Revenues for the fourth quarter of 2003 were $6,196,000 and were $2,805,000, or 83% better than the $3,391,000 reported for the fourth quarter of 2002. Revenues for the full year ended December 31, 2003 were $22,866,000 and were $5,496,000, or 32% better than the $17,370,000 reported for the full year 2002. Operating income for the fourth quarter of 2003 was $365,000 and compares to an operating loss of $2,008,000 for the same period in 2002. Operating income for the full year ended December 31, 2003 was $1,124,000 and compares to an operating loss for the full year ended December 31, 2002 of $4,713,000. Operating expenses for the fourth quarter of 2003 were $3,548,000, a decrease of $627,000 or 15% from $4,175,000 for the same period in 2002. Operating expenses for the full year ended December 31, 2003 were $12,732,000, a decrease of $2,191,000 or 15% from $14,923,000 for the full year ended December 31, 2002. The Company reported net income from continuing operations of $235,000 and $761,000 for the quarter and full year ended December 31, 2003, respectively, compared to net losses from continuing operations of $1,908,000 and $5,108,000 for the quarter and full year ended December 31, 2002, respectively. Net income from total operations was $265,000 and $2,756,000 for the quarter and full year ended December 31, 2003, respectively and compares to a net loss from total operations of $1,899,000 and $4,539,000 for the quarter and full year ended December 31, 2002, respectively. Income per basic and diluted common share from total operations was $0.01 for the fourth quarter 2003 and compares to a loss per basic and diluted common share of $0.08 for the comparable period in 2002. The Company reported a loss per basic and diluted common share of $0.06 from total operations for the full year 2003 compared to a loss per basic and diluted common share of $0.20 for the full year 2002. The loss per basic and diluted common share for the full year 2003 included a non-cash charge of $3,720,000 or $0.12 per share associated with the beneficial conversion option included in the Series D 5% Cumulative Convertible Voting Preferred Stock issued in the third quarter of 2003. The company revised its third quarter 2003 results to reflect a deemed dividend under EITF 98-5 relating to the issuance of its Series D Convertible Preferred Stock during the quarter and will file an amended Form 10-Q as soon as practicable. The change resulted in a reduction in net income available to common shareholders of $3,720,000 and a reduction in net income (loss) per common share. Net income per common share was reduced from $0.04 and $0.06 for the quarter and nine-months ended September 30, 2003, respectively, to a net loss of $0.08 and $0.06 per common share, respectively. Earnings before interest, taxes, depreciation and amortization (EBITDA or operating cash flow) from continuing operations were $348,000 and $2,299,000 for the fourth quarter and the full year of 2003, respectively, and compares with a loss before these items of $1,602,000 and $3,510,000 in the fourth quarter and full year of 2002, respectively. The Company had a cash balance at December 31, 2003 of $4,817,000 compared to $5,524,000 at September 30, 2003 and $2,616,000 and December 31, 2002.
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