LAK - ASX Company Announcement $msi8 THIS IS A PRIORITY ITEM 1 August 2002 Part 1/1 -------- LAKE TECHNOLOGY LIMITED -----------------------
HOMEX - Sydney ------------------------- Revenue above forecast for year to 30 June 2002
Following the release of its fourth quarter cash flow figures yesterday, Lake Technology is now in a position to release unaudited sales results for the year ended 30 June 2002. Sales revenues for the year reached $10.2 million against a forecast, made in October 2001, of $9.4 million.
This result represents an increase of 162% over the previous year's revenue. Chris Gilbey, CEO of Lake said "This performance is the result of focusing on our key customers and markets. It signals the growing financial maturity of the company, and we believe that we now have the ability to set our targets for future growth much more clearly."
"To have achieved this magnitude of growth in what many would consider a challenging market environment is a tribute to the efforts of the whole Lake team over the last twelve months" he added.
Operating results are still being finalized and will be released to the market as soon as the statutory audit is completed. The Company expects to issue a forecast for the 2003 year at that time.
John Bell CFO/DIRECTOR Lake Technology Ltd 02 9213 9000