ATLANTA, April 4, 2002 (PRIMEZONE) -- Color Imaging, Inc.'s (OTCBB:CIMG) Form 10-K, for the period that ended December 31, 2001 and was filed on April 1, 2002 with the Securities and Exchange Commission, highlights a sales increase of 152 percent, to $30.5 million from the restated $12.1 million a year earlier.
The year ended December 31, 2000, was restated to reflect the business combination with Color Image and Logical Imaging Solutions under the purchase method of accounting as opposed to the pooling of interests method, as previously reported. Accordingly, Color Image's financial statements are only consolidated beginning with the date of the acquisition, June 28, 2000. Had the entire year of Color Image's operations been included in the year 2000 total sales, the results would have been a 44 percent increase from $21.2 million.
Operating income for the year improved by $820,000 to a fiscal year profit of $474,000, from a fiscal year 2000 loss of $346,000, as restated. Shareholders equity growth was $2.6 million. Net profit improved $708,000, from the restated fiscal year 2000 loss of $658,000, to a fiscal year 2001 profit of $50,000, after absorbing non-recurring charges of $225,000.
Color Imaging develops and manufactures consumable products used in laser printers, analog and digital copiers, and supplies complete printing systems for commercial printers.
The Company has continually expanded its product line and manufacturing capabilities and currently offers more than 100 different black text, color, magnetic character recognition and specialty toner formulations. The product line includes aftermarket toners and imaging products for printers and facsimile machines manufactured by Canon(tm), Delphax(tm), Fuji-Xerox(tm), Hewlett Packard(tm), IBM(tm), Lexmark(tm), Minolta(tm), Toshiba(tm) and Xerox(tm). The Company also manufacturers and or markets toners for use in Canon(tm), Lanier(tm), Ricoh(tm), Sharp(tm), Toshiba(tm) and Xerox(tm) copiers. Additionally, the Company offers other imaging products and enhancements including supplies that enable standard laser printers to print magnetic character recognition data, toner cartridges, cartridge components, photoreceptors and imaging drums. Branded products are marketed directly to OEMs and aftermarket products worldwide to distributors. In addition, aftermarket products for laser printers and digital and analog copiers are also marketed to remanufacturers and dealers.
A complete printing system is provided for the commercial printer that installs directly on existing offset presses. The system expands conventional offset printing capabilities to include the printing of unlimited computer-driven variable data, including images, bar codes, Magnetic Character Recognition (MICR), and alphanumeric sequences. These functions address the needs of the commercial printers for the digital processing and printing of variable data at high speeds without the conventional prepress processes, such as the preparation of printing plates and mixing of inks. The Company recently announced receipt of its first order for the DigitalColorPress, a 250 to 500 page-per-minute digital printer that provides color-printing capabilities.
Color Imaging, Inc. is headquartered at 4350 Peachtree Industrial Blvd., Norcross, GA 30071. The telephone number is 800/783-1090 and the Fax is 770/242-3494. CIMG's Web sites are www.colorimage-micr.com and www.logical-imaging.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act 1995: Information and announcements in this release involve Color Imaging's expectations, beliefs, hopes, plans, intentions or strategies regarding the future and forward-looking statements included in this release are based upon information available to Color Imaging as of the date of the release, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to need for additional capital; dependence on suppliers; dependence on several customers; short product life cycles and reductions in unit selling prices; delays in development or shipment of new products; lack of market acceptance of our new products or services; inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by major competitors; our ability to attract and retain qualified employees; difficulties in assimilating companies previously acquired; inability to expand our operations to support increased growth; and declining economic conditions, including a recession. These and other factors and risks associated with our business are discussed from time to time in Color Imaging's filings with the SEC.