Coreco reports profitability

MARCH 18--Coreco Inc. (Montreal, Quebec, Canada; www.imaging.com), a provider of computer vision hardware and software for the OEM and end-user markets, reported fourth-quarter revenues of US$4,785,013, compared favorably with US$4,739,352 for the same period in 2001. Net earnings were US$266,829 or US$0.04 per share, versus a loss of US$1,623,492 or US$0.22 per share in the same quarter of 2001. Excluding acquisition-related charges, net earnings in the fourth quarter amounted to US$266,829 or US$0.04 per share, which was comparable with US$272,483 or US$0.04 per share a year earlier.

For the 12-month period, revenues amounted to US$19,272,638, a 26% decrease from US$26,008,794 a year earlier. Net earnings were US$939,526 or US$0.13 per share, versus a loss of US$3,872,262 or US$0.53 per share in the previous year. Excluding acquisition-related charges, net earnings from operations amounted to US$939,526 or US$0.13 per share in 2002, compared with US$2,326,388 or US$0.32 per share in 2001.

During FY2002, the gross margin remained stable at 56.2% of sales, resulting primarily from the consolidation of OEM product manufacturing in Montreal, Canada. At December 31, 2002, Coreco had a net cash position of US$2,382,456, an increase of US$2,053,003 over the 2001 year-end. Working capital was US$8,657,547, for a ratio of 3.8:1 versus 2.9:1 a year ago.