BOWLING GREEN, Ky.--(BUSINESS WIRE)--December 06, 2007
Senior management at The Banker's Store, Inc. (OTCBB:BSTR), has identified a number of companies as possible acquisition candidates, CEO Vince Buckman told shareholders in his annual letter. The company has prioritized its acquisition targets and is ready to move forward, subject to financing on acceptable terms, he said.
In the letter distributed today, Buckman affirmed the company's strategy to become a much larger entity in order to provide financial equipment and services to ever-larger banking institutions.
The company hopes to pursue acquisitions of similar and complimentary banking services companies are expected to provide "additional product and service muscle" necessary to put The Banker's Store into a better position to serve traditional customers as well as regional and super-regional financial institutions.
"We have been patiently evaluating a variety of funding alternatives over the last few months, and we will move forward with potential financing when it meets all of our important corporate criteria," said Buckman.
Buckman said the company's focus on existing operations helped total revenues expand 6.8 percent to $2.62 million. The fourth quarter of the fiscal year generated $832,000 in sales, its second-best quarter ever as a public company. Sales grew 30-plus percent in the subsequent quarter to $830,000, a record for any first quarter.
The company benefitted from increased sales to banks and related businesses. "Our work with Nation's Medicines, an independent Kentucky pharmacy, showcased our skills in helping integrate remote delivery systems, two-way audio video, on-screen ordering systems and payment transaction technology," he said.
Increased expenses relating to personnel costs and acquisition planning resulted in a lower than expected FY 2007 loss of $217,523, compared with full-year 2006 net income of $58,563. The company expects to become profitable assuming the acquisition program is fully implemented.
"We will continue to pursue our planned growth program and maintain our focus on internal operations so that we may fully enhance and expand the long-term value of our company," Buckman said. "I'm encouraged by the progress we have made in FY 2007, and we're looking forward to continuing to implement the strategies necessary to build this company."
The Banker's Store annual meeting is set for Thursday, January 17, 2008, at 4 p.m. at the company's headquarters. Informational materials can be downloaded from the website www.bankersstore.com/annualmeeting. All of The Banker's Store's regulatory filings can be retrieved from the Securities and Exchange Commission's Edgar site at www.sec.gov.
About The Banker's Store
The Banker's Store sells, installs and services a variety of equipment for banks, including ATMs, digital security systems, drive-up equipment, safe deposit boxes, safes, banking office furniture, and payment and imaging equipment. It operates through two primary divisions: B.G. Office Equipment and B.G. Banking Equipment. The Banker's Store trades Over the Counter under the symbol BSTR.OB. More information about the company can be found at www.bankersstore.com.
This news release may include forward-looking statements. These statements are subject to various risks and uncertainties, many of which are outside the control of the Company. A discussion of these factors can be found in the Company's latest annual report on Form 10-K filed with the Securities and Exchange Commission. The Banker's Store undertakes no obligation to update forward-looking statements for revisions or changes.
CONTACT: Mozaic Investor Relations Terry McWilliams, president, 502-410-2113 terrym@mozaicir.com www.mozaicir.com or The Banker's Store, Inc. Vince Buckman, CEO, 800-726-0337 www.bankersstore.com