HOUSTON -- A release of fourth quarter and fiscal year results for
Tidel Technologies Inc . (Nasdaq: ATMS ) reflects increases in operating income for both periods, which ended Sept. 30, 2000.Tidel reported net income of $2.3 million, or diluted earnings of $.13 per share, after giving effect to a non-cash impairment charge to reflect the write-down of an investment unrelated to the current business operations of the company. Excluding the impairment charge, net income for the quarter was $3 million or diluted earnings of $.16 per share. This compares to 1999 fourth quarter net income of $1 million, or diluted earnings of $.06 per share.
For the fiscal year, Tidel reported net income of $9.1 million, or diluted earnings of $.50 per share. Excluding the impairment charge, diluted earnings per share was $.53 for the fiscal year, compared to $.17 per share for the year ended September 30, 1999.
Earnings per share excluding the impairment charge exceeded published analysts' estimates for both the fourth quarter and end of the fiscal year.
Tidel had previously provided aggregate loss provisions of $1.4 million in prior periods, resulting in a write-down of the investment to its present carrying amount of $130,962. Management believed that the diminution in value was temporary, and accordingly charged the provisions to shareholders' equity in accordance with Statement No. 115 of the Financial Accounting Standards Board.
Due to the extended and continued deterioration of the quoted market value of the 3CI shares, a portion of the accumulated losses, $1 million is being reflected as an impairment charge in the income statement for the fourth quarter and fiscal year.
For the quarter, revenues were $20.2 million, an increase of $4 million or 25 percent, from $16.1 million reported in the same one year ago. For the fiscal year ended Sept. 30, 2000, revenues were $72.9 million an increase of $27 million or 59 percent, from $45.8 million in fiscal 1999.
The increases in sales were attributed to shipments of ATMs in off-premise markets. As previously reported, the company shipped a record 3,739 ATMs for its fourth quarter, an increase of 36 percent over the 2,742 units shipped in the same quarter one year ago. The result is an increase of 9 percent over the previous quarterly record of 3,419 units set in June 2000.
For the fiscal year, the company shipped a record 12,426 units, an increase of 76 percent over the 7,061 units shipped in fiscal 1999 and an increase of 200 percent over the 4,140 units shipped in fiscal 1998.
For the quarter, income from operations was a record $4.7 million an increase of $2. 7 million, or 140 percent, from $1.9 million for the same period in 1999. For the fiscal year, operating income was a record $15.4 million, an increase of $10.3 million, or 202 percent, from $5.1 million in fiscal 1999.
