NDC Automation, Inc. Announces First Quarter Results
CHARLOTTE, N.C.--April 15, 2002--NDC Automation, Inc. D/B/A Transbotics Corporation (OTC Bulletin Board: AGVS.OB) (www.transbotics.com) announced the results for its three month period ended February 28, 2002.Revenues for the fiscal quarter ended February 28, 2002 were $945,163 compared to $1,169,392 in 2001. The net loss increased for the 2002 first quarter to $281,741 compared to a net loss of $135,668 the prior year. The increase in the loss was primarily due to lower revenues and lower margins compared to 2001.
Loss per common share was $.08 for the three months ended February 28, 2002 compared to a loss per common share of $.04 for the comparable period in 2001. At February 28, 2002, backlog was approximately $2,000,000 compared to approximately $2,980,000 one year earlier.
Transbotics provides an integrated package of controls technology and related products to be incorporated into and used to control Automatic Guided Vehicle Systems (AGVS). The Company also provides turnkey AGVS solutions to end-users and to system integrators. Transbotics's controls hardware and software are designed for optimal flexibility and accuracy and are well suited for a broad range of vehicle types.
NDC AUTOMATION, INC. CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended February 28, February 28, 2002 2001 ----------- ------------ Net revenues $ 945,163 $ 1,169,392 Cost of goods sold 761,017 778,857 ----------- ------------ Gross profit $ 184,146 $ 390,535 ----------- ------------ Operating expenses: Selling $ 144,024 $ 188,950 General and administrative 300,269 245,353 Research and development 17,097 48,984 ----------- ------------ $ 461,390 $ 483,287 ----------- ------------ Operating loss $ (277,244) $ (92,752) Net interest expense (4,497) (42,916) ----------- ------------ Loss before income taxes $ (281,741) $ (135,668) ----------- ------------ Federal and state income taxes - - Net loss $ (281,741) $ (135,668) =========== ============ Weighted average number of common shares outstanding 3,586,451 3,586,451 ----------- ------------ Loss per common share - basic $ (0.08) $ (0.04) Loss per common share - diluted $ (0.08) $ (0.04) =========== ============ Dividends per common share $ - $ - =========== ============