ATLANTA -- Radiant Systems Inc., provider of systems for managing site operations of retail and hospitality businesses, announced financial results for the fourth quarter and year ended December 31, 2003.
Total revenues for the fourth quarter ended December 31, 2003, were $26.7 million, a decrease of 35 percent over revenues of $41.2 million for the same period in 2002.
Net loss for the fourth quarter ended December 31, 2003, was $5.4 million, or 19 cents per diluted share, a decrease of $7.3 million, or 26 cents per diluted share, compared to net income of $1.9 million, or 7 cents per diluted share, for the same period in 2002.
Adjusted net loss for the fourth quarter ended December 31, 2003, which excludes asset impairment charges, was $4.5 million, or 16 cents per diluted share, a decrease of $6.4 million, or 23 cents per diluted share, compared to net income of $1.9 million, or 7 cents per diluted share, for the same period in 2002.
The Store Systems business unit contributed revenue of about $22.2 million and an adjusted operating loss of about $800,000 compared to revenue of $23.4 million and adjusted operating loss of $300,000 for the period ended Sept. 30, 2003.
John Heyman, the company's chief executive officer, said, "We are optimistic that we will deliver significantly improved operating results in 2004. We have divested our Enterprise business unit, which had a material negative impact on our operating profits, cash and strategic focus."
Business highlights for the fourth quarter of 2003 include expansion into new countries with multi-national operators; installation of 300th Kroger grocery fueling site and 600th Circle K convenience store location; and completion of pilots of Outdoor Kiosk and Concessions at Kiosk products, which will be released in the first quarter.
