Net sales for 1999 were a record $26.5 million, an increase of $4.5 million, or 20.5%, over 1998 net sales of $22.0 million. Net income for the 1999 fiscal year was $387,477 ($0.10 per diluted share), compared to a net loss of $4.8 million ($2.10 per diluted share) for 1998.
Slav Stein, the Company’s President, stated: We are pleased to report record revenues for the 1999 fiscal year, and believe that the problems which we encountered during 1998 are now behind us. We were not pleased with our net income for 1999 and are taking steps to improve our bottom line in future periods. We are also working hard to continue the development of our networking product lines.
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