Infinite Group, Inc. today announced revenues of $2,207,123 for the quarter ended March 31, 2002 compared with revenues of $2,069,383 for the quarter ended March 31, 2001. Revenues for 2001 have been restated to reflect the discontinuance of our former Plastics Group operations, the majority of which had been sold or liquidated as of March 31, 2002. The net revenue increase of $137,740 reflected increased revenues from the Company’s Photonics Group (approximately $570,000), net of decreased revenues from its Laser Group (approximately $432,000).
Infinite also reported a net loss of $400,155 for the quarter ended March 31, 2002, or ($0.07) per share compared with a net loss of $379,193, or ($0.11) per share, for the quarter ended March 31, 2001. The 2002 period net loss was primarily attributable to the company’s Laser Fare unit operations, which experienced operating losses due to slower demand for jet engine and gas turbine engine components attributable in part to the decrease in air travel after the Sept. 11, 2001 tragedies and postponed gas turbine part orders for deliveries to power generation customers.
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“We continue our focus on advancing and exploiting our laser photonics technology platform,” stated Clifford Brockmyre, Infinite’s president & CEO. “Other than the real estate of Osley & Whitney, which we expect to dispose of before year-end, we have successfully liquidated substantially all of our former Plastics Group’s assets and we also sold a small operation in Miamisburg, OH.
“Our efforts are now totally directed toward our core laser and photonics business through the operations of our Laser Fare subsidiary in Smithfield and our Infinite Photonics subsidiary in Orlando, FL.”
