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EMJ REPORTS 2002 YEAR END RESULTS
Sales and Profit Increase in 4th Quarter
GUELPH, Ontario -- September 18, 2002 -- EMJ Data Systems Ltd. (TSE:EMJ) today reported its financial results for the fiscal year ended July 31, 2002. Sales in the fourth quarter increased to $45.1 million from $43.7 million for the comparable period the previous year, an increase of $1.5 million or 3.4%. Net income for the fourth quarter increased to $808,000 compared to $78,000 for the comparable quarter the previous year.
Sales for the year were $181.9 million compared to $197.5 million the previous year, a decrease of $15.5 million or 7.9% primarily as a result of the slowdown in the economy, particularly in the hi tech sector. The Companys strategic inventory purchases in the first quarter impacted positively on the gross margin resulting in a gross margin of 8.6% for fiscal 2002 compared to 8.3% the previous year.
We are very pleased with our financial results for 2002 especially with the sales increase in the fourth quarter," said Jim Estill, President and CEO of EMJ.
Net income in fiscal 2002 was $4.0 million or $0.50 per share compared with $4.4 million or $0.57 per share reported in the previous year.
On July 12, 2002, EMJ was awarded the honour of being named 'Top Distributor in Computer Dealer News 'Resellers Choice Awards for 2002. The Company was graded against much larger companies with broader product lines. In addition, EMJ swept ChannelLines first preference survey of Canadian distributors. This independent vendor/distributor preference study put EMJ at the top of the list where it led its four larger competitors. Both these awards recognize EMJs commitment to aiding the reseller in obtaining the best solution for their customers.
About EMJ Data Systems Ltd.:
EMJ Data Systems Ltd., headquartered in Guelph, Ontario, is a Canadian, publicly owned distributor of computer products and peripherals. EMJ specializes in niche-market products for Apple, Bar Coding/Auto-ID/Point-of-Sale, Digital Video, Internetworking, Security, Storage Solutions, Unix and Wireless applications. EMJ has Canadian branch offices in Vancouver, Calgary, Winnipeg, Ottawa, Markham, Montreal and Halifax, as well as one office in the United States. EMJ is traded on the Toronto Stock Exchange (TSX) under the symbol 'EMJ'. Interested parties can reach EMJ via the World Wide Web at http://www.emj.ca.
Trade Symbol TSX:EMJ
For information, contact:
Jim Estill, Chief Executive Officer
EMJ Data Systems Ltd.
P. O. Box 1012, Guelph, ON N1H 6N1
(519) 837-2444, ext. 213
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