2/14/2003 - Kontron Mobile Computing, Inc. (OTC BB: KMBC), announced record quarterly profits for fourth quarter and overall profitability for fiscal year 2002.
For fourth quarter 2002, the company reported operating income of $949,798, compared to $405,902 for fourth quarter 2001. Quarterly net income was a company record $733,709, or $0.05 per share, compared to net income of $229,754, or $0.01 per share, for the same period in 2001. Revenue was $4.4 million, compared to 2001 fourth quarter revenue of $4.2 million.
For the fiscal year ending December 31, 2002, the company reported operating income of $1.0 million, compared to $2.1 million for fiscal year 2001. Net income for fiscal year 2002 totaled $148,722, or $0.01 per share, compared to net income of $940,359, or $0.06 per share, for fiscal year 2001. Revenue for 2002 was $12.2 million, compared to 2001 revenue of $17.3 million.
"We are pleased to announce record quarterly profits for fourth quarter, especially in light of an overall weak economy and a disappointing third quarter," said Thomas Sparrvik, CEO. "Thanks in part to our improved cost structure, the organization demonstrated its ability to generate record profits while driving quarterly revenues of $4.4 million. For the year, the company remained profitable despite a significant drop in annual revenues from 2001. We ended the year with a strong cash position and we look ahead with optimism."
The company also announced that its board of directors has authorized the repayment of an additional $2 million in existing notes to Kontron AG, Munich, Germany, of which Kontron Mobile Computing is an affiliate. This follows earlier repayments of $1.5 million to Kontron AG in 2002 and $3 million to private note holders in 2001.
"During the past two years, the company's debt has been lowered significantly," said RoseMary Luebke, controller. "Our recent profitability is especially rewarding because it has been achieved concurrently with this debt reduction, and it reinforces our belief that we're headed on the right strategic path."
About Kontron Mobile Computing, Inc.
A Minnesota corporation, Kontron Mobile Computing, Inc., has designed, manufactured and marketed rugged computers for a variety of industries and applications worldwide since 1992. It also provides product customization, integration and support services. The company is headquartered in Eden Prairie, Minn., with sales, service and manufacturing locations worldwide. It is traded on the U.S. Over the Counter Bulletin Board under the ticker symbol KMBC.
Kontron Mobile Computing is the mobile computing affiliate of Kontron AG, Munich, Germany. For more information, visit Kontron Mobile Computing online at www.kontronmobile.com, or phone the company toll-free at 1-888-343-5396.
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