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FOR IMMEDIATE RELEASE
Scanvec Amiable, LTD. Announces Results For The Third Quarter of 2002
Philadelphia, Pa., November 14, 2002 Scanvec Amiable Ltd. (OTCBB: SVECF) announced a net profit of $40,000 or $0.01 per share, for the third quarter ended September 30, 2002, compared to a net profit of $304,000 or $0.04 per share, reported for the same period last year. Revenue for the third quarter of 2002 decreased $151,000 or 3.8% to $3,859,000 from $4,010,000 for the same period in 2001.
The company announced a net profit of $592,000 or $.09 per share for the nine months ended September 30, 2002, compared to a net profit of $309,000 reported for the same period last year. Revenue for the first nine months of 2002 decreased $187,000 or 1.5% to $12,159,000 from $12,346,000 for the same period in 2001.
Total operating expenses for the third quarter increased $69,000 or 2.4% to $2,946,000 compared to $2,877,000 for the same period in 2001. The Cost of Goods Sold for the third quarter increased $41,000 or 5% to $869,000 compared to $828,000 for the same period in 2001. Total operating expenses for the first nine months ended September 30, 2002 decreased by $792,000 or 8.4% to $8,683,000 compared to $9,475,000 reported for the same period last year. The Cost of Goods Sold for the nine months ended September 30, 2002 increased $282,000 or 11% to $2,853,000 compared to $2,571,000 reported for the same period in 2001. More products, which bear a royalty to third party developers, were sold in 2002 than in 2001, resulting in an increased Cost of Goods Sold expense.
"In a difficult economic environment, the company has worked very hard to maintain itself at an operational level similar to that in 2001 and has successfully maintained profitability." Dr. Ramon Harel, CEO of Scanvec Amiable said in a statement.
For the fourth quarter, our outlook is for modest growth. Positive events that occurred in the third quarter, such as the release of our FlexiFAMILY 7 in various languages and key updates that were developed to the core product line to drive the latest and most popular devices in the industry, should contribute nicely for a steady revenue stream. The mid-October release of PhotoPRINT 3 will add to our revenue stream in the fourth quarter and into well into 2003.
Most importantly, we expect to deliver positive overall growth for 2002, and continue our positive momentum into 2003 and beyond. The company is leveraging existing strategic partnerships and developing new strategic partnerships better than ever, to deliver more robust solutions, increase exposure and to maximize operating expenses.” added Dr. Harel.
About Scanvec Amiable
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, risks associated with the Company's dependence on a limited number of products, uncertainty of market acceptance, an limited number of customers, as well as risks of downturns in economic conditions generally, and in the health care industry specifically, risks associated with competition and competitive pricing pressures, and other risks detailed in the Company's filings with the Securities and Exchange Commission.
Scanvec Amiable Ltd.-
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