Vartech Systems Income Statement

Financials in millions USD. Fiscal year is August - July.

Millions USD. Fiscal year is Aug - Jul.

Fiscal Year	TTM	FY 2003	FY 2002	FY 2001	FY 2000	FY 1999
Period Ending	Oct '03 Oct 31, 2003	Jul '03 Jul 31, 2003	Jul '02 Jul 31, 2002	Jul '01 Jul 31, 2001	Jul '00 Jul 31, 2000	Jul '99 Jul 31, 1999
Operating Revenue	7.88	7.74	6.11	5.76	4.15	5.72
Revenue	7.88	7.74	6.11	5.76	4.15	5.72
Revenue Growth (YoY)	22.94%	26.79%	5.94%	38.98%	-27.54%	-14.00%
Cost of Revenue	5.19	5.15	3.75	3.37	2.16	3.62
Gross Profit	2.69	2.59	2.36	2.39	1.98	2.1
Selling, General & Admin	2.32	2.25	1.86	1.99	1.62	2.16
Operating Expenses	2.37	2.3	1.95	2.07	1.69	2.24
Operating Income	0.33	0.29	0.4	0.33	0.29	-0.15
Interest Expense	-0.01	-0.01	-0.01	-0.04	-0.03	-0.07
EBT Excluding Unusual Items	0.32	0.28	0.39	0.29	0.26	-0.22
Gain (Loss) on Sale of Assets	-	-	-	-	-	-0.01
Other Unusual Items	-	-	-	-	0.11	-
Pretax Income	0.32	0.28	0.39	0.29	0.36	-0.23
Income Tax Expense	0.12	0.1	0.13	0.1	0.12	-0.04
Earnings From Continuing Operations	0.2	0.18	0.26	0.18	0.24	-0.19
Earnings From Discontinued Operations	-	-	-0.1	-0.04	-0.1	-
Net Income	0.2	0.18	0.16	0.14	0.14	-0.19
Net Income to Common	0.2	0.18	0.16	0.14	0.14	-0.19
Net Income Growth	18.37%	9.29%	18.37%	-1.21%	-	-
Shares Outstanding (Basic)	2	2	2	2	2	2
Shares Outstanding (Diluted)	2	2	2	2	2	2
Shares Change (YoY)	1.08%	0.34%	-	-3.39%	1.49%	2.04%
EPS (Basic)	0.10	0.09	0.08	0.07	0.07	-0.10
EPS (Diluted)	0.10	0.09	0.08	0.07	0.07	-0.10
EPS Growth	26.43%	13.50%	17.58%	-4.98%	-	-
Free Cash Flow	0.22	0.3	-0.09	0.1	0.16	-0.14
Free Cash Flow Per Share	0.11	0.15	-0.04	0.05	0.08	-0.07
Gross Margin	34.17%	33.48%	38.64%	41.53%	47.80%	36.67%
Operating Margin	4.16%	3.78%	6.62%	5.69%	7.02%	-2.55%
Profit Margin	2.53%	2.32%	2.69%	2.41%	3.39%	-3.32%
Free Cash Flow Margin	2.84%	3.88%	-1.44%	1.67%	3.82%	-2.50%
EBITDA	0.37	0.34	0.53	0.42	0.38	0.03
EBITDA Margin	4.69%	4.42%	8.71%	7.22%	9.11%	0.56%
D&A For EBITDA	0.04	0.05	0.13	0.09	0.09	0.18
EBIT	0.33	0.29	0.4	0.33	0.29	-0.15
EBIT Margin	4.16%	3.78%	6.62%	5.69%	7.02%	-2.55%
Effective Tax Rate	36.88%	36.13%	32.53%	35.96%	34.03%	-
Revenue as Reported	-	-	-	-	-	5.72
Advertising Expenses	-	0.06	0.08	0.02	0.01	0.01

Source: S&P Global Market Intelligence. Standard template. Financial Sources.