Bryant Technology`s losses deepened in the year to June, despite an improved performance in the second half of the year.
Revenue for the period was flat at R3.6 million, although the company incurred an operating loss of R2.31 million, compared with a prior-year loss of R543 000.
The company`s loss for the year deepened from R619 000 to R2.33 million. A headline and basic loss of 1.19c per share compared with a previous loss of 0.32c a share.
At the year-end the group recorded a negative net asset value of 0.88c a share, compared with a positive 0.31c a share a year earlier.
The balance sheet shows current assets of R1.17 million (2003: R3.55 million), of which R840 000 (R1.26 million) was cash. This compares with current liabilities of R968 000 (R1.05 million).
"The second half of the year under review experienced the upward swing in business confidence that was anticipated earlier," says director Bill Marchant. "The result was a significant need to restructure and diversify the improvement in trading conditions and performance.
"However, the results incorporate a R2 million inventory write-down following a prudent assessment initiated by the company`s operations. Despite these setbacks, the company has continued to maintain healthy cash resources.
"It is essential for the future of the company that significant restructuring and diversification is required."
Bryant is the designer and developer of the Sunnix-2000, a thin-client Windows terminal. It is also the sole distributor for the Sunnix-120 Unix terminal, Qume terminals and sub-distributor for OKI printers and Epson products.
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