News

Tidel renews loan with JP Morgan Chase

September 2, 2002

HOUSTON -- Tidel Technologies, Inc. (Nasdaq: ATMS) says it has renewed its senior revolving credit facility with JP Morgan Chase until Dec. 30, 2002, with no other changes to the terms of the loan.

Tidel had reported in its last earnings report, for the quarter ended June 30, that it hoped to extend the loan with JP Morgan Chase under the same terms. If a refinancing had not occurred by Aug. 30, Tidel said, it might have sought an extension of the maturity of the revolving credit facility.

For the quarter ended June 30, Tidel reported revenues of $6.2 million, an increase of $1.4 million over the previous quarter and $1.2 million over the year-earlier quarter. Tidel incurred a net loss of $1 million for 2002's third quarter, compared to a net loss of $16.4 million in the year-earlier quarter.

The results for 2001's third quarter included a provision for bad debts of $18 million related to the collection of accounts receivable from former customer Credit Card Center, and a charge of $2.5 million applicable to the write-off of certain deferred financing costs as a result of the "put" of Tidel's subordinated convertible debentures.