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TurboChef Technologies Reports Financial Results, CEO Resigns
Apr 17, 2003
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TurboChef Technologies, Inc., maker of rapid cook ovens, reported today that its fourth-quarter and year-end financial results for 2003. The company also announced the resignation of its CEO. Company revenues for the fiscal year ended Dec. 31, 2002, increased to U.S. $8.0 million compared to $3.2 million for the same period a year ago. The increase is due to the increase in C-3 ovens sold during the year, according to the company. During the year ended Dec. 31, 2002 the it sold 1,027 C-3 ovens as compared to 411 C-3 ovens sold during the year ended Dec. 31, 2001. For the fiscal year 2002, TurboChef reported a net loss of $5.9 million, or $0.31 per share, on 18.9 million weighted average shares outstanding, compared to a net loss of $6.7 million, or $0.41 per share, on 16.2 million weighted average shares outstanding in fiscal year 2001. Revenues for the fourth quarter ended Dec. 31, 2002 increased to $2.8 million compared to $1.1 million reported in the same quarter a year earlier. The increase in revenues is attributable to an increase in sales of C-3 ovens. For the fourth quarter 2002, TurboChef reported a net loss of $942,000 or $.05 per share based on 19.1 million weighted average shares outstanding compared to a net loss of $1.3 million, or $.08 per share, on 16.8 million weighted average shares outstanding in the fourth quarter of 2001. "In spite of an extremely difficult economic environment, we have demonstrated strong momentum in revenue growth from sales of our C-3 ovens. While the Company has many challenges ahead, we believe the prospects for sales have never looked better," commented Jeffrey Bogatin, TurboChef's chairman. The company also announced that, effective immediately, Vincent Gennaro has resigned as CEO.

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