Message #14 From:
Stock News Bot Date: November 14, 2006 06:00:00 AM
SCNI News Scanner Technologies Announces Results for Third Quarter 2006
MINNEAPOLIS--(BUSINESS WIRE)--Scanner Technologies Corporation (OTCBB:SCNI) with headquarters in
Minneapolis, MN today announced the results for the third quarter, 2006.
Sales for the three months ended September 30, 2006, were $572,784
compared to $355,280 for the three months ended September 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 September 30, 2006 was $217,717, or $.02 per share,
compared to a net loss of $208,841, or $.02 per share in the same
quarter of 2005.
Sales for the nine months ended September 30, 2006, were $2,144,521
compared to $1,310,618 for the nine months ended September 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
nine months ended September 30, 2006 was $422,181, or $.03 per share,
compared to a net loss of $1,532,959, or $.13 per share in the same
period of 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 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
Nine Months Ended
September 30,
September 30,
2006
2005
2006
2005
REVENUES
$572,784
$ 355,280
$2,144,521
$1,310,618
COST OF GOODS SOLD
326,866
125,542
957,708
591,808
GROSS PROFIT
245,918
229,738
1,186,813
718,810
OPERATING EXPENSES
Selling, General
406,653
385,802
1,439,946
1,479,258
and Administration
Research and
12,294
31,670
29,551
109,430
Development
Legal fees
33,597
3,366
87,064
633,178
452,544
420,838
1,556,561
2,221,866
INCOME (LOSS)
FROM OPERATIONS
(206,626)
(191,100)
(369,748)
(1,503,056)
OTHER INCOME
6,221
2,116
5,884
6,289
INTEREST EXPENSE
(17,312)
(19,857)
(55,517)
(34,292)
INCOME (LOSS)
BEFORE INCOME TAXES
(217,717)
(208,841)
(419,381)
(1,531,059)
INCOME TAXES
0
0
2,800
1,900
NET INCOME (LOSS)
($217,717)
($208,841)
($422,181)
($1,532,959)
NET INCOME (LOSS)
PER SHARE - BASIC
($.02)
($.02)
($.03)
($.13)
NET INCOME (LOSS)
PER SHARE - DILUTED
($.02)
($.02)
($.03)
($.13)
WEIGHTED AVERAGE NUMBER
OF SHARES - BASIC
12,216,068
12,216,068
12,126,068
12,127,207
WEIGHTED AVERAGE NUMBER
OF SHARES - DILUTED
12,216,068
12,216,068
12,126,068
12,127,207
SCANNER TECHNOLOGIES CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
Sept. 30,
December 31,
2006
2005
(unaudited)
(audited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$960,950
$1,168,532
Accounts receivable, less allowance of $18,000
285,098
331,085
Inventories, less allowances of $236,000
1,212,286
1,620,027
and $152,000
Prepaid expenses
28,462
29,174
TOTAL CURRENT ASSETS
2,486,796
3,148,818
PROPERTY AND EQUIPMENT, net
18,222
29,763
PATENT RIGHTS, net
113,210
159,523
OTHER
7,199
7,199
$2,625,427
$3,345,303
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Bank line of credit
$-
$490,000
Accounts payable
130,773
107,643
Accrued expenses
99,566
45,177
TOTAL CURRENT LIABILITIES
230,339
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
