CHARLOTTE, N.C.--(BUSINESS WIRE)--Transbotics Corporation (OTCBB:TNSB)www.transbotics.com today announced audited results of operations for its fiscal year ended November 30, 2006. Net revenues were basically unchanged from $8,431,656 in fiscal 2005 to $8,468,892 in fiscal 2006. Costs of goods sold decreased from $6,231,231 to $5,926,691 by having better profit margins on projects and more efficient use of engineering labor. These changes caused our gross profit margins to significantly increase from 26.1% in fiscal 2005 to 30.0% in fiscal 2006.
The Company’s management has made a concerted effort to increase its manpower to prepare for potential growth, which increased operating expenses and research and development. The Company’s net income was comparable to last year at $121,378 in fiscal year 2006 versus net income of 127,654 in 2005. .
Earnings per share were $0.03 for 2006, compared to earnings per share of $0.03 for 2005.
At November 30, 2006, backlog was approximately $2,900,000 compared to $2,400,000 at November 30, 2005.
For over 20 years Transbotics Corporation has specialized in the design, development, support and installation of automation solutions with an emphasis on Automatic Guided Vehicles (AGVs). The Company is a leading North American Automation solutions integrator that manufactures, installs and supports various automation technology including AGVs, robotics, batteries, chargers, motors and other related products.
Transbotics provides unique automation solutions to a variety of industries, including aerospace and defense, automotive (tier one supplier), chemical processing, entertainment, food and beverage, newsprint and publishing, microelectronics, plastics, primary metals and recycling. Transbotics’ current customers include Fortune 500 companies as well as small manufacturing companies.
This release (including information or incorporated by reference herein) may be deemed to contain certain forward-looking statements, with respect to the financial condition, results of operation, plans, objectives, future performance and business of the Company. These forward-looking statements involve certain risk, including, without limitation, the uncertainties detailed in Transbotics Corporation Securities and Exchange Commission filings.
TRANSBOTICS CORPORATION
STATEMENTS OF INCOME
Years ended Nov. 30,
2006
2005
Net revenues
$
8,468,892
$
8,431,656
Cost of goods sold
5,926,691
6,231,231
Gross profit
$
2,542,201
$
2,200,425
Operating expenses:
Selling
$
622,797
$
546,821
General and administrative
1,432,268
1,206,658
Research and development
312,172
281,369
$
2,367,237
$
2,034,848
Operating income
$
174,964
$
165,577
Interest expense
$
(53,586)
$
(37,923)
Income before income taxes
$
121,378
$
127,654
Federal and state income taxes
-
-
Net income
$
121,378
$
127,654
Basic earnings per share
$
.03
$
.03
Diluted earnings per share
$
.03
$
.03
Weighted average common shares outstanding (basic)
4,844,026
4,826,654
Weighted average common shares outstanding (diluted)
