SCNI News Scanner Technologies Announces Results for First Quarter 2005
Scanner Technologies Announces Results for First Quarter 2005
MINNEAPOLIS
Scanner Technologies Corporation, Minneapolis
Investor Relations:
Alan Woinski, 201-599-8484
www.scannertech.com
Scanner Technologies Corporation (OTCBB:SCNI) today announced its results for its first quarter ended March 31, 2005.
Sales for the three months ended March 31, 2005, were $504,219 compared to $1,249,784 for the three months ended March 31, 2004. The net loss for the quarter was $913,420, or $.08 per share, compared to net income of $340,272, or $.03 per share in the same quarter of 2004.
Legal fees increased by $421,887 to $490,390 in the three months ended March 31, 2005, from $68,503 in the same quarter of 2004. A significant portion of the legal fees in both periods related to the patent infringement claims brought by the Company against a competitor, which went to trial in March 2005.
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
March 31, March 31,
-------------------------
2005 2004
------------ ------------
REVENUES $504,219 $1,249,784
COST OF GOODS SOLD 235,630 352,600
------------ ------------
GROSS PROFIT 268,589 897,184
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OPERATING EXPENSES
Selling, general and administrative 639,752 564,172
Research and development 46,090 93,290
Legal fees 490,390 68,503
------------ ------------
1,176,232 725,965
------------ ------------
INCOME (LOSS) FROM OPERATIONS (907,643) 171,219
OTHER INCOME (EXPENSE)
Other income 2,086 322,432
Interest expense (6,663) (151,579)
------------ ------------
INCOME (LOSS) BEFORE INCOME TAXES (912,220) 342,072
INCOME TAXES 1,200 1,800
------------ ------------
NET INCOME (LOSS) $(913,420) $340,272
============ ============
NET INCOME (LOSS) PER SHARE - BASIC AND
DILUTED $(0.08) $0.03
============ ============
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC 12,028,735 10,426,724
WEIGHTED AVERAGE SHARES OUTSTANDING -
DILUTED 12,028,735 10,976,340
SCANNER TECHNOLOGIES CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, December 31,
2005 2004
------------ ------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $1,238,114 $1,455,423
Accounts receivable, less allowance of
$40,000 1,152,483 1,518,477
Inventories, less allowance of $81,000 and
$63,000 1,881,388 1,850,852
Prepaid expenses 32,944 52,431
------------ ------------
TOTAL CURRENT ASSETS 4,304,929 4,877,183
PROPERTY AND EQUIPMENT 42,648 42,239
PATENT RIGHTS 205,836 221,274
OTHER 9,590 9,590
------------ ------------
$4,563,003 $5,150,286
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank line of credit $490,000 $490,000
Accounts payable 649,257 404,838
Accrued expenses 119,022 149,804
------------ ------------
TOTAL CURRENT LIABILITIES 1,258,279 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; 12,053,568 and
11,991,068 shares issued and outstanding 5,883,752 5,783,627
Stock options and warrants 875,540 863,165
Notes receivable for common stock (153,900) (153,900)
Accumulated deficit (3,300,668) (2,387,248)
------------ ------------
3,304,724 4,105,644
------------ ------------
$4,563,003 $5,150,286
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