NDC Automation, Inc. Announces First Quarter Results

Apr 12, 2001, 01:00 ET from NDC Automation, Inc.

    CHARLOTTE, N.C., April 12 /PRNewswire/ --
     NDC Automation, Inc. (OTC Bulletin Board:   AGVS) www.ndca.com announced the
 results for its three month period ended February 28, 2001.  Revenues for the
 fiscal quarter ended February 28, 2001 were $1,169,392, compared to $977,398
 in 2000.  The net loss decreased for the 2001 first quarter to $135,668
 compared to a net loss of $265,942 the prior year.  The decrease in the loss
 was primarily due to decreased general and administrative expenses.  Over 50%
 of the decrease, however, was related to one time charges relating to Y2K,
 computer and personnel costs incurred in the prior period.
     Loss per common share was $.04 for the three months ended February 28,
 2001 compared to a loss per common share of $.07 for the comparable period in
 2000.  At February 28, 2001, backlog was approximately $2,980,000 compared to
 approximately $1,625,000 one year earlier.
     NDCA provides an integrated package of controls technology and related
 products to be incorporated into and used to control Automatic Guided Vehicle
 Systems (AGVS).  The Company also provides turnkey AGVS solutions to end-users
 and to system integrators.  NDCA's controls hardware and software are designed
 for optimal flexibility and accuracy and are well suited for a broad range of
 vehicle types.
 
                                 NDC AUTOMATION, INC.
                        CONDENSED STATEMENTS OF OPERATIONS
                                    (Unaudited)
 
                                                        Three Months Ended
                                                 February 28       February 29,
                                                     2001              2000
 
     Net revenues                                 $1,169,392          $977,398
     Cost of goods sold                              778,857           673,802
         Gross profit                               $390,535          $303,596
 
     Operating expenses:
           Selling                                  $188,950          $143,495
           General and administrative                245,353           371,801
           Research and development                   48,984                --
                                                    $483,287          $515,296
                 Operating  loss                    $(92,752)        $(211,700)
 
     Net interest expense                            (42,916)          (54,242)
 
     Loss before income taxes                      $(135,668)        $(265,942)
 
     Federal and state income taxes                       --                --
                Net loss                           $(135,668)        $(265,942)
 
     Weighted average number of common
          shares outstanding                       3,586,451         3,586,451
 
     Loss per common share - basic                    $(0.04)           $(0.07)
     Loss per common share - diluted                  $(0.04)           $(0.07)
 
     Dividends per common share                          $--               $--
 
 

SOURCE NDC Automation, Inc.
    CHARLOTTE, N.C., April 12 /PRNewswire/ --
     NDC Automation, Inc. (OTC Bulletin Board:   AGVS) www.ndca.com announced the
 results for its three month period ended February 28, 2001.  Revenues for the
 fiscal quarter ended February 28, 2001 were $1,169,392, compared to $977,398
 in 2000.  The net loss decreased for the 2001 first quarter to $135,668
 compared to a net loss of $265,942 the prior year.  The decrease in the loss
 was primarily due to decreased general and administrative expenses.  Over 50%
 of the decrease, however, was related to one time charges relating to Y2K,
 computer and personnel costs incurred in the prior period.
     Loss per common share was $.04 for the three months ended February 28,
 2001 compared to a loss per common share of $.07 for the comparable period in
 2000.  At February 28, 2001, backlog was approximately $2,980,000 compared to
 approximately $1,625,000 one year earlier.
     NDCA provides an integrated package of controls technology and related
 products to be incorporated into and used to control Automatic Guided Vehicle
 Systems (AGVS).  The Company also provides turnkey AGVS solutions to end-users
 and to system integrators.  NDCA's controls hardware and software are designed
 for optimal flexibility and accuracy and are well suited for a broad range of
 vehicle types.
 
                                 NDC AUTOMATION, INC.
                        CONDENSED STATEMENTS OF OPERATIONS
                                    (Unaudited)
 
                                                        Three Months Ended
                                                 February 28       February 29,
                                                     2001              2000
 
     Net revenues                                 $1,169,392          $977,398
     Cost of goods sold                              778,857           673,802
         Gross profit                               $390,535          $303,596
 
     Operating expenses:
           Selling                                  $188,950          $143,495
           General and administrative                245,353           371,801
           Research and development                   48,984                --
                                                    $483,287          $515,296
                 Operating  loss                    $(92,752)        $(211,700)
 
     Net interest expense                            (42,916)          (54,242)
 
     Loss before income taxes                      $(135,668)        $(265,942)
 
     Federal and state income taxes                       --                --
                Net loss                           $(135,668)        $(265,942)
 
     Weighted average number of common
          shares outstanding                       3,586,451         3,586,451
 
     Loss per common share - basic                    $(0.04)           $(0.07)
     Loss per common share - diluted                  $(0.04)           $(0.07)
 
     Dividends per common share                          $--               $--
 
 SOURCE  NDC Automation, Inc.