EXHIBIT 99.1
FOR IMMEDIATE RELEASE
For More Information,
Please Contact
John Heyman - Co-Chief Executive and Chief Financial Officer (770) 576-6705
Melissa Coley - Radiant Systems Investor Relations (770) 576-6577
Radiant Systems, Inc. exceeds consensus earnings estimates
for the first quarter ended March 31, 2002
Atlanta, GA, April 25, 2002--Radiant Systems, Inc., (NASDAQ: RADS) a leading
provider of enterprise-wide technology solutions to businesses that serve the
consumer, today announced financial results for the first quarter ended March
31, 2002. Earnings per share results for the quarter exceeded First Call
consensus estimates of the financial analysts covering the Company. Net income
for the first quarter ended March 31, 2002, was $1.5 million, or $0.05 per
diluted share, an increase of $1.1 million, or $0.04 per diluted share, compared
to net income of $375,000, or $0.01 per diluted share, for the same period in
2001. Total revenues for the first quarter ended March 31, 2002 were $31.3
million, a decrease of $2.7 million, or 8.0%, from revenues of $34.0 million for
the same period in 2001.
"The Radiant 6e releases are performing exceptionally well in the field. Our
clients are beginning to achieve the benefits from this generation of products
which were developed through the outstanding efforts of people across Radiant.
We have made significant investments in this suite of products, and with its
general release during the first quarter we are beginning see the potential for
significant returns on our Radiant 6e investment," commented Radiant Systems
Chairman and Co-Chief Executive Officer Erez Goren.
Mr. John Heyman, the Company's Co-Chief Executive Officer and Chief Financial
Officer commented, "We are pleased with our financial performance during the
quarter. Our improved gross margins and continued efforts around cost control
led to improved profitability enabling us to exceed consensus earnings per share
estimates of $0.02 per diluted share." Mr. Heyman continued, "The release of
Radiant 6e is enabling us to begin implementing many of the significant
contracts we have previously entered into with our
clients. Additionally, these rollouts are producing early, referenceable value
statements from our clients that are our most powerful selling tool.
Accordingly, we are seeing excellent momentum in our pipeline and expect that to
translate into increased revenues and backlog in the future."
The Company will webcast its first quarter 2002 financial results conference
call today. The webcast will begin at 5:00 p.m. Eastern Time and will be
available at
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=RADS&script=2100. The
webcast will also be available for replay through May 30, 2002.
Radiant Systems, Inc. helps companies improve product profitability, employee
productivity and customer service through use of innovative technology.
Radiant's mission is to enable businesses to achieve operational excellence
through intelligent technology. To accomplish this mission, Radiant combines
powerful technology platforms, deep industry knowledge and strategic
partnerships to deliver strong returns on systems investments for companies
ranging in size from single site operators to multinational corporations.
Headquartered in Atlanta, Radiant Systems (www.radiantsystems.com) has deployed
its solutions to tens of thousands of sites worldwide.
Certain statements contained in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, such as statements relating to financial results and plans for future
business development activities, and are thus prospective. These statements
appear in a number of places in this release and include all statements that are
not statements of historical fact regarding intent, belief or current
expectations of the Company, its directors or its officers with respect to,
among other things: (i) the Company's financing plans; (ii) trends affecting the
Company's financial condition or results of operations, including the Company's
projected revenues and earnings per share guidance; (iii) the Company's growth
strategy and operating strategy; (iv) the Company's new or future product
offerings, and (v) the declaration and payment of dividends. The words "may,"
"would," "could," "will," "expect," "estimate," "anticipate," "believe,"
"intend," "plans," and similar expressions and variations thereof are intended
to identify forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, many of which are beyond the Company's ability to
control. Actual results may differ materially from those projected in the
forward-looking
statements as a result of various factors. Among the key risks, assumptions and
factors that may affect operating results, performance and financial condition
are the Company's reliance on a small number of clients for a larger portion of
its revenues, fluctuations in its quarterly results, ability to continue and
manage its growth, liquidity and other capital resources issues, competition
and the other factors discussed in detail in the Company's filings with the
Securities and Exchange Commission.
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RADIANT SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
March 31, December 31,
2002 2001
--------------- ---------------
(unaudited)
Current assets
Cash and cash equivalents ............................................ $ 28,739 $ 33,924
Accounts receivable, net ............................................. 25,453 20,988
Inventories .......................................................... 16,079 17,290
Other short-term assets .............................................. 3,227 3,401
--------------- ---------------
Total current assets .................................. 73,498 75,603
Property and equipment, net ............................................... 13,662 14,590
Software development costs, net ........................................... 16,443 15,229
Intangibles and other long-term assets .................................... 24,650 19,740
--------------- ---------------
$ 128,253 $ 125,162
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities ............................. $ 11,849 $ 10,176
Customer deposits and unearned revenue ............................... 9,713 9,762
Current portion of long-term debt .................................... 467 460
--------------- ---------------
Total current liabilities ............................. 22,029 20,398
--------------- ---------------
Long-term debt, less current portion ..................................... 1,031 1,150
--------------- ---------------
Total liabilities .................................... 23,060 21,548
--------------- ---------------
Shareholders' equity
Common stock, no par value; 100,000,000 shares authorized;
27,552,338 and 27,511,793 shares issued and outstanding ............ 0 0
Additional paid-in capital ......................................... 112,997 113,016
Deferred compensation .............................................. (718) (818)
Accumulated deficit ................................................ (7,086) (8,584)
--------------- ---------------
Total shareholders' equity .......................... 105,193 103,614
--------------- ---------------
$ 128,253 $ 125,162
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RADIANT SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
For the three months ended
March 31, 2002 March 31, 2001
--------------- ---------------
(unaudited) (unaudited)
Revenues:
System sales .............................................. $ 17,128 $ 20,499
Client support, maintenance and other services ............ 14,160 13,498
--------------- ---------------
Total revenues ......................................... 31,288 33,997
Cost of revenues:
System sales .............................................. 7,727 10,496
Client support, maintenance and other services ............ 8,529 8,983
--------------- ---------------
Total cost of revenues ................................. 16,256 19,479
--------------- ---------------
Gross profit ................................................ 15,032 14,518
Operating Expenses:
Product development ....................................... 3,462 2,454
Sales and marketing ....................................... 4,807 4,715
Depreciation and amortization ............................. 1,439 2,324
Non-recurring charges ..................................... - 1,023
General and administrative ................................ 2,912 3,998
--------------- ---------------
Income from operations ...................................... 2,412 4
Interest income, net ........................................ 206 573
--------------- ---------------
Income before income taxes .................................. 2,618 577
Income tax provision ........................................ 1,120 202
--------------- ---------------
Net income .................................................. $ 1,498 $ 375
=============== ===============
Basic and diluted income per share:
Basic income per share .................................. $ 0.05 $ 0.01
=============== ===============
Diluted income per share ................................ $ 0.05 $ 0.01
=============== ===============
Weighted average shares outstanding:
Basic ................................................... 27,560 27,674
=============== ===============
Diluted ................................................ 29,006 29,442
=============== ===============