IRVINE, Calif., April. 9 /PRNewswire-FirstCall/ -- DataLogic International, Inc. (BULLETIN BOARD: DLGI) , today announced results for the year ended December 31, 2003. The Company''s net revenues for the year ended December 31, 2003 were $10,702,715 as compared to net revenues of $2,091,439 for the prior year. The 412% increase in revenues was primarily due to the expansion of a multi-year state contracts award that commenced within the first quarter of 2003.
The net revenues excluded an income of $125,000 that was deferred for realization in fiscal 2004 due to a delay in delivery date and an income of $113,000 from Kiboga Systems that was reclassified as doubtful debt.
The gross profit for the year ended December 31, 2003 were $649,572 as compared to $498,936 from the prior year. The gross profit was decreased by $210,758 due to an adjustment for the cost of revenue in one of the prior quarters.
The consulting expense for the year ended December 31, 2003 were $756,090 as compared to $66,000 for the prior year. The $690,090 increase in consulting expense was attributed to the merger and acquisition related consulting and legal fees. General and administrative expense for the year ended December 31, 2003 were $493,322 as compared to the general and administrative expense of $670,050 for the prior year.
Factoring expense for the year ended December 31, 2003 was $170,674 as compared to $0 for the prior year. The increase in factoring expense was mainly due to unusual fees incurred for late payments. Interest expense for the year ended December 31, 2003 was $73,896, an increase of $51,399, as compared to $22,497 for the prior year. The increase in interest expenses was attributable to the increase in the Company short-term debts to finance payroll.
As a result of the above, the net loss for the year ended December 31, 2003 was $911,582 as compared to the net loss of $261,211 for the prior year.
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