Psion Doubles Profits Following Major Retail Success in USA
BOSTON — March 30, 1994 — British portable computer group Psion Plc announced its 1993 annual results today which confirm the company's growing presence in the worldwide market for Personal Digital Assistants (PDA's).
The group reported pre-tax earnings of 4.5 million dollars (3 million pounds), more than doubling its bottom line performance over 1992. Much of this financial advance has been attributed to the United States reaction to its award-winning Series 3 range of palm-top computers since the introduction of the top-of-the-line Series 3a variant in September 1993. Psion has recently increased its production of Series 3 machines to 24,000 per month as a result of strong sales throughout Europe and North America, making the Series 3 the highest-selling PDA in the world today. Psion has been the main beneficiary of the failure of pen-based PDA's, such as the Apple Newton and Casio Zoomer, to establish retail markets.
Psion Inc. president, David Elder, commented, "Psion has made considerable progress in the U.S. over the past 12 months in both our retail and corporate businesses. We have now established a retail network of over 1,000 outlets in the U.S. which we are planning to double withing the next 12 months. This significant increase in distribution, combined with the strong product development we are bringing market, will allow us to compete strongly with the older generation Organizer products from Japan whose technology is becoming seriously outdated."
PSION Plc
Results for the year ended 31st December 1993
Financial Highlights (Figures are in pounds sterling)
1993 1992 Change
(pounds 000) (pounds 000) %
Revenue 41,159 35,088 +17
Gross profit 15,791 13,411 +18
Profit before tax 3,030 1,420 +113
Profit after tax 2,030 960 +111
Earnings per share 9.14p 4.33p +111
Dividends per share 2.8p 2.5p +12
Net cash generated before dividends 2,194 1,083 +169
Commenting on the results and looking forward to Psion's 1994 performance, David Potter, chairman and chief executive said: "Sales in the traditionally strong first quarter of the year will exceed (pounds) 14.0m, a 40 percent increase over the equivalent period last year. The key to performance for the year as a whole is the ability of the group to expand its penetration of international markets, so that the Psion brand is recognized widely throughout Europe and North America. Considerable progress has been made and, given the encouraging start to the year I am confident about the prospects for the group in 1994."
CONTACT:
Psion Inc.,
Jeffrey Ayers, 201/592-5813
David Elder, 508/371-0310