Trintech reports fiscal year 2004 second quarter financial results


DUBLIN, Ireland, and DALLAS, August 27, 2003 (PRIMEZONE) -- Trintech Group Plc (Nasdaq:TTPA) (Prime Standard: TTP), a leading provider of transaction management and payment infrastructure solutions, today announced second quarter revenues of $10.1 million and a basic and diluted net loss per equivalent American Depositary Share (ADS) of ($0.12) as calculated in accordance with U.S. generally accepted accounting principles (GAAP), compared with a basic and diluted net loss per equivalent ADS of ($0.33) for the second quarter last year.

Non-GAAP pro forma reporting excludes amortization, depreciation, stock compensation, restructuring charges, acquisition adjustments and inventory write downs. The pro forma net loss per equivalent ADS for the second quarter was ($0.04) compared to ($0.16) in the corresponding quarter last year.

Highlights



 * Tenth consecutive quarter of declining pro forma operating expenses,
   which fell strongly by 20% in Q2, compared to the corresponding period
   last year. 
 * Pro forma basic and diluted net loss per equivalent ADS declined 78% in
   Q2, compared to the corresponding period last year. Pro forma basic and
   diluted net loss per equivalent ADS for the quarter ended July 31, 2003
   was $(0.04) compared with pro forma basic and diluted net loss per
   equivalent ADS of $(0.16) for the corresponding quarter ended July 31,
   2002. 
 * Cash usage was $1.2 million for Q2 with Trintech's balance sheet
   remaining strong with closing net cash and cash equivalent balances of
   $41.6 million. This includes expenditure of $58,000 in respect of the
   Share Buyback Programme in the quarter.

Cyril McGuire, Chairman and Chief Executive Officer commenting on the results said: "Trintech's results for Q2 were in line with market expectations, with key performance metrics of stable revenue, improved margins, lower operating costs and reduced losses remaining on track. Our goal is to make Trintech more competitive, more responsive to customer needs and better positioned to pursue new growth opportunities. Our strategy is to focus on our key profitable products and leverage our core competency in transaction and payment solutions into new growth markets. Our financial position remains strong and we achieved an important milestone of cashflow breakeven from an operating perspective in Q2."

Recent highlights include:

* Trintech announced the release of its web-enabled ReconNET Bank Fee Analysis 6.6 system. The updated solution helps companies significantly reduce bank fees by detecting and recovering fee overcharges, as well as providing detailed analysis for optimizing banking processes and services.

* Trintech announced a distribution agreement with Box Technologies Limited, a premier supplier of IT hardware and retail integration services, in order to distribute Trintech's Chip and PIN solution (PayWare SmartPIN) throughout the UK.

* Trintech announced that Thermae Bath Spa selected and implemented Trintech's bank-accredited, PayWare Merchant, to process all its card payment transactions, including EMV Chip and PIN.

* Trintech announced that Mac's Convenience Stores LLC, a division of Alimentation Couche-Tard Inc., selected ReconNET to provide transaction reconciliation and cash management for over 500 North American locations.

* Trintech held its fourth Annual General Meeting (AGM) as a public company in Dublin, Ireland on July 18th. The resolution renewing the terms of our share buy back agreement with Deutsche Bank AG was approved.

* Toni & Guy, a wholly owned subsidiary of Mascolo Limited, chose ReconNET 6.5 to manage its store reconciliation and cash management needs for its company-owned and managed franchise businesses in the UK.

* Trintech announced that De Vere Hotels has implemented PayWare Merchant to process all card payment transactions from its 35 locations across the UK and Jersey.

Results Overview:

Revenue for the six months ended July 31, 2003 was $20.3 million compared with $21.0 million for the six months ended July 31, 2002, a decrease of 3%. Second quarter revenue decreased 8% to $10.1 million compared with $10.9 million for the corresponding quarter last year.

First half product revenue increased 21% to $4.4 million this year from $3.6 million last year. Q2 product revenue remained flat at $1.8 million compared with the corresponding quarter last year.

First half license revenue increased 3% to $11.4 million from $11.0 million. Q2 software license revenue increased 1% to $5.9 million this quarter as compared to the corresponding quarter last year.

First half service revenue fell 28% to $4.5 million from $6.3 million last year. Service revenue decreased 27% to $2.4 million this quarter as compared to the corresponding quarter last year.

