Transbotics Corporation Announces Fiscal 2002 Results
CHARLOTTE, N.C.--March 12, 2003--Transbotics Corporation formerly NDC Automation, Inc. (OTCBB:TNSB.OB) www.transbotics.com today announced audited results of operations for its fiscal year ended November 30, 2002.Net revenues decreased 28.2% from $6,015,214 in fiscal 2001 to $4,317,258 in fiscal 2002. Operating income decreased from an operating income of $656,437 in fiscal 2001 compared to an operating loss of $262,359 in 2002.
The Company generated a net loss of $276,112 in fiscal year 2002 compared to a net income of $586,451 in 2001.
The Company's management has indicated that the reason for the decrease in net income was primarily due to the net gain of $581,818 from the sale of its headquarters site realized in 2001 and lower revenues in 2002.
Loss per share was $0.08 for 2002, compared to a Earnings per share of $0.16 for 2001.
At November 30, 2002, backlog was approximately $1,040,0000 compared to $1,450,000 at November 30, 2001.
For over 20 years Transbotics Corporation has specialized in the design, development, support and installation of Automatic Guided Vehicles (AGVs), or transportation robots, with an emphasis on complete customer satisfaction . The Company is a leading North American supplier of Automatic Guided Vehicle Systems (AGVS), system retrofits and upgrades, AGV controls technology, engineering services, AGV batteries, chargers and other related products. Transbotics' vehicles can be off-the-shelf or engineered-to-order. Each Transbotics vehicle uses leading-edge hardware, software, controls and components including Lazerway(R) AGV control guidance that provide optimal flexibility and accuracy. Transbotics is committed to assisting its customers in increasing their material-handling efficiencies, thus boosting their bottom line.
Transbotics provides custom automation solutions to a variety of industries including aerospace and defense, automotive, ceramics, chemical processing, food and beverage, newsprint and publishing, microelectronics, plastics, primary metals and recycling. Transbotics' current customers include Fortune 500 companies as well as small manufacturing companies.
This release (including information or incorporated by reference herein) may be deemed to contain certain forward-looking statements, with respect to the financial condition, results of operation, plans, objectives, future performance and business of the Company. These forward-looking statements involve certain risk, including, without limitation, the uncertainties detailed in Transbotics Corporation Securities and Exchange Commission filings.
TRANSBOTICS CORPORATION
STATEMENTS OF OPERATIONS
Years ended November 30,
2002 2001 2000
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Net revenues $4,317,258 $6,015,214 $4,849,528
Cost of goods sold 2,844,282 3,959,246 3,320,829
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Gross profit $1,472,976 $2,055,968 $1,528,699
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Net gain on sale of real
property $ - $ 581,023 $ -
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Operating expenses:
Selling $ 527,450 $ 673,671 $ 710,944
General and administrative 1,074,520 1,226,321 1,317,182
Research and development 133,365 80,562 53,086
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$1,735,335 $1,980,554 $2,081,212
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Operating income (loss) $ (262,359) $ 656,437 $ (552,513)
Net interest expense: $ (13,753) $ (72,566) $ (192,452)
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Income (loss) before income
taxes $ (276,112) $ 583,871 $ (744,965)
Federal and state income taxes - 3,053 -
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Net income (loss) $ (276,112) $ 580,818 $ (744,965)
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Basic and diluted earnings (loss)
per share $ (0.08) $ 0.16 $ (0.21)
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Weighted average common shares
outstanding 3,586,451 3,586,451 3,586,451
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Dividends per common share $ - $ - $ -
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See Notes to Financial Statements