ROCHESTER, N.Y., June 18, 2004 (PRIMEZONE) -- Total Identity Corp. ("TIC") (OTCBB:TIDC) announced today that its recently filed first quarter 10Q is a reflection of where the company is headed. TIC is also pleased to announce that sales for the first 4 months of 2004 are ahead of 2003 by 18%. In addition, the sales backlog has also grown by 24% in the same period. The sales and backlog continue to grow internally, ahead of the previously reported 15% for the first two months of 2004. At its current pace TIC is reaffirming that it expects to generate $1.5 million in income for 2004.
Sales for first quarter of 2004 total $2,703,515 compared to $-0- sales for the same period in 2003. The Company generated $345,000 in cash for the quarter compared to a loss of ($103,613) for 2003 and had $183,000 in cash compared to $6,950 for 2003. The Company had a loss per share of $.00 compared to a loss of ($.89) per share for 2003. The Company reported shareholder deficit of ($290,980) compared to ($835,179) for 2003 and increased total assets by over $600,000 from year end of 2003.
TIC is aggressively working on increasing shareholders' equity on the balance sheet. The current deficit of ($290,000) for the first quarter will be reduced to ($45,000) when related party transactions totaling $245,000 are converted to Preferred as previously reported. This does not take into account operations for the second quarter of 2004.
TIC sales which had been reported as a 15% increase for the first two months has grown to 18% for the first 4 months over last year. The backlog of sales for January/February of 2004 reported as $2.8 million or a 15 percent increase has grown to over $3.5 million for the first 4 months a 24% increase from the same period in 2003. This is a reflection of the improvement in the manufacturing sector as well as improved sales and marketing within TIC.
TIC is expecting further increases in sales through an expansion of its sales force as well as through targeted acquisitions.
Matthew P. Dwyer, President of TIC, stated, "TIC is very pleased with the first quarter numbers and looks forward to reporting the second quarter with continued growth over first quarter and 2003. TIC has several marketing programs it plans to implement that will further increase sales. We are also going to be actively pursuing joint venture opportunities to leverage our skills and expand our market reach."
About TIC
TIC is developing opportunities within the $13 billion signage industry with the goal of becoming the place for corporate America to go for their custom sign needs. TIC initial plans are to acquire various plants located on the Eastern seaboard, giving TIC a strong presence along the East Coast through the Midwest. TIC is looking at various sign companies that will enable TIC to absorb their operations within its existing plant which has the capacity to generate $40 million a year in revenues by adding additional shifts.
Certain information contained in this news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. While these statements are made to convey the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Actual company results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. A more extensive listing of risks and factors that may affect the business prospects of the company and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission.