Transbotics Corporation Announces Quarterly Results
CHARLOTTE, N.C.--Oct. 5, 2004--Transbotics Corporation (OTC Bulletin Board:.OB) announced results for its fiscal quarter ended August 31, 2004. Net revenues increased to $1,605,018, compared to $916,218 for the fiscal quarter ended August 31, 2003. The increase is primarily due to the increased project AGV system sales compared to the prior year. The Company incurred a net loss in the third quarter of 2004 of $60,868 compared to a net income of $37,599 in 2003. The difference in income was primarily due to a lower gross profit percentage and greater operating expenses compared to the prior year.Net revenues for the nine month period ended August 31, 2004, increased from $3,104,345 compared to $3,987,891 in the latter period. The net income decreased to a net loss of $373,223 in 2004 from a net income of $112,658 in 2003. The primary reasons for the increase in the net loss was the Company's gross profit percentage decreased and its operating expenses increased in 2004 compared to 2003.
Loss per share was $.01 for the most recent fiscal quarter compared to an income per share of $.01 in 2003, and a loss of $.08 per share for the most recent nine month period compared to a per share income of $.03 for the corresponding period in 2003.
On August 31, 2004, the Company's backlog was approximately $3,870,000 compared to approximately $1,840,000 one year earlier.
For over 20 years Transbotics Corporation has specialized in the design, development, support and installation of automation solutions with an emphasis on Automatic Guided Vehicles (AGVs). The Company is a North American Automation Solutions Integrator that manufactures, installs and supports various automation technology including AGVs, robotics, batteries, chargers, motors and other related products.
Transbotics provides unique automation solutions to a variety of industries, including aerospace and defense, automotive (tier one supplier), entertainment, 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 risks, including, without limitation, the uncertainties detailed in Transbotics Corporation Securities and Exchange Commission filings.
TRANSBOTICS CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
August 31 August 31 August 31 August 31
2004 2003 2004 2003
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Net revenues $1,605,018 $916,218 $3,987,891 $3,104,345
Cost of goods sold 1,107,498 548,212 2,730,246 1,888,761
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Gross profit 497,520 368,006 1,257,645 1,215,584
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Operating expenses:
Selling 174,844 90,044 498,166 328,692
General and
administrative 280,802 178,558 892,202 587,411
Research and
development 96,774 60,006 223,930 182,083
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552,420 328,608 1,614,298 1,098,186
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Operating income
(loss) (54,900) 39,398 (356,653) 117,398
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Net interest expense: (5,968) (1,799) (16,570) (4,740)
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Income (loss) before
income taxes (60,868) 37,599 (373,223) 112,658
Federal and state income
taxes (Note B) - - - -
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Net income (loss) $(60,868) $37,599 $(373,223) $112,658
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Weighted average number
of common shares
outstanding 4,814,951 3,586,451 4,802,840 3,586,451
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Income (loss) per common
share - basic (Note C) $(0.01) $0.01 $(0.08) $0.03
Income (loss) per common
share - diluted (Note C) (0.01) 0.01 (0.05) 0.03
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Dividends per common share $- $- $- $-
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See Notes to the Condensed Financial Statements