QI Systems Revenue Grows 100%

Wednesday 24 November 2004 10:20 CET | News

QI Systems has released its quarterly financial statement for the period ending September 30, 2004. When compared to 2003, the consolidated balance sheet for the 1st quarter shows that the companys revenue increased by 100%.

During this period, QIs Operating Loss decreased by $328,943, a reduction of 250%. QIs Net Loss decreased by $349,949, a 310% decrease over 2003, while the Loss per Share decreased from $0.03 per share to $0.005 per share. The 1st quarter of 2004 marks the third consecutive period of growth in revenue and receivables for the company. It is of note that the combined revenue and receivables for the most recent reporting period equates to approximately 78% of the total revenue for the past year. First quarter sales were driven by ongoing relationships in the parking and newspaper sectors. In addition, sales and installation of the companys innovative fluid control and payment systems contributed to the sales growth for the quarter. Opportunities continue to expand in all these industries while the company makes significant progress developing products and business relationships in other sectors to broaden our customer base and business reach. The rapidly expanding gaming industry remains a primary focus of new business development. During the past quarter, QI Systems achieved British Columbia government certification as Gaming Services and Equipment Provider, a milestone achievement for the company. The company is actively pursuing business opportunities in the gaming industry, both within North America and offshore. Part of this initiative was disclosed recently in the companys announcement regarding a new teaming relationship with Spotted Dolphin, LLC. Additional details pursuant to this relationship and other initiatives will be announced in the near future. First quarter results show that the company continues to make significant progress in its turnaround initiatives. With continuing growth in established business areas, and exciting opportunities emerging in new business areas, QI Systems Inc. is positioned for substantial achievement in 2005....Stay tuned. QI Systems Inc. designs and sells chip card solutions for various industries. Products and core competencies include smart cards and stored value systems, security protocols, data communications, software design and hardware manufacture.

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Categories: Payments & Commerce | Cards
Countries: World
This article is part of category

Payments & Commerce