Coreco Reports Revenue, Earnings Growth

MONTREAL, Aug. 10 -- Coreco Inc., developer of computer vision hardware and software products for OEMs, has reported second quarter growth, due simply to the continued demand for its products, said Coreco. The second three months ended June 30 were the last before the company will include contributions from Imaging Technology Inc., which Coreco acquired on June 30 of this year.
Second quarter revenues were $5.1 million, an increase of 15 percent compared with the same 1999 period. Net earnings added up to slightly more than $1 million, 48 percent more than last year's second quarter. Second quarter earnings reached $0.14 per share, an increase of 40 percent compared with the same 1999 period. Net earnings from operations totaled $975,890, or $0.14 per share, which was 27 percent better than fiscal 1999.
Coreco will amortize the $14.5 million it paid for Imaging Technology over a 24 to 36 month period. All assets of Imaging Technology were included on Coreco's consolidated balance sheet on June 30.