DRI Corporation Posts First Quarter 2010 Results
l Revenues Up 67 Percent Over Last Year’s Same-Period Results
l Loss Narrowed From Last Year’s Same-Period Results
l Fiscal Year 2010 Outlook Continues Strong; Guidance Unchanged
May 14, 2010 09:08 AM Eastern Daylight Time
DALLAS--(EON: Enhanced Online News)--DRI Corporation (NASDAQ: TBUS), a digital communications
technology leader in the global surface transportation and transit security markets, announced today that it posted
first quarter 2010 net sales of $22.1 million, as compared to $13.2 million for the same period last year, with a loss
of 8 cents per share versus 10 cents per share for same period last year.
David L. Turney, the Company’s Chairman of the Board and Chief Executive Officer, said: “Revenues for first
quarter 2010 exceeded the revenues of first quarter 2009 and results on a per-share basis improved with a
narrowing of the loss to 8 cents per share. While revenue was up 67 percent, margins did not grow in a similar
fashion because, according to the scheduling requirements of our customers, certain higher margin business was
shifted to later in the year and lower margin business filled in at an accelerated rate. That delayed higher margin
business did not disappear; we presently expect to deliver such in subsequent quarters of fiscal year 2010.”
Earlier today, the Company filed with the U.S. Securities and Exchange Commission (SEC) a Form 10-Q for the
quarter ended March 31, 2010.
FIRST QUARTER RESULTS
For the period ended March 31, 2010, net sales were $22.1 million and the net loss to common shareholders was
$995 thousand, or 8 cents per diluted share. This compares to net sales of $13.2 million and a net loss to common
shareholders of $1.1 million, or 10 cents per diluted share for the same period last year.
Basic and diluted weighted-average shares outstanding as of March 31, 2010, were 11.8 million, as compared to
11.5 million a year ago.
Mr. Turney said: “Order flow for first quarter 2010