Sysview Technology, Inc. (OTCBB: SYVT) the world leader in USB powered portable image scanners and developer of HDTV (High Definition TV) technology solutions announces a 71% increase in revenues for its second quarter ended June 30, 2006.
The Company's revenues currently derived solely from its world leading mobile imaging scanning devices increased 71% to $2,539,000 for the second quarter ended June 30, 2006 as compared to $1,487,000 for the comparable period in 2005. This represents the 6th consecutive quarterly revenue increase for the company which has delivered revenue growth on its core image scanning business in 16 of the past 18 quarters. Revenues for the six month period ending June 30, 2006 increased 56% over the same period in 2005. The Company recognized a 46% increase in gross profits for the quarter ended June 30, 2006 and a 41% increase for the six months ended June 30, 2006.
The net operating loss for the first quarter ended June 30, 2006 was $(569,000) as compared to a net operating loss of $(1,211,000) for the comparable period in 2005. After inclusion of certain stock and warrant issuance costs related to a financing and certain stock based compensation cost's and change in fair value of derivative instruments, the Company's net loss for the second quarter ended June 30, 2006 was $(1,259,000) as compared to a net loss of $(807,000) for the comparable period in 2005.
"The growth in our mobile image scanning business has once again surpassed our expectations! It is the consistent success in this business that feeds our potential for great success in the HDTV display industry," commented Darwin Hu, Chairman and CEO. Mr. Hu went on to say that, "We continue to expand our Liquid Crystal On Silicon (LCOS) initiative and are excited about both the potential of the LCOS business and our position in it. We believe that we will deliver our LCOS solution including both imager and optical engine at a substantially lower cost of manufacturing than our competitors."
About Sysview Technology, Inc.
Sysview Technology, Inc. designs and manufactures imaging technology solutions for a worldwide customer base. The company currently manufactures and delivers over 21, proprietary mobile image-scanning products, which has allowed it to become the largest OEM private label manufacturer of USB powered mobile scanning systems in the world. Sysview's intellectual property portfolio in the imaging area consists of 19 patents with an additional 5 patents pending.
Recognizing the potential to leverage its years of imaging technology experience and manufacturing efficiencies, Sysview began developing new technologies targeting the HDTV display market. Products including its proprietary Nano-LCOS Imager and Next Wave Optical Light Engine, in various stages of development, are expected to begin reaching the marketplace in Q-1 2007. Additionally the Company is advancing its Sequential RGB LED Backlighting technology for LCD panels. These products and technologies are designed to significantly enhance picture quality, decrease power consumption, and enhance the viewing experience, while reducing the manufacturing costs associated with large screen High Definition televisions.
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Note on Forward-Looking Statements:
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on current expectations and are subject to a number of known and unknown risks, uncertainties and other factors beyond our control that could cause actual events and results to differ materially from these statements. These statements are not guarantees of future performance, and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Sysview undertakes no obligation to update publicly any forward-looking statements.
Company Contact: Sysview Technology, Inc. David P. Clark (408) 213-3701
SOURCE: Sysview Technology, Inc.