QI Systems Inc. Announces Improved 2nd Quarter Financials
February 25 2004 - 5:00AM
PR Newswire (US)
QI Systems Inc. Announces Improved 2nd Quarter Financials RICHMOND,
British Columbia, Feb. 25 /PRNewswire-FirstCall/ -- QI Systems Inc.
(BULLETIN BOARD: QIIIF, TSX Venture Exchange: QII.U) , the industry
leader in smart card solutions, announced today that pursuant to
the news release of February 9, 2004 regarding fiscal year
2003-2004 revenue, that 2nd quarter revenue increased by 10% over
1st quarter results. When compared to 2002-2003 results, the first
two quarters of the current fiscal yearequal approximately 68% of
total revenue from the 2003 fiscal year. Additionally, total
expenses for the period were reduced by 31.5% from $504,971 to
$158,937 which, in turn, resulted in a 79.9% reduction of operating
loss from $462,560 to $93,036. This report marks the second
consecutive quarter of improved financials for QI Systems Inc.
which anticipates enhanced sales results throughout the remainder
of 2004. QI Systems Inc. (http://www.qisystems.ca/ ) designs
hardware and software for the rapidly expanding smart card
industry. The company is a world leader in supplying top-to-bottom
solutions for smart card applications in a wide variety of
industries. QI Systems Inc. has a high level of expertise in
delivering stored value solutions for specialized needs. Matters
discussed in this press release are "forward-looking statements,"
and can be identified as such because the context of the statement
will include words such as "expects," "anticipates," or words of
similar import. Statements describing the Company's future plans,
objectives or goals are also forward-looking statements, and are
subject to certain risks and uncertainties, including the financial
performance of the Company and market valuations of its stock,
which could cause actual results to differ materially from those
currently anticipated. Consider these factors carefully in
evaluating any forward-looking statements. Forward-looking
statements made herein are only made as of the date of this press
release and the Company undertakes no obligation to publicly update
such forward-looking statements. The TSX Venture Exchange does not
accept responsibility for the adequacy of this news release and has
not investigated the validity of these claims.Approved on behalf of
theBoardSteven R. GarmanPresident & CEOQI Systems Inc. More
information: http://www.qisystems.ca/ This release was issued on
behalf of the above organization by Send2Press(TM), a unit of
Neotrope(R). http://www.send2press.com/ DATASOURCE: QI Systems Inc.
CONTACT: Steven Garman of QI Systems Inc., +1-604-248-2301, Web
site: http://www.qisystems.ca/ http://www.send2press.com/
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