Transbotics Corporation Announces Quarterly Results
CHARLOTTE, N.C.--Oct. 9, 2003--Transbotics Corporation (OTC Bulletin Board Symbol "TNSB.OB") announced results for its fiscal quarter ended August 31, 2003. Net revenues decreased to $916,218, compared to $1,167,541 for the fiscal quarter ended August 31, 2002. The decrease is primarily due to the decreased project AGV system sales compared to the prior year. The Company incurred a net income for the third quarter in 2003 of $37,599 compared to a net loss of $49,788 in 2002.Net revenues for the nine months period ended August 31, 2003, decreased by 6.2% to $3,104,345 compared to $3,310,755 in the same period in 2002. The net income increased to $112,658 in 2003 from a net loss of $323,242 in 2002. The difference in income was primarily due to better margins and lower expenses compared to the prior year.
Earnings per share was $.01 for the most recent fiscal quarter compared to a loss per share of $.01 in 2002, and earnings of $.03 per share for the most recent nine month period compared to a per share loss of $.09 for the corresponding period in 2002.
On August 31, 2003, the Company's backlog was approximately $1,840,000 compared to approximately $1,600,000 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 Nine Months
Ended Ended
August August August August
31, 31, 31, 31,
2003 2002 2003 2002
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Net revenues $916,218 $1,167,541 $3,104,345 $3,310,755
Cost of goods sold 548,212 806,398 1,888,761 2,290,589
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Gross profit $368,006 $ 361,143 $1,215,584 $1,020,166
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Operating expenses:
Selling $ 90,044 $ 97,767 $ 328,692 $ 401,717
General and
administrative 178,558 253,023 587,411 849,461
Research and
development 60,006 56,263 182,083 80,717
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$328,608 $ 407,053 $1,098,186 $1,331,895
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Operating income
(loss) $ 39,398 $ (45,910) $ 117,398 $ (311,729)
Net interest
(expense): $ (1,799)$ (3,878) $ (4,740)$ (11,513)
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Income (loss) before
income taxes $ 37,599 $ (49,788) $ 112,658 $ (323,242)
Federal and state income
taxes (Note 2) - - - -
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Net income
(loss) $ 37,599 $ (49,788) $ 112,658 $ (323,242)
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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 (Note 3) $ 0.01 $ (0.01) $ 0.03 $ (0.09)
Income (loss) per common
share - diluted (Note 3) $ 0.01 $ (0.01) $ 0.03 $ (0.09)
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Dividends per common
share $ - $ - $ - $ -
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