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TouchIT Technologies Inc. Reports Results for First Quarter 2010

^{Published on 2010-06-04 02:40:12 - Market Wire}
 

ISTANBUL, TURKEY--(Marketwire - June 4, 2010) - TouchIT Technologies, Inc. (OTCBB: [ HMSM ]), a leading manufacturer of touch-based visual communication products, has announced reported net sales of $1.046 million for the first quarter ended March 31, 2010, up 191% from Q1 2009 -- the company continues to show strong sales growth especially in a quarter that is notoriously the slowest of the year for the industry.

Gross profit was $0.33 million or 31% of net sales in Q1 2010, up from $0.15 million in Q1 2009. The increase in gross profit was primarily due to maintenance of margin with an increase in sales of the TouchIT Board product line plus the stabilization of manufacturing overhead costs.

Operating Income has increased by 552% in Q1 2010 up $59,218.00 from Q1 2009. This increase can be attributed to the setup of the production facility being complete and ongoing product development costs for the core products being stabilized.

TouchIT Technologies' cash balance has increased, as too have accounts receivable. TouchIT Technologies' current ratio was 0.88 on March 31, 2010. TouchIT Technologies has no long-term debt and has recently received financing as the result of a reverse merger transaction.

"We are pleased to be reporting better results due to increased sales, with maintained margin, and stabilized expenses," said Andi Brabin, TouchIT Technologies' CFO and President of World-Wide Operations. "We will continue to maintain costs, though this is challenging given the new features we are planning to incorporate into the products over the coming quarters. Even more important than maintenance of costs is growth of our sales through existing and new products. We have other innovative developments that we plan to announce soon, and overall this is a very active time for the research and development team at TouchIT Technologies. We are proud of our team and our OEM, distribution and reselling partners, and are cautiously optimistic about our prospects."

About TouchIT Technologies

TouchIT Technologies designs, produces and markets touch-based visual communication products. We manufacture a large range of touch screen and touch board products to suit all types of application from small LCD touch-screens to large interactive whiteboard displays and audience response systems. Our manufacturing facilities in Istanbul, Turkey and Sales Offices in London, UK, Co Limerick, Ireland and Boston, Massachusetts USA. [ www.touchittechnologies.com ]

Twitter - @touchit_tech | Facebook - [ http://www.facebook.com/pages/TouchIT-Technologies/173036316391 ]