Scan-Optics Announces First Quarter Results

MANCHESTER, Conn., May 3 -- Scan-Optics, Inc. reported its fourteenth consecutive profitable quarter. Total revenues for the first quarter of 1999 were $13,232,000, up from recorded revenues of $12,892,000 in the comparable quarter of 1998. Net income for the quarter was $80,000, or $0.01 per diluted share, compared to $428,000 or $0.06 per diluted share for the same period last year.
James C. Mavel, chairman, CEO and president of Scan-Optics, noted that the company continued to grow in three business units: Solutions; Maintenance Services; and Manufacturing Services. Mavel said that strong Solutions growth in the US and Europe had allowed Scan Optics to offset the revenue gap from the Japanese Ministry of Health transaction in the first quarter of 1998. The Company's North American Solutions business grew 97% on revenues of $6.8M, and European activities generated new business in the UK and Italy, according to Mavel.