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Follow on Google News | Gunther International Announces Year End Financial ResultsNORWICH, CONNECTICUT – Gunther International Ltd. (OTC Pink Sheets: SORT.PK), today announced its consolidated financial results for the year ended March 31, 2011.
By: Marc Perkins President and Chief Executive Officer For the year ended March 31, 2011, total sales were $23.16 million, compared to total sales of $28.98 million for the year ended March 31, 2010. The $5.82 million decrease resulted primarily from reductions in sales of Systems and Supplies and Other of $5.41 million and $426 thousand, respectively. Net loss was $264 thousand, or $0.01 per share, for the year, compared to $66 thousand, or $0.00 per share, reported last year. Marc Perkins, President and Chief Executive Officer of the Company stated, “Our results continue to be negatively impacted by the world-wide economic conditions that have resulted in a reduction in spending on capital equipment such as our high-speed, intelligent mailing systems. To some degree, our systems order backlog had protected us from the immediate impact of the recession, but the pace of new orders has slowed and we have now converted most of our backlog to revenue.” At March 31, 2011, the Company had a systems order backlog of $1.78 million, compared to a systems order backlog of $493 thousand at March 31, 2010. After the completion and delivery of systems in April, May, and June our order backlog decreased to $479 thousand at June 28, 2011, reflecting the receipt of additional orders for systems received after March 31, 2011. The Company has ongoing negotiations that management believes will result in additional orders. The Company posts current financial statements and other important information on PinkSheets.com (http://www.otcmarkets.com; symbol: SORT.PK), as well as the Company’s own website (http://guntherintl.com). About Gunther International Founded in 1981 and headquartered in Norwich, Connecticut, Gunther International designs, manufactures and services high-speed production mailing systems to organizations that define professional customer communications as an integral part of their business. This includes insurance, healthcare, financial, utilities, pharmaceutical, service bureaus, government agencies and other companies that have a vested interest in maintaining guaranteed integrity in their mail processing. Inc.jet, Inc, a wholly-owned subsidiary of Gunther International Ltd. supplies industrial printing solutions to OEMs, integrators and distributors in the commercial packaging, graphics and mailing markets throughout the world. Incorporating thermal inkjet technology, Inc.jet products deliver easy-to-integrate hardware, software and ink supplies that make the printing of variable data effortless in most situations. Gunther International is publicly traded on OTC Pink Sheets under the symbol “SORT.PK”. Additional Company information is available at www.guntherintl.com. Statements in this release concerning Gunther’s business outlook, future financial and operating results, and overall future prospects are forward looking statements that involve a number of uncertainties and risks. Actual results could differ materially from those anticipated in those forward-looking statements as a result of certain factors, including: general economic conditions globally or regionally; business and economic conditions in the mailing industry; changes in overall technology spending; increases in competition; End
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