4/28/2003 - Mindready Solutions Inc. announced its financial results for the first quarter ended March 31, 2003. Revenues for the first quarter of 2003 were $5.2 million, compared with $5.6 million for the same period last year.
The loss before income taxes for the first quarter of 2003 amounted to $0.6 million. In the first quarter of 2002, the loss totalled $18.4 million and included a write-down of goodwill in the amount of $8.9 million and special charges of $6.7 million.
Despite continuing slump in the telecommunications market and unfavourable economic conditions in the United States and Europe, operating activities generated $509,000 in cash during the first quarter, providing Mindready with approximately $16.7 million in cash and cash equivalents as at March 31, 2003, or $1.39 per share.
"In view of the persistent difficult and demanding market conditions, Mindready continued to exercise tight cost management over the first quarter of 2003 and pursued the diversification of its client base, 49 per cent of which now consists of sectors other than telecommunications, in particular the aerospace, automotive, industrial and medical markets, compared with 45 per cent in the last quarter of 2002," commented Marc Doré, Mindready's President and Chief Executive Officer.
During the current quarter, Mindready delivered its first 1394-based systems for use in the aerospace industry.
"For the last two consecutive quarters, Mindready has been able to carry on its operations without having to touch its cash reserves. Our customer focus is helping us expand our markets. However, the next quarters of 2003 will be challenging" noted Marc Doré.
Mindready Solutions Inc.
Mindready (TSX:MNY) is a leading supplier of test systems, manufacturing automation and embedded systems for the telecommunications, automotive, aerospace, industrial and medical sectors. 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, Solectron, Visteon, Alcatel, Hewlett-Packard, Wind River, Boeing, Fujitsu and Renault. More information about Mindready and its products and services can be found at www.mindready.com.
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