|
Gary
Levine CSP Inc. Reports Third-Quarter Fiscal 2004 Financial ResultsBILLERICA, MA, August 5, 2004 - CSP Inc. (Nasdaq:CSPI), a provider of IT solutions, systems integration services and dense cluster computing systems, today reported financial results for the third quarter ended June 30, 2004. For the third quarter of fiscal 2004, sales increased to $14.3 million from $7.0 million for the year-earlier quarter. CSP Inc. posted net income of $438,000, or $0.12 per diluted share, compared with a net loss of $(340,000), or $(0.10) per share, for the third quarter of fiscal 2003. For the nine-month period ended June 30, 2004, the Company increased sales to $38.3 million compared with sales of $21.6 million for the nine-month period of fiscal 2003. CSP reported net income of $688,000, or $0.18 per diluted share, for the first nine months of fiscal 2004 compared with a net loss of $(939,000), or $(0.27) per share, for the first nine months of fiscal 2003. Chairman, President and Chief Executive Officer Alexander R. Lupinetti said, "Our ability to execute on our strategy and capitalize on positive trends in the market enabled us to report our highest revenue quarter in four years and our highest quarter for net income in more than three years." "Our MultiComputer Division performed very well during the quarter, buoyed by our previously announced contract wins, including our agreement to supply 2000 SERIES MultiComputers for the U.S. Navy’s E-2C Hawkeye aircraft," continued Lupinetti. "Our steadily improving financial results demonstrate that our strategy for our MultiComputer business is working. This strategy centers on offering architecturally superior systems based on open systems; leading the market in price-performance and being the first to market with new processors. In addition, the trend toward the use of ruggedized DSP systems in airborne surveillance offers new opportunities for CSP as we sell our products higher up the value chain". "We recently passed the one-year anniversary of the Company’s acquisition of Technisource and its integration into CSP as MODCOMP’s Systems and Solutions Division -- and the results have been excellent," said Lupinetti. "The ability of this Division to provide best-of-breed IT solutions for multi-vendor environments including systems, integration, maintenance and professional services, has enabled us to capitalize on an improved IT spending environment. During the quarter, we saw significant demand for servers, storage and associated services. This, coupled with continued strength from our Germany and U.K. subsidiaries, contributed to MODCOMP’s stellar performance in the third fiscal quarter." "“We continue to be optimistic about the demand environment as we approach the new fiscal year, and will execute on our strategic plans to capitalize on opportunities across our businesses," concluded Lupinetti.
About
CSP Inc.
|