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Evans & Sutherland Reports First Quarter Results
Evans & Sutherland Computer Corporation (E&S(R)) (NASDAQ: ESCC) today reported financial results for the three months ended March 29, 2002. All results are unaudited.
SALT LAKE CITY, UTAH, April 18, 2002-Evans & Sutherland Computer Corporation (E&SÒ) (NASDAQ: ESCC) today reported financial results for the three months ended March 29, 2002. All results are unaudited.
For the three months ended March 29, 2002, E&S reported total sales of $32.6 million, compared to $39.6 million in the same period of 2001, an operating loss of $3.3 million, compared to an operating loss of $5.5 million in the same period of the previous year, and a net loss of $3.2 million, or $0.31 per share, compared to a net loss of $6.1 million, or $.64 per share in 2001.
Comments from James R. Oyler, President and Chief Executive Officer
"The first quarter was as expected. We have substantially restructured our company and are now operating at a significantly lower expense level. We are also continuing to generate positive cash flow.
For several years we have been working to complete a number of large programs that have been losing money. On all of these programs we have now delivered the equipment to the customers sites, and are in various stages of acceptance. We expect that the completion of these programs, when combined with lower operating expenses, will position the company for a return to profitability."
Evans & Sutherland produces high-quality visual systems for simulation, training, and visualization in defense and commercial applications; digital theaters; and related applications throughout the world. Visit the E&S Web site at http://www.es.com.
Statements in this press release which are not historical, including statements regarding E&S or management intentions, beliefs, expectations, representations, plans, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements that a completion of several large programs, when combined with lower operating expenses, will position the company for a return to profitability. It is important to note that E&Ss actual results could differ materially from such forward-looking statements. Various factors could cause actual results to differ materially, such as the risk factors listed from time to time in E&Ss SEC reports, including but not limited to the annual report on Form 10-K for the year ended December 31, 2001.
E&S is a registered trademark of Evans & Sutherland Computer Corporation.
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Contacts:
Financial:
William Thomas
Chief Financial Officer
801-588-1508
bthomas@es.com
Media:
Joan Mitchell
Public Relations Manager
801-588-1453
jmitchel@es.com
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