First half total pro forma operating expenses decreased by 26% to $13.3 million as compared to the corresponding period last year. Total pro forma operating expenses decreased by 20% to $6.6 million this quarter as compared to the corresponding quarter last year.

First half pro forma gross margin was $11.5 million, an increase from $10.4 million in the corresponding period, last fiscal year. First half GAAP gross margin was $10.8 million, an increase from $6.8 million in the corresponding period last year. Pro forma gross margin for the second quarter was $5.9 million, an increase from $5.4 million in the corresponding quarter last year. GAAP gross margin for the second quarter was $5.5 million, an increase from $4.1 million in the corresponding quarter, last fiscal year.

"Trintech continues to take the measured steps required to turn the corner in terms of our ability to generate improved margins, cashflow and profits. In Q2, we increased our pro forma gross margins to 58% from 50% for Q2 last year and we were cashflow breakeven from operations in that our decrease in working capital was greater than the pro forma loss for the quarter. We are dedicated to differentiating our solutions to bolster our market presence and build earnings momentum. This will provide the foundation for sustained profitability and enhanced shareholder value," said Paul Byrne, Chief Financial Officer.

Trintech will host a conference call to discuss its financials results and business outlook beginning at 15:30hrs (UK Time) today, August 27, 2003. Please see advisory below for information on the call.

A web simulcast of Trintech's conference call reviewing our performance for Q2 fiscal year 2004 and our business outlook for Q3 and fiscal year 2004 will be broadcast live today, Wednesday August 27, 2003 at 15:30hrs (UK Time), 10:30hrs (NY Time) and 07:30hrs (CA Time) and thereafter for 10 days at www.trintech.com. An instant telephone replay will also be available for 10 days by dialing T: +44 1452 550 000 and entering the following access number (374953 #).

About Trintech

Trintech is a leading provider of transaction management and payment infrastructure solutions to financial institutions, payment processors, enterprise retailers and network operators globally. Built on over 15 years of experience, Trintech's solutions manage each area of the payment transaction cycle from authentication, authorization, settlement, dispute resolution and reconciliation -- enabling our customers to reduce transactions costs, eliminate fraud, minimize risk, maximize cashflow and increase profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353-1-207-4000), in the US at 15851 Dallas Parkway, Suite 855, Addison, TX 75001 (Tel: +1-972 701 9802), and in the UK at 186-192 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AF (T: +44 (0) 1707 827000 and at www.trintech.com

This news release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any "forward looking statements" in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. "Forward looking statements" in this press release include statements, among others, relating to Trintech's business strategy and its ability to bolster its market presence and build earnings momentum by differentiating its solutions and financial model, and Trintech's ability to build a foundation for sustained profitability and enhanced shareholder value. Factors that could cause or contribute to such differences include Trintech's ability to extract costs from its business, its ability to accurately predict future sales, the long term health of Trintech's business and ability to improve performance of the organization, the rate of migration to chip-based credit and debit cards, the ability of its customers to fulfill their commitments to adopt Trintech's secure payment technology, the availability of financial resources to continue investment in research and development and sales and marketing programs, the growth of the secure payments software and services market, Trintech's ability to develop, market and sell secure payments and eCommerce software, the market acceptance of the security standards for payment transactions, the ability to improve and expand the functionality of products, the ability to develop strategic relationships, the ability to react to rapid technological change rapidly, the ability to resize the organization, reduce costs, consolidate locations, combine operations and eliminate redundancies in the organization and the effects of macroeconomic uncertainty on the demand for Trintech's products. Actual performance may also be affected by other factors more fully discussed in Trintech's Form 6-K for the fiscal quarter ended April 30, 2003, filed with the US. Securities and Exchange Commission (www.sec.gov). Lastly, Trintech assumes no obligation to update these forward-looking statements.



