Message #11 From:
Stock News Bot Date: August 14, 2006 06:30:00 AM
SCNI News Scanner Technologies Announces Results for Second Quarter 2006
MINNEAPOLIS--(BUSINESS WIRE)--Aug. 14, 2006--Scanner Technologies (OTCBB:SCNI) today announced its results for its second quarter ended June 30, 2006.
Sales for the three months ended June 30, 2006, were $705,762 compared to $451,119 for the three months ended June 30, 2005. The sales increase in 2006 relates primarily to increased sales of the Company's VisionFlex robotic inspection systems.
The net loss for the three months ended June 30, 2006 was $85,914, or $.01 per share, compared to a net loss of $410,698, or $.03 per share in the same quarter of 2005. The change was primarily the result of increased gross profit of $222,144 and decreased operating expenses of $113,577 being partially offset by increased nonoperating expenses of $10,837.
Sales for the six months ended June 30, 2006, were $1,571,737 compared to $955,338 for the six months ended June 30, 2005. The sales increase in 2006 relates primarily to increased sales of the Company's VisionFlex robotic inspection systems.
The net loss for the six months ended June 30, 2006 was $204,464, or $.02 per share, compared to a net loss of $1,324,118, or $.11 per share in the same period of 2005. The change was primarily the result of increased gross profit of $451,823 and decreased operating expenses of $697,011 being partially offset by increased nonoperating expenses of $28,280.
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 and has a manufacturing facility in Tempe, Arizona. 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,
------------------------------------------------
2006 2005 2006 2005
----------- ----------- ----------- ------------
REVENUES $705,762 $451,119 $1,571,737 $955,338
COST OF GOODS SOLD 263,135 230,636 630,842 466,266
----------- ----------- ----------- ------------
GROSS PROFIT 442,627 220,483 940,895 489,072
----------- ----------- ----------- ------------
OPERATING EXPENSES
Selling, general
and admin 464,533 453,704 1,033,293 1,093,456
Research and
development 8,598 31,670 17,257 77,760
Legal fees 38,088 139,422 53,467 629,812
----------- ----------- ----------- ------------
511,219 624,796 1,104,017 1,801,028
----------- ----------- ----------- ------------
LOSS FROM OPERATIONS (68,592) (404,313) (163,122) (1,311,956)
OTHER INCOME
(EXPENSE)
Interest expense (17,755) (7,772) (38,205) (14,435)
Miscellaneous 1,233 2,087 (337) 4,173
----------- ----------- ----------- ------------
LOSS BEFORE INCOME
TAXES (85,114) (409,998) (201,664) (1,322,218)
INCOME TAXES 800 700 2,800 1,900
----------- ----------- ----------- ------------
NET LOSS $(85,914) $(410,698) $(204,464) $(1,324,118)
=========== =========== =========== ============
NET LOSS PER SHARE
- BASIC AND DILUTED $(0.01) $(0.03) $(0.02) $(0.11)
=========== =========== =========== ============
WEIGHTED AVERAGE
SHARES OUTSTANDING
- BASIC AND DILUTED 12,216,068 12,136,818 12,216,068 12,082,776
SCANNER TECHNOLOGIES CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2006 2005
------------ ------------
(unaudited) (audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $564,340 $1,168,532
Accounts receivable, less allowance of
$18,000 664,511 331,085
Inventories 1,323,011 1,620,027
Prepaid expenses 22,592 29,174
------------ ------------
TOTAL CURRENT ASSETS 2,574,454 3,148,818
PROPERTY AND EQUIPMENT, net 22,703 29,763
PATENT RIGHTS, net 128,647 159,523
OTHER 34,438 7,199
------------ ------------
$2,760,242 $3,345,303
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank line of credit $- $490,000
Accounts payable 72,614 107,643
Accrued expenses 106,939 45,177
------------ ------------
TOTAL CURRENT LIABILITIES 179,553 642,820
------------ ------------
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 shares issued and outstanding 6,436,116 6,434,551
Warrants 728,697 724,528
Stock options 71,416 29,103
Deferred financing costs, net (17,311) (51,934)
Note receivable for common stock (153,900) (153,900)
Accumulated deficit (4,484,329) (4,279,865)
------------ ------------
2,580,689 2,702,483
------------ ------------
$2,760,242 $3,345,303
============ ============
