Product category:
Wireless Communications
News Release from: Hemisphere GPS
Edited by the Electronicstalk Editorial
Team on 09 May 2002
Record first quarter for CSI Wireless
CSI Wireless has reported record sales and record net earnings for the three months ended 31st March 2002.
CSI Wireless has reported record sales and record net earnings for the three months ended 31st March 2002 The most significant financial highlight for the first quarter of 2002 was achieving profitability following a period of losses as the company invested heavily in new product development
This article was originally published on Electronicstalk on 12 Feb 2002 at 8.00am (UK)
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The company posted net earnings for the first quarter of 2002 of $1,050,000 or $0.06 per share, compared with a net loss of $491,000, or ($0.03) per share, for the first quarter of 2001.
"Not only did we achieve our goal for positive cash flow ahead of schedule, we were able to exceed our bottom line targets and produce net earnings for the first time since the first quarter of 2000", stated Stephen Verhoeff, President and CEO of CSI Wireless First quarter sales increased 14% to $13,958,000, from $12,211,000 for the same period in 2001 - fuelled by growth in both the GPS and the Wireless Business Units.
Gross margins were 39%, compared with 41% in the previous year.
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Profitability was driven by increased sales and reduced operating expenses for the quarter.
Operating expenses were 31% lower than the same period last year, largely due to improved operating efficiencies and expense reduction efforts initiated during the second half of 2001.
The company's investment in research and development related to next- generation products increased 17% to $1,912,000 in the first quarter of 2002.
Several new products were launched during the quarter, with several more due to be released throughout the remainder of the year.
The CSI Wireless research and development spending is strongly oriented toward specific products and markets for which customers have been identified.
The value of this ongoing investing was demonstrated again, as the company announced the signing of a $6.5 million sales contract with AirIQ for its recently released Asset-Link 200, the second in a family of innovative, cost-effective fleet-tracking, safety and security products that employ GPS and wireless technologies.
"Our aggressive R and D investment is beginning to pay off", said Verhoeff.
"Our forward-thinking engineering, in partnership with customers like AirIQ, ensures we are able to deliver what the market is looking for today - and tomorrow.
We have already released six new products this year, with just as many still to come during the rest of 2002".
Before the investment in research and development costs, the company posted earnings of $2,962,000 compared with earnings, before R and D costs, in the first quarter of 2001 of $1,149,000.
After investment in research and development, CSI Wireless reported earnings before interest, taxes, depreciation and amortisation for the first quarter of 2002 of $1,646,000, compared with $553,000 reported for the first quarter of last year.
"It is tremendously rewarding to begin 2002 with a stronger first quarter than expected, and to see the significant investments and hard work returning positive earnings", said Verhoeff.
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