Market News
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DLGI DATALOGIC INTERNATIONAL INCORPORATED
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DataLogic International Files 10-QSB and Corrects Prior Earnings Announcement
- Revenues Increase 324% From Q2 2002
FRIDAY , NOVEMBER 14, 2003 05:33 PM
IRVINE, Calif., Nov 14, 2003 /PRNewswire-FirstCall via Comtex/ -- DataLogic International, Inc. (OTC Bulletin Board: DLGI); (Berlin Stock Exchange:
779612), today announced results for third quarter ended September 30, 2003. The Company's net revenues for the three months ended September 30, 2003 increased $2,125,308 or 324% to $2,780,609 as compared to $655,301 for the three months ended September 30, 2002. The Company had previously reported revenues of $2,753,728.
The Company's gross profit from operations for the three months ended September 30, 2003 increased $285,188 or 579% to $334,444 as compared to $49,256 for the same period in the prior year. The increase in income from operations was materially due to an increase in operating profits from more billable employees, sales of VoIP phones and airtime, and the Company's ability to better manage its general and overhead expenses.
Factoring expense for the three months ended September 30, 2003 was $72,095, an increase of $69,085, as compared to $3,010 for the same period in the prior year. The increase in factoring expense was mainly due to unusual fees incurred for several large late payments. Interest expense for the three month period ended September 30, 2003 was $20,116, an increase of $13,055, as compared to $7,061 for the three months ended September 30, 2002. The increase in interest expenses was attributable to the increase in the Company's short-term debts to finance payroll.
The Company's net profit for the three months ended September 30, 2003 was $100,160, an increase of $112,081, as compared to the net loss of $11,921 for the same period in the prior year. The Company had previously reported net income of $145,374. The error was due to the incorrect consideration of the factoring expense.