e-Sim Fourth Quarter Revenues Rise by 194%
3/13/2003 - e-SIM Ltd. (OTCBB: ESIM.OB), a leading provider of MMI solutions for electronic products, announced its financial results for the fourth quarter and fiscal year, ending January 31, 2003.
Revenues for the quarter were $1,852,232 compared with $630,502 for the comparable quarter, representing an increase of 194%. The revenues for the previous quarter were $1,763,072, representing a 5% increase. Revenues for the fiscal year were $6,220,132, compared to $5,036,325 for the previous fiscal year; this represents a 24% increase in annual revenues.
Gross profit for the fourth quarter was $1,324,547 as compared to $191,162 for the same quarter last year, resulting in an increase of 593%. The gross profit is up 8% from the preceding quarter, which saw a gross profit of $1,227,121. Gross profit for the fiscal year was $4,290,382, compared to $3,091,517 for the previous fiscal year, an increase of 39%.
Total operating expenses for the quarter were $1,398,354. This is a decrease of 25% from $1,862,906 in operating expenses for the same quarter in the previous year. Total operating expenses for the fiscal year ending January 31, 2003 were $5,724,646 as compared to $11,373,899 for the previous fiscal year, representing a decrease of 50%.
Net loss for the quarter was $76,339 or $0.01 per share, compared with $1,736,764, or $0.15 per share, for the comparable quarter in the previous year. This represents a decrease of 96% in the company’s losses over the comparable quarter in 2001. Compared with a loss of $329,670 or $0.03 per share for the previous quarter, the results represent a quarter-by-quarter decrease in losses of 77%, the lowest net loss in 18 consecutive quarters, as well as the lowest net loss in eight years. The net loss for the fiscal year was $1,719,214, compared to $8,980,082 for the previous fiscal year, or a decrease of 81%.
The company’s backlog remains strong with $3.9M in revenue due in the coming quarters.
Marc Belzberg, Chairman & CEO of e-SIM Ltd. said, “The very impressive end of year results demonstrate that all the fundamentals of our restructuring plan are on target. As e-SIM continues to vigorously market its premier solution to cellular platform manufacturers, we are also building the foundations for growth with a strong and ongoing royalty revenue stream in the future.”
About e-SIM
Founded in 1990, e-SIM Ltd. (http://www.e-sim.com/) is the leading provider of advanced simulation technology for product development, Web-based customer support and marketing. e-SIM's simulation technologies build off its RapidPLUS line of software products that enable product designers and engineers to expedite the concept-to-market life cycle of products by easily creating simulated computer prototypes that are fully functional, and generating code from them to be used in the actual product. e-SIM's proprietary technology enables the creation and distribution of electronic LiveManuals, which are "virtual products" that look and behave like real products, over the Internet.
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