News

Canadian ATM operator/processor Datawest reports profitable 4Q

March 31, 2003

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VANCOUVER, British Columbia -- Datawest Solutions Inc. (TSX: DS), a Canadian transaction processor and ATM operator, reported net income of $4.2 million (about $2.8 million U.S.), or 15 cents (10 cents U.S.) a share, on revenues of $11.2 million ($7.6 million U.S.) for its fourth quarter ended Dec. 31, 2002.

According to a news release, net income from continuing operations (excluding
realized gain from sale of investment) in 2002's fourth quarter was a positive $400,000 ($271,850 U.S.) or 2 cents (1.35 cents U.S.) per share, compared to a loss of $1.1 million ($747,587) or six cents (4.7 cents U.S.) per share in 2001's fourth quarter -- making it Datawest's first profitable quarter since it went public in early 2000. 

For the year ended December 31, 2002, net income was $2.3 million ($1.5 million U.S.) or 9 cents (6 cents U.S.) a share (excluding restructuring and other charges of $8.9 million incurred in the third quarter) on revenues of $45.6 million ($30.9 million U.S.)

Net loss from continuing operations for 2002 (excluding restructuring and other charges and realized gain from sale of investment) was $2.1 million ($1.4 million U.S.), compared to $4.5 million ($3 million U.S.) in 2001. After extraordinary items, the net loss for 2002 was $6.7 million ($4.5 million U.S.)