                         TRINTECH GROUP PLC
                CONDENSED CONSOLIDATED BALANCE SHEETS
    (U.S. dollars in thousands, except share and per share data)




                                          July 31,           January 31,
                                           2003                 2003




 ASSETS
 Current assets:
 Cash and cash equivalents   $            39,941   $            42,559
 Restricted cash                           2,679                 3,132
 Accounts receivable, net of
 allowance for doubtful
 accounts of
    $2,185 and $1,884                      8,980                10,085
 respectively
 Inventories                               1,299                 3,077
 Value added taxes                           425                   617
 Prepaid expenses and other                2,542                 2,665
 assets




 Total current assets                     55,866                62,135
 
 Property and equipment, net               1,247                 1,674
 Other non-current assets                  2,235                 3,095
 Goodwill, net of
 accumulated amortization
 and impairment of $85,619
  at July 31, 2003 and
 January 31, 2003                          6,609                 6,609
 respectively




 Total assets               $             65,957   $            73,513




 LIABILITIES AND
 SHAREHOLDERS' EQUITY
 Current liabilities:
 Bank overdraft              $             1,061   $               -
 Accounts payable                          3,172                 4,130
 Accrued payroll and related               2,007                 2,439
 expenses
 Other accrued liabilities                 9,320                10,602
 Value added taxes                           516                   365
 Warranty reserve                            415                   625
 Deferred revenue                          8,416                 8,394




 Total current liabilities                24,907                26,555
 




 Non-current liabilities:
 Capital leases due after                    245                   343
 more than one year
 Government grants repayable                 144                   137
 and related loans
 Deferred consideration                       -                    475
 Provision for lease                          -                    920
 abandonment




 Total non-current  liabilities              389                 1,875
 




 Series B preference shares,
 $0.0027 par value
    10,000,000 authorized;
    None issued and                          -                     -
 outstanding

 Shareholders' equity:
    Ordinary Shares, $0.0027
 par value: 100,000,000
 shares authorized;
    30,156,809 and
 30,523,413 shares issued
 and outstanding at
    July 31, 2003 and
 January 31, 2003                             83                    83
 respectively
 Additional paid-in capital              245,672               245,622
 Treasury shares (587,852                  (621)                 (140)
 shares)
 Accumulated deficit                   (201,498)             (199,015)
 Deferred stock compensation                 (8)                  (34)
 Accumulated other                       (2,967)               (1,433)
 comprehensive loss

 Total shareholders' equity               40,661               45,083
 
 Total liabilities           $            65,957   $           73,513
 and shareholders' equity




                                TRINTECH GROUP PLC
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
           (U.S. dollars in thousands, except share and per share data)




                          Three months                 Six months
                          ended July 31,             ended July 31,
                         2003        2002            2003       2002    
 Revenue:
    Product          $  1,820     $ 1,824          $ 4,393    $ 3,623
    License             5,875       5,836           11,365     11,023
    Service             2,358       3,242            4,516      6,314

                       10,053      10,902           20,274     20,960
 Total Revenue

 Cost of
 revenue:
    Product             1,489       2,179            3,508      4,703
    License             1,338       2,424            2,698      4,773
    Service             1,719       2,179            3,263      4,673
                        4,546       6,782            9,469     14,149
 Total Cost of
 Revenue

 Gross Margin           5,507       4,120           10,805      6,811


 Operating
 expenses:
    Research &          2,007       2,526            3,945      5,673
 development
    Sales &             2,261       2,603            4,553      5,738
 marketing
    General &           2,733       3,783            5,604      7,751
 administrative
                          434         -                434      3,500
 Restructuring                                
 charge
    Amortization           98         643              196      1,286
 of purchased
 intangible
 assets
    Goodwill
 impairment
 reversal on the
 adjustment
    of                                              (1,149)
 acquisition               -           -                          -
 deferred
 consideration
 Stock compensation         6          21               20         42
                                                                 
 Total                  7,539       9,576           13,603     23,990
 operating
 expenses

 Income (loss)         (2,032)     (5,456)          (2,798)   (17,179)
 from
 operations

 Interest                  60         205              160        402
 income, net
     Exchange             159         195              155        307
 gain, net
 Income (loss)
 before
 provision for         (1,813)     (5,056)          (2,483)   (16,470)
 income taxes

 Provision                _           (48)              _        (108)
 for income                  
 taxes

 Net income          $ (1,813)   $ (5,104)        $ (2,483)  $(16,578)
 (loss)

 Basic and           $ (0.06)    $  (0.17)        $  (0.08)  $  (0.54)
 diluted net
 income (loss)
 per Ordinary     
 Share

