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 FORT COLLINS, Colo. Sept. 16 /PRNewswire/ -- Apogee Robotics Inc. (NASDAQ: APGE), a manufacturer of automatic guided vehicle systems (AGVS) and materials handling systems for the manufacturing/warehousing, office and institutional markets, today reported estimated results of operations for its Fiscal Year ended June 30, 1993, for which it expects to record a net loss of $1,040,000 or $0.14 per share. The losses are due to inventory write-downs for the fourth quarter and increased project cost estimates caused by longer-than-expected development time for the newly completed Orbiter 6000 line of vehicles, with its standardized controls. These product development programs are now completed and place Apogee in a very strong competitive position.
 Revenues from projects that were expected to be completed in the fourth quarter will roll over to coming quarters in the current fiscal year. Apogee's current backlog stands at $500,000 and it is currently bidding on over $15 million of new projects. Completion of the Orbiter 6000 vehicle greatly expands Apogee's standard product offerings with a low-cost, user-friendly solution for materials handling and loads of up to 6,000 pounds.
 Revenues for the fiscal year were up 154 percent to $1,660,000 vs. last year's revenues of $652,750. Apogee expects to report a net loss for the fourth quarter ended June 30, 1993, of $870,000, or $0.11 per share.
 Apogee is in the final completion stage of a $1.3 million system for a Levi Strauss plant in Texas. "We hope to receive orders for additional systems to be installed at other Levi Strauss plants within the next 12 months," said Robert Oliphant, chairman of Apogee Robotics. Apogee is also currently working on a system that will include a highly customized materials handling product for a major computer chip manufacturer. If the contract is granted, Apogee projects $1 million for the first phase of this program, with the entire project expected to run $3-$5 million during the next two to three years. In addition, Apogee expects to begin very soon on a major project for OEA, as well as several other AGVS projects through its dealer network.
 Apogee's standard AGVS product line is being well received as evidenced by the increasing flow of orders coming from a diverse list of organizations for a variety of applications. "The industrial market is showing an appetite for increased automation. Apogee's technology lead and solid industry reputation give us a unique advantage in the AGVS market. I believe that our investment in advanced technology R&D and quality standard products will be rewarded with a position of industry leadership and profitability in coming quarters," said Oliphant.
 Quarter Ended Year Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $5,000 $48,443 $1,660,000 $652,750
 Total net
 income (loss) ($870,000) $156,072 ($1,040,000) $582,198
 Net income (loss)
 per share ($0.11) ($0.02) ($0.14) ($0.10)
 Weighted average
 number of shares
 outstanding 7,783,563 6,505,109 7,235,625 5,781,062
 Apogee designs, manufactures and installs Automatic Guided Vehicle Systems used in industry, offices and institutions. Apogee provides cost-efficient, reliable and safe automated material handling systems for such companies and organizations as Levi Strauss, OEA Inc., Intel, Hewlett-Packard, Polaroid and Alameda County Jail.
 -0- 9/16/93
 /CONTACT: Robert Oliphant, chairman of Apogee Robotics, 303-221-1122; Shannon T. Squyres, Corporate Relations Group, 714-955-1860/

CO: Apogee Robotics Inc. ST: California IN: AUT SU: ERN

EH-JB -- LA021 -- 2783 09/16/93 15:29 EDT
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Publication:PR Newswire
Date:Sep 16, 1993

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