ATLANTA, April 26, 2001 (PRIMEZONE) -- Color Imaging, Inc.'s (OTCBB:CIMG) Form 10K, for the period that ended December 31, 2000 and filed on March 30, 2001 with the Securities and Exchange Commission, highlights a sales increase of 89 percent, from $11.2 million to $21.2 million, operating profit improvement of $823,000, from a December 31, 1999 loss of $928,000 to a fiscal year 2000 loss of $105,000, and significant factory expansion.
Color Imaging develops and manufactures products used in electronic printing and formulates and produces, from raw materials, black text and specialty toners, including full color and MICR toners (magnetic ink characters which are used on checks and financial documents.) Color Imaging has more than 130 different toner formulations, and its aftermarket toners and imaging products are used in printers manufactured by Brother(tm), Canon(tm), Delphax(tm), Hewlett-Packard(tm), IBM(tm), Lexmark(tm), Oce'(tm), Sharp(tm), Kyocera(tm), Mita(tm) and Xerox(tm) and copiers manufactured by Canon(tm), Toshiba(tm) and Sharp(tm). Imaging products are sold as branded products to Original Equipment Manufacturers ("OEMs"), and to a worldwide network of distributors as aftermarket products for users of laser printers and copiers.
Color Imaging was capacity constrained prior to 2000, and as a direct result sales had leveled at about $10 million. Consequently, a major expansion to quadruple capacity was initiated during FY 1999, with accompanying capital expenditures of $3.5 million in 1999 and $2.2 million in 2000, and direct moving cost approaching $500,000, during 2000. The result of that additional two-year investment is a modern, 180,000 square foot factory located in suburban Atlanta, Ga.
Color Imaging, Inc. is headquartered at 4530 Peachtree Industrial Blvd., Norcross, GA 30071. The telephone number is 800/783-9010 and the FAX is 770/242-3494. CIMG's Web site is www.colorimage-micr.com
Safe Harbor Statement under the Private Securities Litigation Reform Act 1995: Information and announcements in this release involve Color Imaging's expectations, beliefs, hopes, plans, intentions or strategies regarding the future and are forward-looking statements included in this release are based upon information available to Color Imaging as of the date of the release, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to: dependence on suppliers; short product life cycles and reductions in unit selling prices; delays in development or shipment of new products; lack of market acceptance of our new products or services; inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by major competitors; our ability to attract and retain qualified employees; difficulties in assimilating companies previously acquired; inability to expand our operations to support increased growth; and declining economic conditions, including a recession. These and other factors and risks associated with our business are discussed from time to time in Color Imaging's filings with the SEC including the Form 10-KSB filed March 30, 2000.