 Shares used in   30,156,466   30,561,435       30,274,558 30,553,301
 computing basic
 and diluted net
  income (loss)    
 per Ordinary
 Share

 Basic and
 diluted net
 income (loss)
 per equivalent  $    (0.12)   $   (0.33)   $       (0.16)   $(1.09)
 American
 Depositary Share

                         TRINTECH GROUP PLC
           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                     (U.S. dollars in thousands)

                                                  Six months
                                                ended July 31,
                                       2003                    2002


 CASH FLOWS FROM
 OPERATING ACTIVITIES:
 Net income (loss)        $           (2,483)   $           (16,578)
 Adjustments to reconcile
 net income (loss) to
 net cash (used in)
 provided by operating
 activities:
   Depreciation and                    1,664                  5,136
   amortization
   Stock compensation                     20                     42
   (Profit) on marketable                                      (303)
   securities                             -
   Purchase of marketable                                  (168,191)
   securities                             -
   Sale of marketable                                       177,018
   securities                             -
   Effect of changes in                 (880)                (1,061)
   foreign currency
   exchange rates
   Changes in operating
   assets and
   liabilities:
      Reductions in                      453
      restricted cash                                           -
      deposits
      Inventories                      1,825                 (1,963)
      Accounts receivable              1,321                  5,610
      Prepaid expenses                   173                    489
      and other assets
      Value added tax                    234                    483
      receivable
      Accounts payable                (1,070)                (1,612)
      Accrued payroll and               (493)                  (623)
      related expenses
      Deferred revenues                  (69)                  (136)
      Value added tax                    177                   (212)
      payable
      Warranty reserve                  (237)                   (22)
      Government grants                 (395)                   (20)
      repayable and
      related loans
      Other accrued                   (1,269)                 2,517
      liabilities
 Net cash (used in)                   (1,029)                   574
 provided by operating
 activities
 CASH FLOWS FROM
 INVESTING ACTIVITIES:
 Purchases of property                  (329)                  (144)
 and equipment
 Payments relating to                 (1,763)                (1,211)
 acquisitions
 Net cash used in                     (2,092)                (1,355)
 investing activities

 CASH FLOWS FROM
 FINANCING ACTIVITIES:
 Principal payments on                  (223)                  (300)
 capital leases
 Issuance of ordinary                     87                     77
 shares
 Repurchase of ordinary                 (512)
 shares                                                          -
 Expense of share issue                                         (18)
                                          -
 Proceeds under bank                      1,020
 overdraft facility                                              -
 Net cash provided by                       372                (241)
 (used in) financing
 activities

 Net decrease in cash and                (2,749)             (1,022)
 cash equivalents
 Effect of exchange rate                    131                 344
 changes on cash and cash
 equivalents
 Cash and cash                           42,559               6,750
 equivalents at beginning
 of period
 Cash and cash            $              39,941   $           6,072
 equivalents at end of
 period

 Supplemental disclosure
 of cash flow information
   Interest paid          $                 49    $                 26
   Taxes paid             $                 59    $                108

 Supplemental disclosure
 of non-cash flow
 information
   Acquisition of         $                 87    $                331
   property and equipment
   under capital leases

                             TRINTECH GROUP PLC
 PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS EXCLUDING THE
 EFFECT OF AMORTIZATION, DEPRECIATION, STOCK COMPENSATION, RESTRUCTURING
 CHARGES, ACQUISITION ADJUSTMENTS & INVENTORY WRITE DOWNS
        (U.S. dollars in thousands, except share and per share data)

                             Three months                   Six months
                            ended July 31,                ended July 31,

                           2003         2002            2003          2002
 Revenue:
    Product       $        1,820    $   1,824   $        4,393   $   3,623
    License                5,875        5,836           11,365      11,023
    Service                2,358        3,242            4,516       6,314

 Total Revenue            10,053       10,902           20,274      20,960
 
 Cost of
 revenue:
    Product                1,473        2,038            3,473       3,506
    License                1,006        1,244            2,034       2,414
    Service                1,719        2,179            3,263       4,673

 Total Cost of
 Revenue                   4,198        5,461            8,770      10,593
 
