Mindready Solutions Reports Q2 Revenues of $5.5 Million

7/24/2003 - Mindready Solutions Inc. announced its financial results for the second quarter ended June 30, 2003.

Revenues for the second quarter of 2003 were $5.5 million, compared with $6.5 million for the same period last year.

The loss before income taxes for the second quarter of 2003 amounted to $0.4 million. In the second quarter of 2002, the loss totalled $1.7 million.

Despite continuing slump in the telecommunications market and unfavourable economic conditions in the United States and Europe, loss from operating activities and the change in operating assets and liabilities required $522,000 in cash during the second quarter compared to $2.4 million for the second quarter of 2002, providing Mindready with approximately $16.1 million in cash and cash equivalents as at June 30, 2003, or $1.34 per share.

"In view of the persistent difficult and demanding market conditions, Mindready continued to exercise tight cost management over the second quarter of 2003 and increased its investment in Research and Development to shorten its time to market for some of its products, and pursued the diversification of its client base, 46 % of which now consists of sectors other than telecommunications, in particular the aerospace, automotive, industrial and medical markets, as compared with 44 % in the second quarter of 2002," commented Marc Doré, Mindready's President and Chief Executive Officer.

"Our customer focus and the development of products and services related to their needs is helping us to expand and diversify the vertical markets of Mindready. We must continue to exercise tight cost management and increase our sales effort, in face of an industry which is still one of the most difficult" 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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