Transbotics Corporation Announces Quarterly Results
CHARLOTTE, N.C.--Transbotics Corporation (OTCBB:TNSB) announced results for its fiscal quarter ended August 31, 2006. Net revenues decreased to $1,996,800 compared to $2,310,814 for the fiscal quarter ended August 31, 2005. The Company achieved net income for the third quarter in 2006 of $88,085 compared to a net income of $106,451 in 2005. The decrease in net income was primarily due to the increase in operating expenses compared to the prior year.
Net revenues for the nine months period ended August 31, 2006 increased from $6,213,398 in 2005 to $6,353,906 in the latter period. Net income decreased to $101,629 in 2006 from a net income of $220,723 in 2005. The primary reason for the decrease in the net income was that the Company’s operating expenses increased in 2006 compared to 2005.
Earnings per share were $.02 for the most recent fiscal quarter compared to earnings per share of $.02 in 2005, and earnings were $.02 per share for the most recent nine-month period compared to earnings per share of $.05 for the corresponding period in 2005.
On August 31, 2006, the Company’s backlog increased to approximately $3,540,000 compared to approximately $3,010,000 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 technologies including AGVs, software, robots, batteries, chargers, motors and other related products.
Transbotics provides its Tailor-Made™ automation solutions to a variety of industries, including aerospace and defense, automotive (tier one supplier), ceramics, chemical processing, 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 risk, including, without limitation, the uncertainties detailed in Transbotics Corporation Securities and Exchange Commission filings.
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TRANSBOTICS CORPORATION
CONDENSED STATEMENTS OF INCOME |
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| Three Months Ended | Nine Months Ended | ||||
| August 31, | August 31, | August 31, | August 31, | ||
| 2006 | 2005 | 2006 | 2005 | ||
| Net revenues | $ 1,996,800 | $ 2,310,814 | $ 6,353,906 | $ 6,213,398 | |
| Cost of goods sold | 1,269,711 | 1,729,782 | 4,445,089 | 4,512,936 | |
| Gross profit | 727,089 | 581,032 | 1,908,817 | 1,700,462 | |
| Operating expenses: | |||||
| Selling General and administrative | 140,635 | 102,351 | 452,997 | 399,416 | |
| 380,300 | 299,169 | 1,090,203 | 891,029 | ||
| Research and development | 101,009 | 63,216 | 226,163 | 164,430 | |
| 621,944 | 464,736 |
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1,769,363 | 1,454,875 | |
| Operating income | 105,145 | 116,296 | 139,454 | 245,587 | |
| Net interest expense: | (17,060) | (9,845) | (37,825) | (24,864) | |
| Income before income taxes | 88,085 | 106,451 | 101,629 | 220,723 | |
| Federal and state income taxes (Note B) | - | - | - | - | |
| Net income | $ 88,085 | $ 106,451 | # | $ 101,629 | $ 220,723 |
| Weighted average number of common shares outstanding - | |||||
| Basic | 4,854,951 | 4,827,451 | 4,840,446 | 4,826,389 | |
| Diluted | 5,129,983 | 5,211,002 | 5,183,342 | 5,246,795 | |
| Income per common share - basic (Note C) | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.05 | |
| Income per common share - diluted (Note C) | 0.02 | 0.02 | 0.02 | 0.04 | |
| Dividends per common share | $ - | $ - | $ - | $ - | |
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See Notes to the Condensed Financial Statements |
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