Loronix Information Systems Inc. announces revenue of $7.2 million for the first quarter ended March 31, a decrease of 3 percent from the same period in 1999. The company notes that a $4.1 million shipment late in the quarter was not recorded as revenue in conformance with the company’s revenue recognition policies. The net loss for the quarter was $198,900, compared to net income of $555,200 in the first quarter of 1999. The loss per share for the first quarter was 4 cents on more than 5.1 million weighted-average shares outstanding, compared to net income of 11 cents per share on more than 5 million weighted-average shares outstanding for the same time frame in 1999.
“Despite our reported first-quarter revenue results, we were very pleased with the overall business and shipments levels we experienced in the first quarter of 2000,” comments David Ledwell, CEO. “Gaming and retail, in particular, were strong contributors as we announced our largest CCTVware order to date for a casino and we continue providing additional CCTVware systems to Target Corp.” Loronix develops, markets, sells and supports digital video recording management systems and digital identification systems.