 Gross margin              5,855        5,441           11,504      10,367

 Operating
 expenses:
    Research &             1,909        2,384            3,757       5,395
 development
    Sales &                2,253        2,569            4,537       5,669
 marketing
    General &              2,445        3,336            5,039       6,883
 administrative

 Total                     6,607        8,289           13,333      17,947
 operating
 expenses

 Income (loss)             ( 752)      (2,848)          (1,829)     (7,580)
 from
 operations

    Interest                  60          205              160         402
 income, net
    Exchange                 159          195              155         307
 gain, net
 Income (loss)
 before
 provision for              (533)      (2,448)          (1,514)     (6,871)
 income taxes

    Provision                 _          (48)              _          (108)
 for income                  
 taxes

 Net income       $         (533)    $ (2,496)   $      (1,514)   $ (6,979)
 (loss)

 Basic and
 diluted net
 income (loss)
 per Ordinary     $        (0.02)    $  (0.08)   $       (0.05)   $  (0.23)
 Share

 Shares used in
 computing basic
 and diluted net
  income (loss)       30,156,466   30,561,435       30,274,558  30,553,301
 per Ordinary
 Share

 Basic and
 diluted net
 income (loss)
 per equivalent   $       (0.04)     $  (0.16)  $       (0.10)    $  (0.46)
 American
 Depositary Share


                               TRINTECH GROUP PLC
    RECONCILIATION OF NON-GAAP PRO FORMA CONDENSED STATEMENTS OF OPERATIONS
                    TO GAAP CONDENSED STATEMENTS OF OPERATIONS
          (U.S. dollars in thousands, except share and per share data)

                       Three months                  Three months
                   ended July 31, 2003           ended July 31, 2002

                GAAP As         Non-GAAP   GAAP As          Non-GAAP 
               Reported Adjusts Pro Forma  Reported Adjusts Pro Forma    
 Revenue:
  Product       $ 1,820 $   _  $ 1,820    $ 1,824  $   _      $ 1,824
  License         5,875     _    5,875      5,836      _        5,836
  Service         2,358     _    2,358      3,242      _        3,242
   Total Revenue 10,053     _    10,053    10,902      _       10,902

 Cost of
 revenue:
  Product         1,489   (16)(1) 1,473     2,179    (141)(1)   2,038
  License         1,338  (332)(2) 1,006     2,424  (1,180)(2)   1,244
  Service         1,719     _     1,719     2,179      _        2,179
                                       
  Total Cost of
  Revenue         4,546  (348)    4,198     6,782  (1,321)      5,461
 
  Gross Margin    5,507   348     5,855     4,120   1,321       5,441

  Operating
  expenses:
   Research &     2,007   (98)(1) 1,909     2,526    (142)(1)   2,384
  development
   Sales &        2,261    (8)(1) 2,253     2,603     (34)(1)   2,569
  marketing
   General &      2,733  (288)(1) 2,445     3,783    (447)(1)   3,336
  administrative
   Restructuring    434  (434)      _         _        _          _ 
  charge                                         

   Amort. of         98   (98)      _         643    (643)        _
  purchased
  intang. assets
   Stock              6    (6)      _          21     (21)        _
  compensation                                           
           
   Total          7,539  (932)    6,607     9,576  (1,287)      8,289
  operating
  expenses

   Income (loss)(2,032) 1,280      (752)   (5,456)  2,608      (2,848)
  from
  operations
 
   Interest         60     _         60       205      _          205
  income, net
   Exchange        159     _        159       195      _          195
  gain, net

   Income (loss)(1,813) 1,280      (533)   (5,056)  2,608      (2,448)
  before
  provision for       
  income taxes

   Provision       _       _         _        (48)     _          (48)
  for income
  taxes

   Net income $ (1,813) 1,280     (533)  $ (5,104)  2,608      (2,496)
  (loss)

 Basic and
 diluted net
 income (loss)
 per Ordinary 
 Share        $  (0.06)  0.04    (0.02)  $  (0.17)   0.09       (0.08)

 Shares used in
 computing basic
 and diluted
  net income 
 (loss) per                            
 Ordinary 
 Share       30,156,466   _   30,156,466 30,561,435    _      30,561,435

 Basic and
 diluted net
 income (loss)
 per 
 equivalent
 American
 Depositary 
 Share        $ (0.12) $ 0.08  $ (0.04)   $ (0.33) $ 0.17     $ (0.16)

 (1) Adjusted to exclude depreciation. The total depreciation charge was
     $410,000 and $764,000 in the three months ended July 31, 2003 and
     2002, respectively.
 
