TurboChef Technologies has announced further losses for its second quarter ended 30 June 2002.
The US-based international provider of rapid cook solutions, said that revenues for the second quarter were $905,000 (€921,000) compared to $778 thousand in the second quarter of 2001.
Operating expenses in the quarter rose to $2.2 million compared to $1.8 million in the comparable quarter last year, as a result of increased costs associated with direct sales and marketing activities and certain non-recurring items. Net loss for the quarter was $1.8 million, compared to a net loss of $1.6 million for the same period last year.
Revenues for the six months ended 30 June were $2.7 million compared to $1.3 million for the same period in 2001. Operating expenses for the six months were $4.2 million compared to $3.5 million for the same period last year. Net loss for the six months was $3.2 million, compared to $3.3 million for the first six months of 2001.
"We are encouraged by our progress in gaining market acceptance for our proprietary cooking technology," said Jeffrey Bogatin, chairman and chief executive officer. "During the quarter, we expanded relationships with several customers in our target markets as well as completed a number of installations of our C-3 commercial oven, fulfilling previously announced orders. Even better news is that at the close of the second quarter we agreed to ship our C-3 ovens to approximately 160 Subway franchises for a multiple test market programme in the US, for which we will recognise revenue upon installation."
Bogatin added: "Our direct sales and marketing efforts are already starting to bear fruit as evidenced by sales of our C-3 oven to many of the largest customers in our target markets - quick service restaurants, institutional foodservices, convenience stores, entertainment venues (stadiums and arenas, movie complexes, etc.), hotels, discount retail outlets and airport kiosks - and our pipeline of opportunities give us reason to be optimistic about the future. We have a strong relationship with our manufacturing partner, Shandong Xiaoya Group in China, to produce a reliable product at a competitive price, and we have developed an international service network that provides installation and service for our products. Our research and development team continues to work on new products designed to help us sustain our market leadership position in terms of cooking speed and quality."