Digital Angel Corporation Announces Fourth-Quarter and Year-End 2003 Results
Monday March 15, 7:35 am ET
SO. ST. PAUL, Minn., March 15 /PRNewswire-FirstCall/ -- Digital Angel Corporation (Amex: DOC - News), an advanced technology company in the field of rapid and accurate identification, location tracking, and condition monitoring of high-value assets, today announced results for its fourth quarter and fiscal year ended December 31, 2003. Fourth-quarter 2003 total revenues were $8.6 million, up 15.3 percent over fourth-quarter 2002 revenues of $7.5 million, and full year 2003 revenues were $36.7 million, up 7.2 percent over 2002 revenues of $34.2 million.
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Net loss per basic and diluted share for the fourth quarter of 2003 was $0.17, or a loss of $4.6 million, versus a net loss per basic and diluted share in the fourth quarter of 2002 of $2.55, or a loss of $67.4 million. For fiscal 2003, net loss per basic and diluted share was $0.35, or a loss of $9.5 million, versus a net loss per basic and diluted share of $3.76, or a loss of $92.4 million, in fiscal 2002.
Digital Angel CEO Kevin McGrath stated, "I am pleased with Digital Angel's progress during 2003. It was a year of significant improvement over 2002 and the strong performance provides a base for further improvement in 2004. Our focus in the months ahead will be on our key businesses in areas where the profit margins are good and prospects for near-term revenue growth are promising. We believe we can grow overall revenues substantially this year, and we hope to be cash flow positive by the fourth quarter."
Chief Financial Officer Jim Santelli commented, "In addition to the operational improvements put into place during 2003, we also restructured our credit facilities and enhanced the Company's liquidity and capital resources. Digital Angel is now well-positioned to execute the strategic plan we have set out for 2004."
McGrath noted that a number of new products will be introduced during the course of 2004 that should help drive revenue growth. Included among these, in the Animal Applications Division, is a new, improved, implantable, extended-range transponder for use in companion pets and livestock. Moreover, the new Bio-Thermo(TM) chip is in trials and is expected to be introduced commercially by year end. In the Company's Signature Industries subsidiary, a new generation of its pilot-locator beacon is expected to be shipped this year, to take advantage of a new generation of satellites with enhanced frequencies and more advanced encryption capabilities that will be deployed over the next few years.
Results Conference Call
A conference call for institutional investors to discuss the results for the fourth quarter and fiscal year 2003 will take place today at 8:30 AM EST, and will be broadcast live over the Internet. The live webcast may be accessed by visiting the Company's site at
www.DigitalAngelCorp.com or by going to
http://www.vcall.com/CEPage.asp?ID=86244. Web participants are encouraged to go to these sites at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. An online archive will be available from shortly after the call through June 8, 2004.