Exhibit 99.1
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CONTACT: Leonard Carr
Sr. Vice President
713-783-8200
lcarr@tidelmail.com
FOR IMMEDIATE RELEASE
TIDEL REPORTS INCREASED FOURTH QUARTER ATM SHIPMENTS
HOUSTON, Texas -- October 18, 2001 -- Tidel Technologies, Inc. (Nasdaq: ATMS)
today reported its ATM shipment data for the fourth quarter and fiscal year
ended September 30, 2001. For the fourth quarter, the Company sold 912 ATMs, a
37% increase over the 666 units sold in the previous quarter ended June 30,
2001. Neither quarter included any shipments to Credit Card Center, formerly
Tidel's largest customer which has filed bankruptcy and discontinued operations.
The shipments for the quarter ended September 30, 2001 represented an increase
of 7% over the 853 units shipped to non-Credit Card Center customers in the same
quarter a year ago.
For the full fiscal year 2001, Tidel sold 6,248 ATMs, consisting of 3,909 units
to non-Credit Card Center customers and 2,339 units to Credit Card Center, all
of which were sold in the first quarter of the year. The 3,909 units represented
a 23% increase over the 3,171 units sold to non-Credit Card Customers in fiscal
2000. Tidel sold 9,255 units to Credit Card Center in 2000.
According to James T. Rash, Chairman and CEO of Tidel, "While we were not
pleased with the results for 2001, there were positive signs of recovery during
the fourth quarter. Combined sales of ATMs for the months of July and August
exceeded sales for the entire third quarter ended June 2001. Coming into
September, order indications from customers were strong; however, this business
did not materialize after the events of September 11. We believe this downturn
is temporary, however, and we are optimistic with respect to sales growth in
fiscal 2002."
Rash added, "We have concluded one of the most challenging years in Tidel's
twenty-five year history. While the Company has sustained a significant
financial loss this year as a result of the collapse of Credit Card Center, I
expect the Company to return to profitability in fiscal 2002. Management's
efforts are currently focused on expanding the sales channel, increasing the
Company's product offerings, recovering the maximum amount from the Credit Card
Center bankruptcy, and restructuring our present debt obligations."
Full financial results for the fiscal year ended September 30, 2001 will be
released in mid-December upon completion of the Company's annual independent
audit.
Tidel Technologies, Inc. is a manufacturer of automated teller machines and cash
security
equipment designed for specialty retail marketers. To date, Tidel has sold more
than 30,000 retail ATMs and 115,000 retail cash controllers in the U.S. and 36
other countries. More information about the company and its products may be
found on the Internet at www.tidel.com.
"Safe Harbor" disclaimer under the Private Securities Litigation Reform Act of
1995: This press release may contain forward-looking statements, including
statements as to anticipated or expected results, beliefs, opinions, and future
financial performance. The forward-looking statements are based on current
expectations and assumptions and involve risks and uncertainties that may cause
the company's actual experience to differ materially from that anticipated.
Estimates are based on reliable information and past experience. However,
operating results are affected by a wide variety of factors, many of which are
beyond the control of the company. Factors include, but are not limited to, the
levels of orders which are received and can be shipped in a quarter; customer
order patterns and seasonality; costs of labor, raw materials, supplies and
equipment; technological changes; competition and competitive pressures on
pricing; and economic conditions in the United States and worldwide.
Additionally, factors and risks affecting operating results include those
described in the company's registration statements and periodic reports filed
with the U.S. Securities and Exchange Commission.
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