Bridge Technology Announces Second Quarter Results
Bridge Technology, Inc. an international manufacturer of power electronics equipment and major channel distributor of mass storage peripheral products for IBM to OEM manufacturers in China, today announced today consolidated financial results for the second quarter of 2001.
Revenues for the three-month period ended June 30, 2001, increased 35.7% to $34,616,027, as compared to $25,503,867 during the same period in prior year. The Company reported a net loss for the quarter of $1,279,892, as compared to net income for the same quarter in prior year of $601,368, reflecting a decrease in net profit for the comparable period of 2000, or a $0.12 per share loss from a $0.05 per share profit for comparable period of 2000.
Revenues for the six-month period ended June 30, 2001 increased by 32.1% to $62,406,391 as compared to revenues of $47,254,830 for the same period of 2000. A loss of $1,066,857 or $0.10 per fully diluted share for the six-month period was reported compared to a profit of $537,284 or $0.05 per fully diluted share in 2000.
The company says these mixed results reflect continued strong growth in the China market where revenues were substantially over forecast, combined with unanticipated losses in the Company's power electronics business in the United States and Europe, and initial starting costs incurred in the opening of the 110,000 square foot Ningbo, China manufacturing facility. "While prospects for the Company look excellent for 2002," stated John Harwer, President, "it's difficult to project financial results in the Company's U.S. entities for the rest of year 2001, even as we are projecting an increase of over 100% in revenue growth in China market. New employee hires, most of which will be in training, in the new Ningbo, China facility already approximate 250, with a full compliment of 800 anticipated December 31, 2001."