GALAGRAPH REPORTS RESULTS
GALAGRAPH REPORTS RESULTS TEL AVIV, Israel, Nov. 21 /PRNewswire/ -- Galagraph Limited
(NASDAQ: Units-GALAF; Shares-GALUF) (Bulletin Board warrants-GALWF), developer of graphics and video add-on systems for PC platforms, real- time systems and public transportation systems, today reported results of operations for the third quarter and nine months ended Sept. 30, 1991.
Net sales for the first nine months of 1991 amounted to $1,118,504 compared with $721,908 for the same nine-month period last year. The company had a net profit of $92,634 for the first nine months 1991, compared with a net loss of $800,810 for the same nine-month period last year. For this quarter the company recorded a net profit of $12,498 on sales of $355,490, compared with a net loss of $310,290 on sales of $186,851 for the same period a year ago. Israel Ofen, managing director/CFO of the company, stated that after a few years in which the company suffered heavy losses, the trend was changed and the company now shows a small profit. This was primarily achieved by a reduction in the company's expenditures and an increase in overall efficiency leading to improved profitability. In addition, the company is involved in a number of customer-funded, wide scope development programs. Galagraph Limited designs and develops high-performance high- resolution graphics controllers. The products are integrated as add-on systems in XT, AT, MCA and EIBA PC platforms. The company's products are designed to provide high-resolution graphics performance and speed, allowing PCs to be used as multipurpose graphics work stations for CAD, CAM, DTP and OEM applications. Galagraph is now in an intensive development process of a few special designs of graphics and imaging systems (hardware and software) for some Israeli big OEM customers. Galagraph also designs and develops graphics integrated with video and video digitization controllers for the same platforms. These products are used especially in OEM applications. Galagraph is involved in the development of special real-time display recording, simulation and test systems as a subcontractor of some Israeli industries as well as military measurement systems and automotive fleet control systems for "Dan," one of the biggest public transportation companies in Israel. Recently, Galagraph awarded few contracts amounting around $575,000 most of which will be delivered until April 1991. -0- 11/21/91 /CONTACT: Shlomo Ostersetzer, chairman of Galagraph, in Israel, 972-3-455-563/ (GALAF) CO: GalaGraph Limited ST: IN: CPR SU: ERN GK-CK -- NY082 -- 5983 11/21/91 14:35 EST
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|Date:||Nov 21, 1991|
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