HOUSTON -- Tidel Technologies, Inc. reported the best operating performance for any first quarter in its history with net income for the quarter ended Dec. 31, 1999 of $1,481,067, an increase of $1,228,734, or 487 percent, from the $252,333 for the same quarter in 1998.
Revenues for the quarter were $13,782,153, an increase of $6,721,460, or 95 percent, from the $7,060,693 for the year-earlier quarter. Management noted the revenue growth rate of 95 percent experienced in the December 1999 quarter exceeded the growth rate of 90 percent experienced in the previous quarter ended Sept. 30, 1999.
According to Tidel, growth was propelled by strong demand for its core Ignition Series ATMs. The company shipped 2,213 ATMs, an increase of 154 percent from the 871 ATMs shipped in the comparable period a year ago.
As expected, Tidel's gross profit margin as a percentage of sales also improved, from 33.2 percent in 1998 to 36.4 percent in 1999 as a result of reductions in the cost of certain materials used in its core product line.
James T. Rash, Tidel chairman and CEO, said, "Fundamentally, the company has never been stronger. Cash flow from operations exceeded $1.5 million for the period and working capital was a record $19.6 million at December 31, 1999."
He added, "Sales of our core Ignition Series products, already at a record pace, are expected to accelerate later in the year as we introduce new features for the existing products and launch new models which are nearing completion. Further, we expect to realize some of our broader objectives -- growth in our domestic distributor base and expansion into the European, Latin American and Pacific Rim ATM markets."
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