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| May
25, 2003 at 6:00 AM Pacific Time
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News Release Index
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Eye Dynamics Reports Record Sales and
Profits for 1st Quarter |
| TORRANCE, Calif., May
15, 2003: |
Eye Dynamics, Inc.
(
EYDY,
Trade) , today announced a record 300%
increase in revenue for the first quarter
of 2003 compared to the same period a year
ago. This is the third successive quarter
that sales and profits have been rising at
a rapid pace.
Profit for the quarter was $156,762 as
opposed to a loss of $44,648 in the first
quarter of 2002. The increase in sales is
due to success of the company's private
label program for Video ENG Systems, and a
resurgence of the Eye Dynamics' label Video
ENG products Sales for the quarter were
$652,608 which was triple the same period
of 2002.
Private label shipments accounted for about
62% of ENG sales in the first quarter of
2003. In the same quarter of 2002 they
accounted for 72% of sales. Their success
is due to a strong marketing program that
has opened up new market segments
(Neurology market) and selling of a
complete package, including training for a
"Fall Prevention and Rehabilitation"
program. Eye Dynamics and its private label
customer are currently negotiating a
long-term exclusive manufacturing and
distribution relationship
Other notable events include an additional
ENG shipment to Iran in February. Eye
Dynamics' agent in Tehran, Iran has
indicated that he expects to receive
additional orders in the coming months.
Also, a shipment was made to Egypt for an
ENG system.
"Continually increasing volume of sales and
profits is the goal of Eye Dynamics ,"
states Charles Phillips, President, "We are
currently in mid-second quarter and our
sales are still holding up and, even though
summer is traditionally a slow period for
our markets, we are encouraged by the
heightened activity and the input of new
orders. It appears the second quarter will
be another positive milestone in our
building of market share and creation of
profits for the company."
About Eye Dynamics, Inc.
Eye Dynamics is in the business of
producing and marketing patented
proprietary products and other services for
the institutional, medical and government
markets. SafetyScope, the company's latest
product, is designed for the
'fitness-for-duty' screening of workers.
SafetyScope is simple to use, takes only 90
seconds and does not require any bodily
fluids like urine-based drug testing. It is
based on the manual methods of evaluating
eye responses of an individual to detect
neurological signs of impairment used by
law enforcement throughout the United
States. These signs can be caused not only
by illegal drugs, but also reactions to
prescribed or over-the-counter medications
and/or physiological states like
fatigue.
To find out more about Eye Dynamics, Inc.
(OTC:EYDY), visit our web site at
www.EYEDYNAMICS.COM
Safe Harbor for Forward Looking
Statements
This news release includes forward-looking
statements that are made pursuant to the
"safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995.
While these statements are made to convey
to the public the company's progress,
business opportunities and growth
prospects, readers are cautioned that such
forward-looking statements represent
management's opinion. Whereas management
believes such representations to be true
and accurate based on information and data
available to the company at this time,
actual results may differ materially from
those described. The company's operations
and business prospects are always subject
to risk and uncertainties. Important
factors that may cause actual results to
differ are set forth in the company's
periodic filings with the U.S. Securities
and Exchange Commission.
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