Communications revenues grow

CSI Wireless has announced significant year-over-year growth in third-quarter revenues and earnings.

CSI Wireless, a designer and manufacturer of advanced wireless and GPS products used in more than 50 countries, today announced significant year-over-year growth in third-quarter revenues and earnings.

For the three-month period ended September 30, 2004, consolidated revenues rose 53% to $23.2 million from $15.1 million in the third quarter of 2003.

Gross margins of $7.3 million were a record level for the Company, representing an increase of 51% over gross margins of $4.8 million in the third quarter of 2003.

Year-over-year gross margin percentages were consistent at 32%.

Net earnings were $1.1 million in the quarter, or $0.03 per share, compared to a $572,000 loss, or a ($0.02) per share loss, in the third-quarter of 2003.

"CSI achieved record margins for the third consecutive quarter, and did so in the seasonally slowest quarter of the year for CSI Wireless," stated Stephen Verhoeff, President and CEO.

"Strong consec