Transbotics Corporation Announces Quarterly Results
CHARLOTTE, N.C.--July 11, 2003--Transbotics Corporation (OTC Bulletin Board: TNSB.OB) announced results for its fiscal quarter ended May 31, 2003. Net revenues decreased to $1,137,351, compared to $1,198,051 for the fiscal quarter ended May 31, 2002. The Company incurred a net income for the second quarter in 2003 of $76,547 compared to a net income of $8,247 in 2002. The difference in income was primarily due to lower operating expenses compared to the prior year.Net revenues for the six months period ended May 31, 2003, increased from $2,143,214 compared to $2,188,127 in the latter period. The net income increased to $75,059 in 2003 from a net loss of $273,454 in 2002. The Company increased its gross profit margin and reduced its operating expenses in 2003 compared to 2002 which were primary reason for the increase in net income.
Income per share was $.02 for the most recent fiscal quarter compared to a income per share of $.00 in 2002, and a income of $.02 per share for the most recent six month period compared to a per share loss of $.08 for the corresponding period in 2002.
On May 31, 2003, the Company's backlog was approximately $1,600,000 compared to approximately $1,590,000 one year earlier.
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 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 provides optimal flexibility and accuracy. Transbotics is committed to assisting its customers in increasing their material-handling efficiencies, thus boosting their bottom line.
Transbotics provides unique automation solutions to a variety of industries, including aerospace and defense, automotive (tier one supplier), 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.
TRANSBOTICS CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
May 31, May 31, May 31, May 31,
2003 2002 2003 2002
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Net revenues $1,137,351 $1,198,051 $2,188,127 $2,143,214
Cost of goods sold 695,712 723,174 1,340,549 1,484,191
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Gross profit $441,639 $474,877 $847,578 $659,023
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Operating expenses:
Selling $103,835 $159,926 $238,648 $303,950
General and
administrative 199,018 296,169 408,853 596,438
Research and
development 61,070 7,357 122,077 24,454
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$363,923 $463,452 $769,578 $924,842
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Operating income
(loss) $77,716 $11,425 $78,000 $(265,819)
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Net interest expense: $(1,169) $(3,138) $(2,941) $(7,635)
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Income (loss) before
income taxes $76,547 $8,287 $75,059 $(273,454)
Federal and state
income taxes - - - -
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Net income (loss) $76,547 $8,287 $75,059 $(273,454)
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Weighted average
number of common
shares outstanding 3,586,451 3,586,451 3,586,451 3,586,451
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Income (loss) per
common share - basic $0.02 $0.00 $0.02 $(0.08)
Income (loss) per
common share - diluted $0.02 $0.00 $0.02 $(0.08)
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Dividends per common share $ - $ - $ - $ -
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