Global Payment Technologies Announces Fiscal 2004 First-Quarter Results. - Free Online Library
Global Payment Technologies Announces Fiscal 2004 First-Quarter Results.
HAUPPAUGE Hauppauge can refer to: Hauppauge, New York Hauppauge Computer Works , N.Y.--(BUSINESS WIRE)--Feb. 12, 2004
Global Payment Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated QuotationsU.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GPTX) ("GPT GPT glutamic-pyruvic transaminase; see alanine transaminase. GPTabbr.glutamic-pyruvic transaminaseGPTglutamic-pyruvic transaminase. "),
a leading manufacturer and innovator of currency acceptance systems used
in the worldwide gaming, beverage, and vending industries, today
announced its fiscal 2004 first-quarter results.
(Dollar amounts in 000s, except per share data)
2003       2002     Change
Net Sales                 $4,333     $5,960         (27%)
Net Loss                                    (greater than
($988)     ($340)    100%)
Basic                 ($0.18)    ($0.06)      ($0.12)
Diluted               ($0.18)    ($0.06)      ($0.12)
Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM).The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs McNeill McNeill may refer to: McNeill, West Virginia, a US community McNeill (surname), people with the surname McNeill See alsoPort McNeill, British Columbia , GPT Vice-President vice president or vice-pres·i·dentn. Abbr. VP1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death.2. and CFO See Chief Financial Officer. , stated, "After
completing a difficult fourth quarter of fiscal 2003, we have
significantly decreased our losses to $988,000 in our first fiscal
quarter ended December December: see month. 31, 2003. Sales for the quarter were $4,333,000,
slightly better than previously announced in January January: see month. 2004, however, less
than the same year ago period of $5,960,000, due to lower demand in
Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. for the Company's Argus gaming product, offset in part by
increased sales of our vending product "Aurora Aurora, cities, United StatesAurora (ərôr`ə, ô–).1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. ". Gross profit
decreased to $815,000, or 18.8% of sales this quarter, as compared with
$1,390,000, or 23.3% of sales in the same year ago period. This decrease
is primarily the result of the 27% sales decrease and related reduction
in production. Operating expenses Operating expensesThe amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased to $1,852,000, as compared
with $2,112,000, primarily due to the Company's cost reduction
initiatives during September September: see month. 2003. The decrease in the Company's
effective tax rate, and the tax benefit of $241,000 in the quarter ended
December 31, 2002, as compared to a tax expense of $6,000 the current
quarter, was primarily the result of the Company providing a full
valuation allowance against its deferred income tax assets, in the
quarter ended September 30, 2003, due to the Company's continued
losses and the uncertainty as to the Company's ability to generate
sufficient taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. to realize the full value of those assets. The
valuation allowance is subject to adjustment based upon the
Company's ongoing assessment of its future taxable income and may
be partially or wholly reversed in the future. Equity in income of
unconsolidated affiliates decreased to $87,000 in the first quarter of
fiscal 2004 as compared with income of $207,000 in the first quarter of
fiscal 2003. This was primarily due to $89,000 in lower profits at its
Australian Australianpertaining to or originating in Australia.Australian bat lyssavirus diseasesee Australian bat lyssavirus disease.Australian cattle doga medium-sized, compact working dog used for control of cattle. affiliates and a decrease of $45,000 in the recognition of
the Company's share of the gross profit on intercompany sales that
have been recognized by GPT's affiliates. Finally, interest expense
decreased from $66,000 to $32,000, a direct result of the Company's
significant reduction of its bank debt from $4.6 million, at December
31, 2002, to $1.4 million at December 31, 2003.
Mr. McNeill continued, "The Company's near term goal is a
return to profitability and we are pleased with the strides taken toward
that end. First, cost reduction initiatives from September 2003 through
December 2003 are projected to result in approximately $3 million in
annualized annualizedOf or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings. While we are working to improve our gross profit
percentage, the Company believes attaining 18.8% this quarter was a very
positive step. This represents an increase when compared to the quarters
ended March 2003, June June: see month. 2003 and September 2003, respectively, of 15.9%,
16.2% and 7.5% (which included an increased inventory write-down Write-DownReducing the book value of an asset because it is overvalued compared to the market value.Notes:This is usually reflected in the company's income statement as an expense, thereby reducing net income. based
upon management's decisions to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·uesv.tr.1. To stop doing or providing (something); end or abandon: and transition from
earlier generation products). Further, subject to mix of product sold,
the Company's gross profit percentage should increase at such time
that we attain increased revenue.
