Transbotics Corporation Announces Quarterly Results
CHARLOTTE, N.C.--July 8, 2005--Transbotics Corporation (OTCBB:TNSB) announced results for its fiscal quarter ended May 31, 2005. Net revenues increased to $2,310,234 compared to $1,207,784 for the fiscal quarter ended May 31, 2004. The Company achieved net income for the second quarter in 2005 of $123,976 compared to a net loss of $165,336 in 2004. The increase in net income was primarily due to the increase in revenues and lower selling expenses compared to the prior year.Net revenues for the six months period ended May 31, 2005 also increased, from $2,382,873 in 2004 to $3,902,584 in the latter period. Net income increased to $114,272 in 2005 from a net loss of $312,355 in 2004. The primary reasons for the increase in the net income were that the Company's gross profit increased and its operating expenses decreased in 2005 compared to 2004.
Earnings per share were $.03 for the most recent fiscal quarter compared to a loss per share of $.03 in 2004, and earnings were $.02 per share for the most recent six month period compared to a loss per share of $.07 for the corresponding period in 2004.
On May 3, 20051, 2005, the Company's backlog was essentially unchanged, at approximately $2,930,000 compared to approximately $3,050,000 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 leading 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, automotive (tier one supplier), entertainment, food and beverage, newsprint and publishing, microelectronics, and plastics, 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
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
May 31, May 31, May 31, May 31,
2005 2004 2005 2004
------------------------- ----------- ---------- ---------- ----------
Net revenues $ 2,310,234 $1,207,784 $3,902,584 $2,382,873
Cost of goods sold 1,687,421 822,804 2,783,154 1,622,748
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Gross profit 622,813 384,980 1,119,430 760,125
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Operating expenses:
Selling 127,379 177,214 297,065 323,322
General and
administrative 293,623 304,671 591,860 611,400
Research and
development 70,073 63,330 101,214 127,156
------------------------- ----------- ---------- ---------- ----------
491,075 545,215 990,139 1,061,878
------------------------- ----------- ---------- ---------- ----------
Operating income
(loss) 131,738 (160,235) 129,291 (301,753)
------------------------- ----------- ---------- ---------- ----------
Net interest expense: (7,762) (5,101) (15,019) (10,602)
------------------------- ----------- ---------- ---------- ----------
Income (loss) before
income taxes 123,976 (165,336) 114,272 (312,355)
Federal and state income
taxes (Note B) - - - -
------------------------- ----------- ---------- ---------- ----------
Net income (loss) $ 123,976 $ (165,336)$ 114,272 $ (312,355)
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Weighted average number
of common shares
outstanding 4,827,223 4,807,118 4,825,852 4,796,784
------------------------- ----------- ---------- ---------- ----------
Income (loss) per common
share - basic (Note C) $ 0.03 $ (0.03)$ 0.02 $ (0.07)
Income (loss) per common
share - diluted (Note
C) 0.03 (0.03) 0.02 (0.05)
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Dividends per common
share $ - $ - $ - $ -
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See Notes to the Condensed Financial Statements