 (2) Adjusted to exclude the amortization of acquired technology of
     $332,000 and $1,180,000 in the three months ended July 31, 2003 and
     2002, respectively.

                           TRINTECH GROUP PLC
 RECONCILIATION OF NON-GAAP PRO FORMA CONDENSED STATEMENTS OF OPERATIONS
                TO GAAP CONDENSED STATEMENTS OF OPERATIONS
       (U.S. dollars in thousands, except share and per share data)

                        Six months                   Six months
                   ended July 31, 2003           ended July 31, 2002

                GAAP As          Non-GAAP   GAAP As           Non-GAAP 
                Reported Adjusts Pro Forma  Reported Adjusts  Pro Forma    
 Revenue:
  Product       $ 4,393  $   _    $ 4,393   $ 3,623  $   _     $ 3,623
  License        11,365      _     11,365    11,023      _      11,023
  Service         4,516      _      4,516     6,314              6,314

 Total Revenue   20,274      _     20,274    20,960      _      20,960
  
 Cost of
 revenue:
  Product         3,508    (35)(1)  3,473     4,703 (1,197)(1)(3) 3,506
  License         2,698   (664)(2)  2,034     4,773 (2,359)(2)    2,414
  Service         3,263      _      3,263     4,673    _          4,673
                                           -                              
 Total Cost of    9,469   (699)     8,770    14,149 (3,556)      10,593
 Revenue

 Gross Margin    10,805    699     11,504     6,811  3,556       10,367

 Operating
 expenses:
  Research &      3,945   (188)(1)  3,757     5,673   (278)(1)    5,395
 development
  Sales &         4,553    (16)(1)  4,537     5,738    (69)(1)    5,669
 marketing
  General &       5,604   (565)(1)  5,039     7,751   (868)(1)    6,883
 administrative
  Restructuring     434   (434)       _       3,500 (3,500)         _
 charge
  Amort. of         196   (196)       _       1,286 (1,286)         _
 purchased
 intang. assets
 Goodwill        
 impairment
 reversal on
 adjust. of         
 acq. deferred
 consideration   (1,149) 1,149        _          _     _            _    
  Stock              
 compensation        20    (20)       _          42   (42)          _    

  Total        
 operating
 expenses        13,603   (270)    13,333    23,990 (6,043)       17,947

 Income (loss)
 from
 operations      (2,798)   969     (1,829)  (17,179) 9,599        (7,580)
 
 Interest               
 income, net        160     _        160        402    402           _
 Exchange           
 gain, net          155     _        155        307     _            307
 Income (loss)
 before
 provision for
 income taxes    (2,483)   969     (1,514)  (16,470) 9,599        (6,871)
 
 Provision                                                           
 for income
 taxes              _       _         _        (108)    _           (108) 

 Net income    $ (2,483)   969     (1,514) $(16,578) 9,599        (6,979)
 (loss)

 Basic and
 diluted net
 income (loss)
 per Ordinary     
 Share         $  (0.08)  0.03      (0.05) $ (0.54)   0.31         (0.23)
 
 Shares used in
 computing basic
 and diluted
 net income        
 (loss) per
 Ordinary Share 30,274,558   _   30,274,553 30,553,301   _     30,553,301

 Basic and
  diluted net
  income (loss)
  per equivalent      
  American
  Depositary 
  Share $  (0.16) $ 0.06    $(0.10) $ (1.09) $ 0.63       $ (0.46)

 (1) Adjusted to exclude depreciation. The total depreciation charge was
     $804,000 and $1,492,000 in the six months ended July 31, 2003 and
     2002, respectively.

 (2) Adjusted to exclude the amortization of acquired technology of
     $664,000 and $2,359,000 in the six months ended July 31, 2003 and
     2002, respectively.

 (3) Adjusted to exclude a provision for loss in net realizable value for
     excess inventory of $920,000 in the six months ended July 31, 2002.

The full report with tables can be downloaded from the following link: http://reports.huginonline.com/915219/122275.pdf



            

Coordonnées