Sysview Technology, Inc. Reports 86% Increase in Revenues and Reports Net Income for the Third Quarter of 2006 Wednesday November 15, 4:00 pm ET
SAN JOSE, CA--(MARKET WIRE)--Nov 15, 2006 -- Sysview Technology, Inc. (OTC BB:SYVT.OB - News) the world leader in USB powered portable image scanners and developer of HDTV (High Definition TV) technology solutions announces an 86% increase in revenues while earning its first ever net income, $309,000 or $0.01 per diluted share, as a public company for the third quarter of 2006. ADVERTISEMENT
The Company's revenues increased 86% to a third quarter record $4,098,000, as compared to $2,207,000 in the third quarter of 2005. This represents the 7th consecutive quarter-over-quarter revenue increase for the Company which has delivered revenue growth in 17 of the past 19 quarters. Revenues increased 68% to $9,075,000 for the nine months ended September 30, 2006 as compared to $5,402,000 for the same period in 2005. The $309,000 net earnings for the third quarter 2006 were in contrast to net loss of ($1,346,000) in the third quarter of 2005.
"As important as our record revenue and revenue growth, was the consistency of our gross profit performance," commented Darwin Hu, Chairman and CEO. "We accomplished much of our growth through the expanding demand for products introduced earlier this year." Mr. Hu continued, "In addition to our current product offerings, we continue to invest in the future with our Display Technology initiative specifically LCOS (Liquid Crystal on Silicon) HDTV technology, which is moving toward mass production. We are excited for the potential revenue and partnership opportunities for our HDTV technology solutions in 2007."
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.
Contact: Company Contact: Sysview Technology, Inc. David P. Clark (561)-835-4069
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