Coreco reports second-quarter results

AUGUST 1--Coreco Inc. (Montreal, Canada; www.imaging.com) has reported revenue for the second quarter, ended June 30, 2002, of $4,912,528, an increase of 2% on a sequential basis from $4,837,358 in the first quarter of 2002.

AUGUST 1--Coreco Inc. (Montreal, Canada; www.imaging.com) has reported revenue for the second quarter, ended June 30, 2002, of $4,912,528, an increase of 2% on a sequential basis from $4,837,358 in the first quarter of 2002 and a decrease of 36% from $7,625,606 reported in the second quarter of 2001. (All dollar and cents amounts are expressed in US currency.)

Net earnings amounted to $275,728, or $0.04 per share, compared with net earnings of $163,573, or $0.02 per share, in the first quarter of 2002 and a net loss of $608,495, or $0.08 per share, in the second quarter of 2001. In accordance with new CICA accounting recommendations, goodwill was not amortized in the second quarter. Goodwill amortization represented $1,458,004 in the comparable quarter of last year. Excluding the effect of the new accounting recommendations, net earnings from operations amounted to $275,728, or $0.04 per share, compared with $832,972, or $0.12 per share, in the second quarter of 2001.

For the six months ended June 30, 2002, revenue was $9,749,886 versus $15,209,204 in the same period last year and net earnings were $439,301, or $0.06 per share, compared with a net loss of $1,333,569, or $0.18 per share, a year earlier. Excluding goodwill amortization, net earnings from operations represented $439,301, or $0.06 per share, versus $1,548,859, or $0.21 per share, in the first half of 2001.

Sales of new products continued to accelerate in the second quarter, reaching 67% of sales compared with 58% in the first quarter of 2002 and 50% in the second quarter a year ago. On a geographic basis, Asia, Europe and the USA accounted for 14%, 31%, and 50% of total sales, respectively.

"Our results this quarter are better than we expected," commented CEO Keith Reuben. "On a sequential basis, revenues show a small increase for the second quarter in a row, and our profitability has doubled, despite our significant investment in IPD.

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