"With respect to our financial condition, during the quarter
we reduced the Company's total bank debt by almost $400,000 or 22%
to $1.4 million at December 31, 2003. We are in compliance with our
financial covenants at December 31, 2003, and since that date have had
$300,000 of availability on our $1.2 million line of credit. Although
the Company has amended a·mend v. a·mend·ed, a·mend·ing, a·mendsv.tr.1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.2. its current credit facility, the Company is in
discussions with other lenders to put in place an asset-based lending Asset-Based LendingA business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets.Also known as "commercial finance" or "asset-based financing". agreement, which would replace its existing facility and could
potentially provide additional financing availability. The Company has
continued its discussions with other lenders and anticipates
establishing a new credit facility prior to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of its
existing facility, which expires on December 31, 2004; however no
assurances can be given this goal will be attained at·tain v. at·tained, at·tain·ing, at·tainsv.tr.1. To gain as an objective; achieve: attain a diploma by hard work.2. . As a result of the
Company's agreements in both December 2003 and January 2004,
amending its credit facility, and the completion of its September 2003
through December 2003 cost reduction initiatives which will reduce total
costs at an annualized rate of approximately $3 million, the Company
believes that its available resources, including its credit facilities credit facilities npl → facilidades fpl de créditocredit facilities npl → facilités fpl de paiementcredit facilities ,
should be sufficient to meet its obligations as they become due and
permit continuation of its planned product development and operations
throughout fiscal 2004. The Company also anticipates receiving dividends
from its Australian affiliates, continues to work on increasing
collections on its accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and reducing its inventory
requirements, all to maintain sufficient cash to fund its operations.
Recently, the Company signed an agreement to sell its remaining 4.99%
interest in its South African affiliate for proceeds of approximately
$150,000, which the Company expects will result in a small gain. This
transaction is expected to be approved by March 2004 and payment
received accordingly. This entity will continue as the Company's
non-affiliated distributor in the South African marketplace. This move
will provide the Company additional operating cash as well as allow
management to concentrate on our core business. The accompanying
consolidated financial data has been presented on a going-concern basis
based on management's plans described above, and accordingly do not
contain any adjustments that could arise from these uncertainties.
"With respect to our future results, we continue to work at
increasing sales and improving margins, neither of which can be certain;
however, these are management's core goals for this year. While we
do not intend to provide guidance in the future regarding revenue, in
light of last quarter's revenue falloff fall·off n.A reduction or decrease: a falloff in car sales.Noun 1. falloff - a noticeable deterioration in performance or quality; "the team went into a slump"; "a gradual slack in , which the Company does not
anticipate to be normal sales levels in the future, Shareholders should
be aware the Company has orders in hand to ship product during the
quarter ended March 31, 2004 in an amount sufficient to improve sales
15%-20% as compared with the quarter just ended December 31, 2003.
Achieving this revenue in our second quarter should result in reduced
losses and improved cash flow."
Global Payment Technologies, Inc. is a United States-based
designer, manufacturer, and marketer of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·matesv.tr.1. To convert to automatic operation: automate a factory.2. currency acceptance
and validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. systems used to receive and authenticate (1) To verify (guarantee) the identity of a person or company. To ensure that the individual or organization is really who it says it is. See authentication and digital certificate.(2) To verify (guarantee) that data has not been altered. currencies in a
variety of payment applications worldwide. GPT's proprietary and
patented technologies are among the most advanced in the industry.
Please visit the GPT web site for more information at
http://www.gpt.com.
