Applied Global Technologies
Reports Another Record Quarter
Rockledge, FL August 21, 2003 - Applied Global
Technologies, an innovative technologies company offering
reliable and worry-free managed video communication services,
announces record Q2 sales of $5 million and sales through
the first half of 2003 of $8.6 million, excluding revenue
from the sale of an internally developed video conferencing
application software. For the six months ended June
30, 2003, revenue increased 30% over the first half of 2002.
AGT continues to experience strong growth in the federal sector,
with emerging expansion in the state and local areas as well
as the education segment.
"We are pleased with the results of the most recent quarter
as we continue to perform to plan in 2003," stated Michael
Valletutti, CEO of Applied Global Technologies. "We
are significantly outperforming market growth rates and have
great expectations for the second half of the year.
We plan to release exciting new, technology-leading products
from our research and development group as we advance opportunities
for several large federal sector programs and fulfill recent
awards in the areas of state/local and education."
The ten-year old private company remains financially strong
with available cash and borrowing capacity to fund research
and development and other sales growth initiatives.
Applied Global has a strong base of receivables, primarily
from the U.S. government. The company is on track to
achieve its eighth consecutive year of annual profitability.
"AGT continues to make planned investment for growth,
utilizing proceeds from the sale of software in early Q1,"
added Harry Ericson, CFO of Applied Global Technologies.
"This investment is primarily in R&D and in commercial,
state, local, and education sector sales initiatives.
We started closing new opportunities at the end of Q2 and
have already received substantial new orders in Q3."
In addition to the strong financial results in second quarter,
AGT announced it won the State of South Carolina contract
(valued at $15 million over five years) and the State of North
Carolina contract. AGT was also awarded the implementation
of the California State University video over IP network.
AGT's investment in R&D has lead to the creation of an
exciting service that it will announce within the next 30
days. The service will provide seamless collaboration
for users of IP audio, data and video workplace tools.
About Applied Global Technologies
Applied Global Technologies
offers the world's most reliable and worry-free portal to
effective video communications with divisions in professional
engineering services, software development, integration and
customer support services. Applied Global takes
the enterprise vision of fully integrated IP networks and
applies it as an effective, ROI-centered solution for today's
progressive and agile businesses.
As a one-of-a-kind outsource solution, AGT activates its wealth
of experience and skill base to develop solutions that are
unique to each customer. In doing so, its customers
are able to utilize technology to enhance business objectives
without distraction or disruption to core business priorities.
In addition to its work in the commercial marketplace, the
ten-year old private corporation provides conferencing solutions
to the Pentagon, branches of the US Military and civilian
agencies, as well as numerous federal and state government
facilities. The company's continued advancement in communications
is being felt around the world.
AGT partners with those companies that bring value to its
customers. Applied Global's current partners include:
Anteon, Booz Allen Hamilton, EDS, Infonet, Lockheed Martin,
Polycom, Radvision, Raytheon, SAIC, Sprint, SRA International,
TANDBERG, VCON, and Verizon.
Applied Global's international headquarters is located in
Rockledge, FL with field support offices in Atlanta, Chicago,
Dallas, Honolulu, Okinawa, Seattle, San Francisco, Virginia
Beach, and Washington, DC.
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