ImageXpres Sees Rebound in Net Income
ROCHESTER, NY—March 25, 2011—ImageXpres Corp. announced its fourth-quarter and full-year 2010 financial results, in advance of its forthcoming annual management report to the OTC Markets, due at the end of March 2011. The company reported positive financial results for 2010, showing overall strong gains in sales revenues in two key product areas, FreePrintze and SmartKiosk advertising, but somewhat lower than expected growth in medical systems sales.
For the quarter ending Dec. 31, 2010, ImageXpres recorded total sales revenues of $391,965. Its full-year 2010 sales revenues totaled $2.1 million and net income was $109,033, a significant improvement over the loss reported in 2009.
All three of ImageXpres’ major product line areas—digital printing, SmartKiosk systems and medical solutions—posted increases in sales revenues from 2009. Sales revenues attributed to ImageXpres Printing Solutions, which includes FreePrintze direct mail advertisements, totaled $1.0 million for all of 2010. SmartKiosk systems had revenues of $889,324 and medical products sales totaled $207,908.
John Zankowski, ImageXpres president and CEO, stated, “The company made major progress in 2010 in all of its key products and services offerings, and achieved substantial sales revenues and earnings increases from the prior year 2009. Overall, we are pleased with the progress we made in 2010, readying several newly-launched ImageXpres products for major sales increases going forward. However, we are not satisfied with the sales revenues results of 2010, and quite honestly, are disappointed that sales revenues from SmartKiosks were below expectations.
“A good part of the slow growth in SmartKiosk systems sales can be attributed to longer than anticipated sell cycles, and extensive customer trials by key retail prospects. We expect this will all change in 2011, with the launch of new streamlined products and systems,” he explained.
“The company is extremely optimistic about its prospects for major sales of SmartKiosks in 2011,” Zankowski added. “ImageXpres has successfully proven, as a result of extensive market trials, that SmartKiosk systems can drive incremental business value, and an enhanced consumer experience, for locations where SmartKiosks are in place. The company will be announcing new SmartKiosk models, incorporating the Apple iPad, and other tablets, with proprietary features and software apps for targeted commercial market segments. We are very excited about our soon-to-be-released new addition to our SmartKiosk product line, which has the potential for large-scale sales in the coming months ahead. A separate announcement for the new product family is planned.