AUGUST 14--Imagis Technologies Inc. (Vancouver, Canada; www.imagistechnologies.com), a developer of biometric systems using advanced facial- and image-recognition technology, announced its financial results for the six months ended June 30, 2002. Imagis' total revenues for the first six months increased 87% to $2,053,605, compared to revenues of $1,100,262 for the first six months of 2001. Software sales rose 125% to $1,908,576 in the first six months of this year, compared to $849,092 for the first six months in 2001.
This gain in software-sales revenue can be attributed primarily to ongoing software installations in Alameda County, CA (law enforcement, digital imaging, and data sharing); with the United Kingdom's National Crime Squad (child protection and recovery software); and the Sanyo/Zixsys license agreement (biometric access control).
Overall, the company incurred a net loss for the first six months of 2002 of $2,797,374 ($0.16 per share), which is 202% higher than the net loss of $927,774 incurred in the first six months of 2001 ($0.07 per share). While revenues rose 87% in the first half of the year, the company invested significantly in the areas of sales and marketing, technology development, and administration, resulting in the higher operating costs. These additional expenditures are enabling the Company to capitalize on new business alliances and global market opportunities.