Special Note Regarding Forward-Looking Statements forward-looking statementA projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : A number of
statements contained in this release are forward-looking statements
1995 that involve risks and uncertainties that could cause actual
applicable statements. These risks and uncertainties include, but are
not limited to: Statements regarding the Company's strategy, future
sales, future expenses and future liquidity and capital resources; the
potential replacement or renewal of its existing credit facility;
GPT's dependence on the paper currency validator A validator is a computer program used to check the validity or syntactical correctness of a fragment of code or document. The term is commonly used in the context of validating HTML, CSS and XML documents or RSS feeds though it can be used for any defined format or language. market and its
potential vulnerability to technological obsolescence ob·so·les·cent adj.1. Being in the process of passing out of use or usefulness; becoming obsolete.2. Biology Gradually disappearing; imperfectly or only slightly developed. ; the risks that
its current and future products may contain errors or defects that would
be difficult and costly to detect and correct; possible risks of product
inventory obsolescence; regulatory approval; potential manufacturing
difficulties; potential shortages of key parts and/or raw materials;
potential difficulties in managing growth; dependence on a limited base
of customers for a significant portion of sales; dependence on key
personnel; the possible impact of competitive products and pricing; and
other risks described in more detail in GPT's Securities and
12/31/03  9/30/03
CASH AND CASH EQUIVALENTS                           $1,498   $1,220
ACCOUNTS RECEIVABLE, net                             3,800    6,283
INVENTORY                                            3,448    3,499
PREPAID EXPENSES                                       148       64
INCOME TAXES RECEIVABLE                                227      211
TOTAL CURRENT ASSETS                              9,121   11,277
PROPERTY AND EQUIPMENT, net                            2,508    2,617
INVESTMENTS IN UNCONSOLIDATED AFFILIATES               1,920    1,722
CAPITALIZED SOFTWARE COSTS, net                        2,033    2,159
TOTAL ASSETS                                    $15,582  $17,775
ACCOUNTS PAYABLE                                    $1,954   $2,424
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES       1,399    1,881
BANK DEBT                                            1,400    1,793
TOTAL CURRENT LIABILITIES                         4,753    6,098
COMMON STOCK                                             58       58
ADDITIONAL PAID-IN CAPITAL                            9,843    9,843
RETAINED EARNINGS                                     1,985    2,973
ACCUMULATED OTHER COMPREHENSIVE INCOME                  442      302
12,328   13,176
LESS: TREASURY STOCK                                  (1,499)  (1,499)
TOTAL SHAREHOLDERS' EQUITY                            10,829   11,677
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      $15,582  $17,775
(IN OOOs EXCEPT SHARE AND PER SHARE DATA)
NET SALES                                           $4,333     $5,960
GROSS PROFIT                                           815      1,390
OPERATING EXPENSES                                   1,852      2,112
LOSS FROM OPERATIONS                                (1,037)      (722)
AFFILIATES (1) (2)                                    87        207
INTEREST EXPENSE                                      (32)       (66)
TOTAL OTHER INCOME                                      55        141
TAXES                                                (982)      (581)
PROVISION FOR (BENEFIT FROM) INCOME TAXES                6       (241)
NET LOSS                                             ($988)     ($340)
BASIC                                            ($0.18)    ($0.06)
DILUTED (3)                                      ($0.18)    ($0.06)
BASIC                                         5,550,516  5,537,629
DILUTED  (3)                                  5,550,516  5,537,629
(1) FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002, INCLUDES
$80,000 AND $125,000, RESPECTIVELY, WHICH REPRESENTS THE
RECOGNITION OF GPT'S SHARE OF THE GROSS PROFIT ON INTERCOMPANY
SALES THAT HAVE BEEN RECOGNIZED BY GPT'S AFFILIATES.
(2) EXCLUSIVE OF FOOTNOTE (1), EQUITY IN INCOME OF UNCONSOLIDATED
AFFILIATES WAS $7,000 AND $82,000 FOR THE THREE MONTHS ENDED
(3) FOR THE THREE-MONTHS ENDED DECEMBER 31, 2003 AND 2002, THE
WEIGHTED AVERAGE SHARES OUTSTANDING USED IN THE CALCULATION OF NET
LOSS PER COMMON SHARE DID NOT INCLUDE POTENTIAL SHARES OUTSTANDING
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Global Payment Technologies Announces Fiscal 2004 First-Quarter Results. - Free Online Library
Global Payment Technologies Announces Fiscal 2004 First-Quarter Results.
