SK TECHNOLOGIES REPORTS SECOND QUARTER RESULTS;
SIX MONTH REVENUES INCREASE 78 PERCENT
BOCA RATON, Fla., Nov. 18 /PRNewswire/ -- SK Technologies Corporation (NASDAQ: SKTC) today reported results for the second quarter and six months ended Sept. 30, 1991.
Revenues during the second quarter ended Sept. 30, 1991, were $454,492, representing an increase of 107 percent over revenues of $219,708 reported for second quarter ended Sept. 30, 1990. Revenues for the six months ended Sept. 30, 1991, increased 78 percent to a record $1,046,045 from revenues of $587,875 reported for the six months ended Sept. 30, 1990.
During the recently ended quarter, the company sustained a net loss of $154,475, or $.01 per share, as compared to a net loss of $410,939, or $.03 per share, during the prior year's second quarter. For the first six months of fiscal 1992, the company reported a net loss of $121,869, or $.01 per share, as compared to a net loss of $603,907, or $.05 per share, during the same period last year.
Randy S. Selman, chairman of SK Technologies, noted that although revenues during the recently ended quarter did increase considerably as compared to the same period last year, the fell short of the level achieved in the first quarter of fiscal 1992 due largely to the later than expected shipment of certain products. "This revenue shortfall," Selman said, "was a key factor behind the net loss reported for the second quarter. As importantly, however, the shipment of these products began to take place subsequent to the end of the quarter and is expected to have a positive effect on third quarter results."
"In addition," Selman concluded, "our expense levels are now relatively stable and when coupled with the expected increases in revenues during the second half of the fiscal year, we believe this will result in the company being able to post a profit for the fiscal year as a whole."
SK Technologies Corporation is a leading developer and marketer of point-of-sale and data communications software specifically designed for use by retail and food operations, including fast food restaurants and apparel, discount, bicycle, greeting card and other general and specialty stores. In addition to selling direct to customers, SK markets the StoreKare system through an extensive network of over 300 dealers located in the United States and Canada.
SK TECHNOLOGIES CORPORATION
Consolidated Statements of Operations
Three Months Ended Sept. 30 1991 1990
Revenues $454,492 $219,708
Cost of revenues 183,893 171,605
Gross profit 270,599 48,103
Selling, general & admin. exps. 428,727 472,666
Operating loss (158,128) (424,563)
Other income, net 3,653 13,624
Net loss (154,475) (410,939)
Net loss per common share (.01) (.03)
Weighted average shares outstanding 13,535,022 12,583,507
Six Months Ended Sept. 30 1991 1990
Revenues $1,046,045 $587,875
Cost of revenues 362,715 371,944
Gross profit 883,330 215,931
Selling, general & admin. exps. 808,847 848,245
Operating loss (125,517) (632,314)
Other income, net 3,648 28,407
Net loss (121,869) (603,907)
Net loss per common share (.01) (.05)
Weighted average shares outstanding 13,421,397 12,583,507
/CONTACT: Randy S. Selman of SK Technologies, 407-393-7540, or David Santos of Howard J. Rubenstein Associates, 212-489-6900, for SK Technologies/
(SKTC) CO: SK Technologies Corporation ST: Florida IN: CPR SU: ERN PS -- NY104 -- 4714 11/18/91 18:58 EST