BOWLING GREEN, Ky.--(BUSINESS WIRE)--October 16, 2007
The Banker's Store, Inc. (OTCBB: BSTR), a company that sells banking equipment, software and services to financial institutions, yesterday announced financial results for fiscal 2008's first quarter, the three-month period ending August 31, 2007.
First quarter FY 2008 revenues were $830,738, a 39.4 percent increase over first quarter FY 2007 revenues of $595,872. This marked the second consecutive quarter in which sales growth exceeded 35 percent and is a record high for any two consecutive quarters in The Banker's Store's history as a public company.
For the FY 2008 first quarter, banking equipment sales rose 29.4 percent over the year-ago quarter to $696,906 while office equipment division sales increased 133.4 percent to $133,832.
CEO Vince Buckman said the improvement in sales reflected additions to the company's sales team and additional product line offerings in both the company's office furniture and bank equipment divisions.
Better service pricing and a more favorable sales mix improved performance and narrowed the first quarter's net loss by 67.5 percent. The net loss was $31,075, or less than 1 cent per diluted share, from a loss of $95,650, or ($0.01) per diluted share for the year-earlier first quarter. Weighted average diluted shares outstanding were 15,504,781 for both periods.
"The Banker's Store has earned a can-do reputation of solving problems and providing solutions over the years, and our focus on customers and service is a key part of our success as a company since our founding 30 years ago," Buckman said.
"Assuming we are able to grow our company through mergers and acquisitions, we expect to have deeper and expanded capabilities to serve our customers through additional products and services," he said. "Our goal is to build a larger and profitable entity that serves our banking and related customers. We continue to review potential acquisition candidates and seek capital structure alternatives to allow us to move forward with our strategy."
The company is emphasizing its capabilities in the growing market for digital video security equipment design and installation, Buckman said.
The Banker's Store's full regulatory filing 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.
THE BANKER'S STORE, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
August 31, 2007 AND 2006
(unaudited)
3 MONTHS ENDED
August 31,
2007 2006
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Revenue $ 830,738 $ 595,872
Cost of goods sold 548,547 464,993
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Gross profit 282,191 130,879
Selling, general and administrative expenses 311,198 223,533
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Income (loss) from operations (29,007) (92,654)
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Other income (expense):
Interest & other income 2,027 1,648
Interest expense (4,095) (4,644)
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Total other income (expense) (2,068) (2,996)
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Income before income tax provision (31,075) (95,650)
Income tax provision (benefit) -- --
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Net income $ (31,075) $ (95,650)
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Basic earnings (loss) per common share $ (0.00) $ (0.01)
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Diluted earnings (loss) per share $ (0.00) $ (0.01)
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Weighted average number of diluted common
shares 15,504,781 15,504,781
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