HAUPPAUGE Hauppauge can refer to: Hauppauge, New York Hauppauge Computer Works , N.Y.--(BUSINESS WIRE)--Feb. 12, 2004
Global Payment Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated QuotationsU.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GPTX) ("GPT GPT glutamic-pyruvic transaminase; see alanine transaminase. GPTabbr.glutamic-pyruvic transaminaseGPTglutamic-pyruvic transaminase. "),
a leading manufacturer and innovator of currency acceptance systems used
in the worldwide gaming, beverage, and vending industries, today
announced its fiscal 2004 first-quarter results.
(Dollar amounts in 000s, except per share data)
2003       2002     Change
Net Sales                 $4,333     $5,960         (27%)
Net Loss                                    (greater than
($988)     ($340)    100%)
Basic                 ($0.18)    ($0.06)      ($0.12)
Diluted               ($0.18)    ($0.06)      ($0.12)
Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM).The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs McNeill McNeill may refer to: McNeill, West Virginia, a US community McNeill (surname), people with the surname McNeill See alsoPort McNeill, British Columbia , GPT Vice-President vice president or vice-pres·i·dentn. Abbr. VP1. An officer ranking next below a president, usually empowered to assume the president's duties under conditions such as absence, illness, or death.2. and CFO See Chief Financial Officer. , stated, "After
completing a difficult fourth quarter of fiscal 2003, we have
significantly decreased our losses to $988,000 in our first fiscal
quarter ended December December: see month. 31, 2003. Sales for the quarter were $4,333,000,
slightly better than previously announced in January January: see month. 2004, however, less
than the same year ago period of $5,960,000, due to lower demand in
Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. for the Company's Argus gaming product, offset in part by
increased sales of our vending product "Aurora Aurora, cities, United StatesAurora (ərôr`ə, ô–).1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. ". Gross profit
decreased to $815,000, or 18.8% of sales this quarter, as compared with
$1,390,000, or 23.3% of sales in the same year ago period. This decrease
is primarily the result of the 27% sales decrease and related reduction
in production. Operating expenses Operating expensesThe amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. decreased to $1,852,000, as compared
with $2,112,000, primarily due to the Company's cost reduction
initiatives during September September: see month. 2003. The decrease in the Company's
effective tax rate, and the tax benefit of $241,000 in the quarter ended
December 31, 2002, as compared to a tax expense of $6,000 the current
quarter, was primarily the result of the Company providing a full
valuation allowance against its deferred income tax assets, in the
quarter ended September 30, 2003, due to the Company's continued
losses and the uncertainty as to the Company's ability to generate
sufficient taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. to realize the full value of those assets. The
valuation allowance is subject to adjustment based upon the
Company's ongoing assessment of its future taxable income and may
be partially or wholly reversed in the future. Equity in income of
unconsolidated affiliates decreased to $87,000 in the first quarter of
fiscal 2004 as compared with income of $207,000 in the first quarter of
fiscal 2003. This was primarily due to $89,000 in lower profits at its
Australian Australianpertaining to or originating in Australia.Australian bat lyssavirus diseasesee Australian bat lyssavirus disease.Australian cattle doga medium-sized, compact working dog used for control of cattle. affiliates and a decrease of $45,000 in the recognition of
the Company's share of the gross profit on intercompany sales that
have been recognized by GPT's affiliates. Finally, interest expense
decreased from $66,000 to $32,000, a direct result of the Company's
significant reduction of its bank debt from $4.6 million, at December
31, 2002, to $1.4 million at December 31, 2003.
Mr. McNeill continued, "The Company's near term goal is a
return to profitability and we are pleased with the strides taken toward
that end. First, cost reduction initiatives from September 2003 through
December 2003 are projected to result in approximately $3 million in
annualized annualizedOf or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings. While we are working to improve our gross profit
percentage, the Company believes attaining 18.8% this quarter was a very
positive step. This represents an increase when compared to the quarters
ended March 2003, June June: see month. 2003 and September 2003, respectively, of 15.9%,
16.2% and 7.5% (which included an increased inventory write-down Write-DownReducing the book value of an asset because it is overvalued compared to the market value.Notes:This is usually reflected in the company's income statement as an expense, thereby reducing net income. based
upon management's decisions to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·uesv.tr.1. To stop doing or providing (something); end or abandon: and transition from
earlier generation products). Further, subject to mix of product sold,
the Company's gross profit percentage should increase at such time
that we attain increased revenue.
