QuesTec,
Inc. Reports First Quarter 2002 Results
Deer
Park, NY, Tuesday, November 20, 2001 –
QuesTec, Inc. (OTC BB: QSTI), a
digital media content provider of real-time
measurement, virtual replays and interactive
content for entertainment and mainstream
professional sports, reported net sales of
$525,650 for the quarter, an increase of
$269,200 or 105.0% over the net sales of
$256,450 for the same period of the previous
fiscal year. The increase is attributable to
advertising sales generated by the Company's
PitchTrax(TM) virtual replay technology, which
is provided exclusively to FOX Sports Net, and
by the Company's recently announced five-year
contract with Major League Baseball to
develop, install and operate its Umpire
Information System.
The Company has generated net income of
$136,760 or $0.00 per share for the fiscal
first quarter ended September 30, 2001, as
compared to a net loss of $160,157 or $0.01
per share for the first quarter of the
previous fiscal year. This marks the first
time in the Company's history that it has
posted a profitable quarter. The improvement
in the Company's results of operations from
the same period of its prior fiscal year is
primarily attributable to an increase in its
net sales and a decrease in its total
operating expenses.
The
Company's total operating expenses of $269,953
for the quarter decreased by $42,896 or 13.8%
from $309,849 for the same period of the
previous fiscal year. During the fiscal year
ended June 30, 2001, the Company's Board of
Directors established clear business
strategies and principles relating to business
development, operating efficiency, managerial
tasks, product pricing, debt reduction and
investor relations.
The lower total operating expenses are
the direct result of those efforts.
#####
Press
releases and other QuesTec information are
available on the QuesTec web site www.questec.com.
For more information on eReplays™,
please visit: www.ereplays.com.
For
more information about QuesTec, Inc. contact
Ron Klimkowski at (631) 243-1880 or email ikit@questec.com.
“Safe
Harbor'' Statement under the Private Securities
Litigation Reform Act of 1995. The statements
contained in this release which are not
historical facts, including our outlook on the
future performance of our core businesses and
our growth strategies, are forward-looking
statements that are subject to risks and
uncertainties that could cause actual results
to differ materially from those set forth in
or implied by forward-looking statements.
These risks and uncertainties include the
Company's entry into new commercial markets;
dependence on existing markets and other risks
described in the Company's Securities and
Exchange Commission filings.
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