7/25/2002 - Mindready Solutions Inc. (TSX:MNY), a leading supplier of test engineering solutions, manufacturing automation and real-time communications for the telecommunications, automotive and aerospace industries, today announced its financial results for its second quarter ended June 30, 2002.
Revenues for the current quarter were $6.5 million, compared to $5.6 million for the previous quarter ended March 31, 2002, and $16.4 million for the second quarter of fiscal 2001. Mindready recorded a loss before income taxes and amortization of goodwill of $1.7 million, compared with a loss of $18.4 million (including $15.6 million of non-recurring charges) for the previous quarter and earnings before income taxes and amortization of goodwill of $100,000 for the same period last year. Mindready’s quarter-end balance sheet includes cash and cash equivalents of approximately $20.5 million.
“Although market conditions remain challenging, we are seeing encouraging signs of improvement as our revenue stream increased sequentially for the first time in five quarters”, said Daniel Dussault, Mindready’s President and CEO. “Throughout the quarter, we continued to implement the restructuring measures announced last quarter, which helped mitigate our net loss from $18.8 million last quarter (including $15.6 million of one-time charges) to $1.7 million this quarter”.
“Looking forward, our improved sales backlog allows us to anticipate a similar level of revenues for next quarter. We are confident that our continued efforts to reduce our cost structure, and maintain our strong cash position, will accelerate our return to profitability. We have also achieved significant progress in our customer diversification strategy. Non-telecom customers represented approximately 44% of Mindready’s revenues during the quarter. In particular, Mindready gained sales momentum in the aerospace and automotive markets.”
Conference Call Mindready will host a conference call, today, Wednesday, July 24, 2002 at 2:30 pm (EST) to discuss its 2002 second quarter financial results. To participate, please dial in 1(888) 793-1716. There is no access code.
About Mindready Solutions Inc.
Mindready (TSX:MNY) is a leading supplier of test engineering, manufacturing automation and real-time communications solutions for the telecommunications, automotive and aerospace industries. Mindready offers a comprehensive range of industrial test solutions from x-ray, in-circuit, functional and environmental testing to design, development and integration of complete test stations. Recognized as a leader in IEEE-1394-based products and professional services, Mindready offers complete innovative solutions based on this technology. Mindready’s clients include Nortel Networks, Sanmina-SCI, C-MAC, Visteon, Alcatel, Hewlett-Packard, WindRiver, Boeing and Fujitsu. More information about Mindready and its products and services can be found at www.mindready.com
Certain statements contained in this press release regarding Mindready’s future operating results or performance or business prospects and any other statements not constituting historical facts are “forward-looking statements”. These forward-looking statements reflect Mindready’s current beliefs and specific assumptions with respect to future business decisions and results and are based on information currently available to Mindready. Accordingly, these statements are subject to risks, uncertainties and contingencies, which could cause Mindready’s future operating results, performance or business prospects to differ from those expressed in, or implied by, these statements.
Daniel Dussault President and CEO Phone: (514) 339-1394 Ext.2030 firstname.lastname@example.org
Souad Gara Director, Corporate Communications and Investor Relations Phone: (514) 339-1394 Ext.2016 email@example.com
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