS" (reliability, availability, serviceability) or "fault resilient," it refers to a multiprocessing system that can quickly recover from a failure. There may be a minute or two of downtime while one system switches over to another, but processing will continue. on our line of credit culminating December 31st with $3.7 million available on our six million dollar revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. ." Stephen Katz
Stephen Katz (1946 in New York City – 18 October, 2005 in Plano, Texas) was an American teacher and screenwriter. , Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "During this past quarter we have also achieved two significant milestones. First, the purchase of the remaining outstanding shares of our London affiliate has resulted in GPT becoming the sole shareholder of this profitable office and at the same time, we are consolidating some back office functions to our factory. This will permit our London sales office to focus more closely on existing customers as well as continuing to develop new business. Second, was the introduction of our new vending product called "Aurora Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. ", at the London ATEI ATEI Asociación de Televisión Educativa Iberoamericana ATEI Amusement Trade Exhibition International ATEI Advanced Technical Engineering, Inc. ATEI Analyse et Traitement Electronique de l'Information show in January, for which field trials are expected to commence shortly. We are excited about the opportunity this product brings to GPT, targeted at the beverage and vending currency validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. market which has approximately $375 million in annual sales. These accomplishments, as well as our continued profitability reflect a clear indication that we are achieving our vision which includes diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. , growth of sales and profitability and increasing shareholder value." Global Payment Technologies, Inc. is a United States-based designer, manufacturer, and marketer of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. currency acceptance and validation systems used to receive and authenticate (1) To verify (guarantee) the identity of a person or company. To ensure that the individual or organization is really who it says it is. See authentication and digital certificate. (2) To verify (guarantee) that data has not been altered. currencies in a variety of payment applications worldwide. GPT's proprietary and patented technologies are among the most advanced in the industry. Please visit the GPT web site for more information at http://www.gpt.com. Special Note Regarding 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. : A number of statements contained in this release are forward-looking statements within the meaning of 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 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties include, but are not limited to: GPT's dependence on the paper currency validator market and its potential vulnerability to technological obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. ; the risks that its current and future products may contain errors or defects that would be difficult and costly to detect and correct; possible risks of product inventory obsolescence; expectations as to the market for slot machines in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. ; regulatory approval; potential manufacturing difficulties; potential shortages of key parts and/or raw materials; potential difficulties in managing growth; dependence on a limited base of customers for a significant portion of sales; dependence on key personnel; the possible impact of competitive products and pricing; and other risks described in more detail in GPT's Securities and Exchange Commission filings.
GLOBAL PAYMENT TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
(000s)
unaudited audited
12/31/01 9/30/01
ASSETS --------- ---------
CURRENT ASSETS:
CASH AND CASH EQUIVALENTS $ 1,268 $ 1,069
ACCOUNTS RECEIVABLE, net 13,090 11,638
INVENTORY, net 10,084 9,783
PREPAID EXPENSES 514 468
DEFERRED INCOME TAXES 795 795
--------- ---------
TOTAL CURRENT ASSETS 25,751 23,753
PROPERTY AND EQUIPMENT, net 1,332 1,331
EQUITY IN UNCONSOLIDATED AFFILIATES 1,297 1,247
OTHER ASSETS 174 135
--------- ---------
TOTAL ASSETS $ 28,554 $ 26,466
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
ACCOUNTS PAYABLE $ 5,024 $ 3,482
ACCRUED EXPENSES AND OTHER CURRENT
LIABILITIES 1,179 1,426
BANK LOAN PAYABLE- CURRENT 869 867
INCOME TAXES PAYABLE 314 341
--------- ---------
TOTAL CURRENT LIABILITIES 7,386 6,116
--------- ---------
BANK LOAN PAYABLE- LONG TERM 3,500 2,800
--------- ---------
TOTAL LIABILITIES 10,886 8,916
--------- ---------
SHAREHOLDERS' EQUITY:
COMMON STOCK 58 58
ADDITIONAL PAID-IN CAPITAL 9,708 9,708
RETAINED EARNINGS 9,401 9,283
--------- ---------
19,167 19,049
LESS: TREASURY STOCK (1,499) (1,499)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY 17,668 17,550
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $ 28,554 $ 26,466
========= =========
GLOBAL PAYMENT TECHNOLOGIES, INC.
CONSOLIDATED INCOME STATEMENTS
(IN OOOs EXCEPT SHARE AND PER SHARE DATA)
(unaudited)
THREE MONTHS ENDED
DECEMBER 31,
2001 2000
--------- ---------
NET SALES $ 8,290 $ 6,589
GROSS PROFIT 2,123 2,169
OPERATING EXPENSES 2,052 2,082
---------------------------
INCOME FROM OPERATIONS 71 87
---------------------------
OTHER INCOME (EXPENSE):
EQUITY IN INCOME OF UNCONSOLIDATED
AFFILIATES (1) (2) 127 164
INTEREST EXPENSE (75) (84)
---------------------------
TOTAL OTHER INCOME 52 80
---------------------------
INCOME BEFORE PROVISION FOR INCOME TAXES 123 167
PROVISION FOR INCOME TAXES 5 56
---------------------------
NET INCOME $ 118 $ 111
===========================
PER SHARE INFORMATION:
BASIC $ 0.02 $ 0.02
===========================
DILUTED $ 0.02 $ 0.02
===========================
COMMON SHARES USED IN COMPUTING
PER SHARE AMOUNTS:
BASIC 5,527,266 5,557,050
===========================
DILUTED 5,569,696 5,757,495
===========================
(1) FOR THE THREE MONTHS ENDED DECEMBER 31, 2001 AND 2000,
INCLUDES $50,000 AND $125,000, RESPECTIVELY, WHICH REPRESENTS
THE RECOGNITION OF GPT'S SHARE OF THE GROSS PROFIT ON
INTERCOMPANY SALES THAT HAVE BEEN RECOGNIZED BY GPT'S
AFFILIATES.
(2) EXCLUSIVE OF FOOTNOTE (1), EQUITY IN INCOME OF UNCONSOLIDATED
AFFILIATES WAS $77,000 AND $39,000 FOR THE THREE MONTHS ENDED
DECEMBER 31, 2001 AND 2000, RESPECTIVELY.
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