9/19/2003 - e-SIM Ltd. (OTCBB: ESIM.OB), a leading provider of MMI solutions for electronic products, announced its financial results for the second quarter, ended July 31, 2003.
Revenues for the second quarter were $1,306,839, compared with the revenues for the previous quarter of $1,160,886, an increase of 12.5%. The second quarter of 2002 saw revenues of $1,524,032, 16.6% more than Q2 of 2003. Combined revenues for the first two quarters of 2003 were $2,467,725, compared to $2,604,828 for the first two quarters of 2002, a decrease of 5.2%.
Gross profit for the current quarter was $821,811 as compared to $712,370 for Q1 of this year, representing an increase of 15.3%. In Q2 of 2002 gross profit was $1,058,645, or 28.8% higher than Q2 2003. Gross profit for the six months ending July 31, 2003 was $1,534,181 as compared to $1,738,714 for the six months ending July 31, 2002, a decrease of 11.8%.
Net loss for the quarter was $595,363 or $0.05 a share, compared with the previous quarterís net loss of $831,763 or $0.07 per share, a decrease of 28.4%. The comparable quarter in 2002 saw a net loss of $486,557 or $0.04 per share, an increase of 22.3% in Q2 2003.
Operating expenses for Q2 2003 were $1,370,511 as compared to $1,402,294 for the preceding quarter, a decrease of 2.3%. In Q2 of 2002, they were $1,564,794, representing a decrease of 12.4% from that period.
The companyís backlog of orders is $2,437,704.
Founded in 1990, e-SIM Ltd. (http://www.e-sim.com/) is a major provider of MMI (Man-Machine Interface) solutions for wireless and electronic products. e-SIMís MMI solutions are used by a wide range of wireless and electronic consumer goods manufacturers as well as by makers of aerospace and military equipment. e-SIMís RapidPLUSTM line of software products enables 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. The RapidPLUSTM solution enables smooth development of wireless and electronic products and brings them to market faster with lower development costs.
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.
Certain matters discussed in this news release are forward-looking statements that involve a number of risks and uncertainties including, but not limited to, significant fluctuations and unpredictability of operating results, risks in product and technology development and rapid technological change, dependence on a single product line, extent of demand for the Company's product, impact of competitive products and pricing, market acceptance, lengthy sales cycle, changing economic conditions, risks of joint development projects, dependence on key personnel, difficulties in managing growth, risks relating to sales and distribution, risks associated with international sales, risks of product defects, dependence on company proprietary technology. For a more detailed discussion of these and other risk factors, see the Company's Form 20-F as filed with the United States Securities and Exchange Commission.
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