Message #7 From:
Stock News Bot Date: August 18, 2005 02:00:00 AM
SCNI News Scanner Technologies Announces Results for Second Quarter 2005
MINNEAPOLIS--(BUSINESS WIRE)--Aug. 18, 2005--Scanner Technologies Corporation (OTCBB:SCNI) today announced results for its second quarter ended June 30, 2005.
Sales for the three months ended June 30, 2005, were $451,119 compared to $1,752,159 for the three months ended June 30, 2004. The net loss for the quarter was $410,698, or $.03 per share, compared to net income of $532,423, or $.05 per share in the same quarter of 2004.
Sales for the six months ended June 30, 2005, were $955,338 compared to $3,001,943 for the six months ended June 30, 2004. The net loss for the six months ended June 30, 2005 was $1,324,118, or $.11 per share, compared to net income of $872,695, or $.08 per share in the same period of 2004.
About Scanner Technologies Corporation:
Scanner is a New Mexico corporation that invents, develops and markets vision inspection products that are used in the semiconductor industry for the inspection of integrated circuits. Scanner's headquarters are located in Minneapolis, Minnesota. The company has a manufacturing facility in Tempe, Arizona, and sells its products through direct sales offices in San Jose, California, Singapore and in key geographical markets, through sales representatives and distributors throughout the world. Scanner's stock is traded on the Over-The-Counter Bulletin Board under the symbol "SCNI." For more information please visit www.scannertech.com.
SCANNER TECHNOLOGIES CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- ------------------------
2005 2004 2005 2004
----------- ----------- ------------ -----------
REVENUES $451,119 $1,752,159 $955,338 $3,001,943
COST OF GOODS SOLD 230,636 489,387 466,266 841,987
----------- ----------- ------------ -----------
GROSS PROFIT 220,483 1,262,772 489,072 2,159,956
----------- ----------- ------------ -----------
OPERATING EXPENSES
Selling, general
and administrative 453,704 528,216 1,093,456 1,092,388
Research and
development 31,670 95,002 77,760 188,292
Legal fees 139,422 64,025 629,812 132,528
----------- ----------- ------------ -----------
624,796 687,243 1,801,028 1,413,208
----------- ----------- ------------ -----------
INCOME (LOSS) FROM
OPERATIONS (404,313) 575,529 (1,311,956) 746,748
OTHER INCOME
(EXPENSE)
Other income
(expense), net 2,087 11,510 4,173 333,942
Interest expense (7,772) (54,616) (14,435) (206,195)
----------- ----------- ------------ -----------
INCOME (LOSS) BEFORE
INCOME TAXES (409,998) 532,423 (1,322,218) 874,495
INCOME TAXES 700 0 1,900 1,800
----------- ----------- ------------ -----------
NET INCOME (LOSS) $(410,698) $532,423 $(1,324,118) $872,695
=========== =========== ============ ===========
NET INCOME (LOSS) PER
SHARE - BASIC $(0.03) $0.05 $(0.11) $0.08
=========== =========== ============ ===========
NET INCOME (LOSS) PER
SHARE - DILUTED $(0.03) $0.04 $(0.11) $0.07
=========== =========== ============ ===========
WEIGHTED AVE. SHARES
OUTSTANDING - BASIC 12,136,818 10,432,785 12,082,776 10,429,755
WEIGHTED AVE. SHARES
OUTSTANDING -DILUTED 12,136,818 12,418,094 12,082,776 11,756,315
SCANNER TECHNOLOGIES CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, December 31,
2005 2004
------------ ------------
(unaudited) (audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $1,372,088 $1,455,423
Accounts receivable, less allowance of
$40,000 967,872 1,518,477
Inventories, less allowances of $117,000
and $63,000 1,770,036 1,850,852
Prepaid expenses 30,566 52,431
------------ ------------
TOTAL CURRENT ASSETS 4,140,562 4,877,183
PROPERTY AND EQUIPMENT, net 37,313 42,239
PATENT RIGHTS, net 190,398 221,274
OTHER 28,819 9,590
------------ ------------
$4,397,092 $5,150,286
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank line of credit $490,000 $490,000
Accounts payable 573,461 404,838
Accrued expenses 120,605 149,804
------------ ------------
TOTAL CURRENT LIABILITIES 1,184,066 1,044,642
------------ ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, no par value, 50,000,000
shares authorized; no shares issued and
outstanding - -
Common stock, no par value, 50,000,000
shares authorized; 12,216,068 and
11,991,068 shares issued and outstanding 6,434,551 5,783,627
Warrants 643,741 863,165
Note receivable for common stock (153,900) (153,900)
Accumulated deficit (3,711,366) (2,387,248)
------------ ------------
3,213,026 4,105,644
------------ ------------
$4,397,092 $5,150,286
============ ============
