Symbol Technologies, a global leader in mobile data management systems, today announced its results for the third quarter ended September 30, 2001.
Revenue for the third quarter ended September 30, 2001 was 1.2 million, as compared to 3.2 million in the corresponding year-earlier period. Net earnings, before a non-recurring charge, was .6 million or .06 diluted earnings per share (which included an extraordinary gain of .8 million, net of tax), compared to .5 million or .18 diluted earnings per share in the year-earlier period. Additionally, the Company recorded a non-recurring pre-tax charge associated with the reorganisation of the Company's manufacturing facilities of .7 million, which resulted in a net loss for the third quarter of .7 million or .16 per share.
"Symbol's third quarter earnings were in line with expectations,'' said Tomo Razmilovic, President and CEO. "We were particularly pleased with the breadth of significant customer wins in the quarter as well as our substantial progress in strengthening the Company's balance sheet. Despite the current macroeconomic uncertainty, we believe our industry leadership, strong customer relationships and productivity-enhancing offerings will leave us well positioned for the long term. Given current conditions, however, we remain cautious near-term and now expect fourth quarter revenue to be in the range of 0 to 0 million, with EPS of .05 to .08.''
"Symbol's low-cost mobile and wireless bar code technology helps customers save money and gain competitive advantage, which is even more critical during turbulent times,'' said Dr. Jerome Swartz, Symbol's Chairman. "In vertical markets ranging from traditional retailing, to newer markets such as healthcare and education, and out to emerging markets in security and safety, Symbol's proven ability to innovate enables us to continue developing 'must-have' products and systems.''
Those interested in participating in the conference call, which will be held on Thursday, October 18th at 4:45 pm, should dial +1 719-457-2641 at least 10 minutes prior to the commencement of the call. The call will also be available as an audio web cast via Symbol's website (www.symbol.com/investors). A replay of the call will be available starting approximately two hours after its conclusion and will continue for ten (10) business days. Interested parties can listen to the replay by dialling +1 719-457-0820, Access Number: 652589.
About Symbol Technologies
Symbol Technologies, winner of the US National Medal of Technology, is a global leader in mobile data transaction systems, providing innovative customer solutions based on wireless local area networking for data and voice, application-specific mobile computing and bar code data capture. Symbol's wireless information appliances connect the physical world of people on the move, packages, paper and shipping pallets, to information systems and the Internet. Today, some 10 million Symbol bar code scanners, mobile computers and wireless LANs are utilised worldwide in markets ranging from retailing to transportation and distribution logistics, manufacturing, parcel and postal delivery, government, healthcare and education. Symbol's systems and products are used to increase productivity from the factory floor to the retail store, to the enterprise and out to the home.
Information about Symbol is available at http://www.symbol.com
This news release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include price and product competition, dependence on new product development, reliance on major customers, customer demand for our product and services, control of costs and expenses, international growth, general industry and market conditions and growth rates and general domestic and international economic conditions including interest rate and currency exchange rate fluctuations. For a further list and description of such risks and uncertainties, see the reports filed by Symbol with the Securities and Exchange Commission. Symbol disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Balance sheets are available on request.
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