"With respect to our financial condition, during the quarter
we reduced the Company's total bank debt by almost $400,000 or 22%
to $1.4 million at December 31, 2003. We are in compliance with our
financial covenants at December 31, 2003, and since that date have had
$300,000 of availability on our $1.2 million line of credit. Although
the Company has amended a·mend v. a·mend·ed, a·mend·ing, a·mendsv.tr.1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive.2. its current credit facility, the Company is in
discussions with other lenders to put in place an asset-based lending Asset-Based LendingA business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets.Also known as "commercial finance" or "asset-based financing". agreement, which would replace its existing facility and could
potentially provide additional financing availability. The Company has
continued its discussions with other lenders and anticipates
establishing a new credit facility prior to the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of its
existing facility, which expires on December 31, 2004; however no
assurances can be given this goal will be attained at·tain v. at·tained, at·tain·ing, at·tainsv.tr.1. To gain as an objective; achieve: attain a diploma by hard work.2. . As a result of the
Company's agreements in both December 2003 and January 2004,
amending its credit facility, and the completion of its September 2003
through December 2003 cost reduction initiatives which will reduce total
costs at an annualized rate of approximately $3 million, the Company
believes that its available resources, including its credit facilities credit facilities npl → facilidades fpl de créditocredit facilities npl → facilités fpl de paiementcredit facilities ,
should be sufficient to meet its obligations as they become due and
permit continuation of its planned product development and operations
throughout fiscal 2004. The Company also
 anticipates receiving dividends
from its Australian affiliates, continues to work on increasing
collections on its accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and reducing its inventory
requirements, all to maintain sufficient cash to fund its operations.
Recently, the Company signed an agreement to sell its remaining 4.99%
interest in its South African affiliate for proceeds of approximately
$150,000, which the Company expects will result in a small gain. This
transaction is expected to be approved by March 2004 and payment
received accordingly. This entity will continue as the Company's
non-affiliated distributor in the South African marketplace. This move
will provide the Company additional operating cash as well as allow
management to concentrate on our core business. The accompanying
consolidated financial data has been presented on a going-concern basis
based on management's plans described above, and accordingly do not
contain any adjustments that could arise from these uncertainties.
"With respect to our future results, we continue to work at
increasing sales and improving margins, neither of which can be certain;
however, these are management's core goals for this year. While we
do not intend to provide guidance in the future regarding revenue, in
light of last quarter's revenue falloff fall·off n.A reduction or decrease: a falloff in car sales.Noun 1. falloff - a noticeable deterioration in performance or quality; "the team went into a slump"; "a gradual slack in , which the Company does not
anticipate to be normal sales levels in the future, Shareholders should
be aware the Company has orders in hand to ship product during the
quarter ended March 31, 2004 in an amount sufficient to improve sales
15%-20% as compared with the quarter just ended December 31, 2003.
Achieving this revenue in our second quarter should result in reduced
losses and improved cash flow."
Global Payment Technologies, Inc. is a United States-based
designer, manufacturer, and marketer of automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·matesv.tr.1. To convert to automatic operation: automate a factory.2. currency acceptance
and validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. systems used to receive and authenticate (1) To verify (guarantee) the identity of a person or company. To ensure that the individual or organization is really who it says it is. See authentication and digital certificate.(2) To verify (guarantee) that data has not been altered. currencies in a
variety of payment applications worldwide. GPT's proprietary and
patented technologies are among the most advanced in the industry.
Please visit the GPT web site for more information at
http://www.gpt.com.
