News

Tidel reports quarterly revenues exceed $20 million for first time

March 5, 2002

HOUSTON -- Tidel Technologies, Inc. (Nasdaq: ATMS) said that net income jumped $1,837,000, or 192 percent, to $2,796,000 in the third fiscal quarter ended June 30, 2000, up from $959,000 in the same quarter a year ago. The company attributed the growth to continued strong domestic demand for its Ignition series focus-function ATM products.

Basic earnings per share was 17 cents per share for the quarter, compared to six cents per share for the same quarter in 1999. Diluted earnings per share was 15 cents versus six cents a year ago.

Similar increases were posted for the nine months ended June 30, with net income up 269 percent to $6,775,000 from $1,837,000 for the same period in 1999. Basic earnings per share was 41 cents per share compared to 11 cents per share for the year-to-date period in 1999. Diluted earnings per share for the nine-month period was 37 cents versus 11 cents a year ago.

Total revenues increased 64 percent to a record $20,264,000 for the quarter, from $12,380,000 in the same quarter a year ago. For the first nine months of fiscal 2000, revenues increased 77 percent to $52,709,000 from $29,727,000 for the same nine-month period in 1999.

As previously reported, the company set a record with 3,419 new ATMs shipped during quarter, a 77 percent increase from the 1,937 units shipped in the same quarter of 1999. At June 30, the company's trailing twelve-month ATM shipments were 11,429 units.

CEO James T. Rash said, "We are proud of our success in the domestic ATM market with new records established in the third quarter for sales and earnings. Product shipments thus far in July show this trend continuing."