VANCOUVER, May 16, 2003 (PRIMEZONE) -- Viscount Systems Inc. (OTCBB:VSYS) announced today that Company sales for the first quarter ending March 31, 2003 were $869,651, an increase of 24.1% compared to $700,754 for first quarter 2002. The increased sales during the quarter resulted from the strength of its core lines and the continued rollout of its new Emerphone product. The company was also very pleased to report that it generated its first revenues from its new flagship MESH concept.
Net income for the first quarter of 2003 was 33,200 compared to a loss of $276,398 for the first quarter of 2002. This is the first quarterly profit reported by Viscount since the company went public. The profit was a combination of increased revenues, lower R&D costs and Viscount's cost- reduction program.
"We are pleased with the milestones reached during the first quarter," said Stephen Pineau, President and CEO of Viscount. "Our return to profitability continued the pattern and improvement seen during the past several quarters. Our core sales were strong and our new products have begun to contribute sales and for the first time included revenue from MESH. The new engineering direction allowed us to accelerate the introduction of MESH and our field trials have been successful. Significant pre-production cost reductions of MESH will improve margins and allow us to price the product more aggressively. MESH will be launched in stages and we are now beginning to market MESH Touch Screen panels, the first MESH module."
About Viscount Systems
Viscount Systems Inc. is a designer and manufacturer of telecommunications and electronic door control access systems for the security industry. From 1969-1997, Viscount was an R&D affiliate of Telus, itself a controlled subsidiary of GTE, now Verizon Communications. The company's diverse line of products are designed to improve safety and manage security for property owners and users. Viscount's products have been installed in approximately 35,000 sites in over 30 countries and are sold through a 500-member, North America-wide dealer network comprised of security equipment vendors, including Tyco/ADT, Honeywell and Siemens. Additional information on Viscount's products may be obtained on-line at http://www.viscount.com.
Financial statements are available from the company's registration statement filed with the U.S. Securities and Exchange Commission on February 6, 2002, which may be viewed at www.sec.gov or the company's web site www.viscount.com under the heading "Investor Relations." For further information, or to be placed on email NEWS ALERT please e-mail to ir@viscount.com or call toll free 1-866-252-9446.
Safe Harbor Statement
This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of Viscount Systems Inc., nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
Forward-looking statements: This press release and other statements by Viscount Systems Inc. may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," or similar expressions.
For more information, contact: Greg Werbowski Viscount Systems, Inc., Investor Relations, Toll Free 1-866-252-9446