Special Note Regarding Forward-Looking Statements forward-looking statementA projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : A number of
statements contained in this release are forward-looking statements
1995 that involve risks and uncertainties that could cause actual
applicable statements. These risks and uncertainties include, but are
not limited to: Statements regarding the Company's strategy, future
sales, future expenses and future liquidity and capital resources; the
potential replacement or renewal of its existing credit facility;
GPT's dependence on the paper currency validator A validator is a computer program used to check the validity or syntactical correctness of a fragment of code or document. The term is commonly used in the context of validating HTML, CSS and XML documents or RSS feeds though it can be used for any defined format or language. market and its
potential vulnerability to technological obsolescence ob·so·les·cent adj.1. Being in the process of passing out of use or usefulness; becoming obsolete.2. Biology Gradually disappearing; imperfectly or only slightly developed. ; the risks that
its current and future products may contain errors or defects that would
be difficult and costly to detect and correct; possible risks of product
inventory obsolescence; regulatory approval; potential manufacturing
difficulties; potential shortages of key parts and/or raw materials;
potential difficulties in managing growth; dependence on a limited base
of customers for a significant portion of sales; dependence on key
personnel; the possible impact of competitive products and pricing; and
other risks described in more detail in GPT's Securities and
12/31/03  9/30/03
CASH AND CASH EQUIVALENTS                           $1,498   $1,220
ACCOUNTS RECEIVABLE, net                             3,800    6,283
INVENTORY                                            3,448    3,499
PREPAID EXPENSES                                       148       64
INCOME TAXES RECEIVABLE                                227      211
TOTAL CURRENT ASSETS                              9,121   11,277
PROPERTY AND EQUIPMENT, net                            2,508    2,617
INVESTMENTS IN UNCONSOLIDATED AFFILIATES               1,920    1,722
CAPITALIZED SOFTWARE COSTS, net                        2,033    2,159
TOTAL ASSETS                                    $15,582  $17,775
ACCOUNTS PAYABLE                                    $1,954   $2,424
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES       1,399    1,881
BANK DEBT                                            1,400    1,793
TOTAL CURRENT LIABILITIES                         4,753    6,098
COMMON STOCK                                             58       58
ADDITIONAL PAID-IN CAPITAL                            9,843    9,843
RETAINED EARNINGS                                     1,985    2,973
ACCUMULATED OTHER COMPREHENSIVE INCOME                  442      302
12,328   13,176
LESS: TREASURY STOCK                                  (1,499)  (1,499)
TOTAL SHAREHOLDERS' EQUITY                            10,829   11,677
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      $15,582  $17,775
(IN OOOs EXCEPT SHARE AND PER SHARE DATA)
NET SALES                                           $4,333     $5,960
GROSS PROFIT                                           815      1,390
OPERATING EXPENSES                                   1,852      2,112
LOSS FROM OPERATIONS                                (1,037)      (722)
AFFILIATES (1) (2)                                    87        207
INTEREST EXPENSE                                      (32)       (66)
TOTAL OTHER INCOME                                      55        141
TAXES                                                (982)      (581)
PROVISION FOR (BENEFIT FROM) INCOME TAXES                6       (241)
NET LOSS                                             ($988)     ($340)
BASIC                                            ($0.18)    ($0.06)
DILUTED (3)                                      ($0.18)    ($0.06)
BASIC                                         5,550,516  5,537,629
DILUTED  (3)                                  5,550,516  5,537,629
(1) FOR THE THREE MONTHS ENDED DECEMBER 31, 2003 AND 2002, INCLUDES
$80,000 AND $125,000, RESPECTIVELY, WHICH REPRESENTS THE
RECOGNITION OF GPT'S SHARE OF THE GROSS PROFIT ON INTERCOMPANY
SALES THAT HAVE BEEN RECOGNIZED BY GPT'S AFFILIATES.
(2) EXCLUSIVE OF FOOTNOTE (1), EQUITY IN INCOME OF UNCONSOLIDATED
AFFILIATES WAS $7,000 AND $82,000 FOR THE THREE MONTHS ENDED
(3) FOR THE THREE-MONTHS ENDED DECEMBER 31, 2003 AND 2002, THE
WEIGHTED AVERAGE SHARES OUTSTANDING USED IN THE CALCULATION OF NET
LOSS PER COMMON SHARE DID NOT INCLUDE POTENTIAL SHARES OUTSTANDING
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