MONTREAL -- Frisco Bay Industries Ltd., a provider of automated financial transaction and integrated security systems for financial institutions, government agencies and industrial corporations (NASDAQ: FBAY), generated net earnings of $1.7 million, or 76 cents per share, for the year ended Jan. 31, 2002, a $1.9 million improvement over last year's loss of $202,056, or nine cents per share.
For the year, revenues increased by 20 percent to $43 million compared to revenues of $36 million in the previous year. Revenues for the quarter, at $11.7 million were 25 percent higher than revenues of $9.3 million recorded in the corresponding period of the previous year. Net earnings for the quarter totaled $643,580 or 28 cents per share, compared to $410,824, or 18 cents per share, in the same period last year.
According to a news release, the increase was attributed to increases in both product sales and recurring service revenues.
In the past year, Frisco Bay signed a three-year $10 million agreement with a large Canadian financial institution for the supply and service of integrated security systems.
Intivid Solutions, the company's division responsible for the development and marketing of its digital video offering VIP, signed a number of new dealers internationally to sell its products, including a deal with Diebold.
Frisco/ATMS, the company's ATM joint venture, also signed an agreement with McDonald's Restaurants to supply and service ATMs at its restaurants across Canada.
According to Barry Katsof, chairman and chief executive officer, the company has a backlog of recurring revenue long-term contracts on hand representing approximately $40 million. "These revenues will be realized over the next approximately 36 months," he said in a news release.
With security products in higher demand, Katsof said Frisco Bay expects sales of new products to continue to grow over the coming year.
