QuesTec has generated a profit for the quarter ended September 30, 2001. This marks the first time in the company’s history that it has posted a profitable quarter. Revenues for the quarter were more than double those from the same period last year. These increases in reported revenues are attributed to advertising sales generated by the Company’s PitchTrax virtual replay technology which is provided exclusively to FOX Sports Net, and the Company’s recently announced 5-year contract with Major League Baseball to develop, install and operate their Umpire Information
The Company continues to make significant progress in the installation and operation process of the Company’s patented "PitchTrax" pitch tracking system into Major League ballparks. QuesTec now has a presence in 23 Major League ballparks and has 19 PitchTrax systems deployed. In addition to expanding the Company’s onsite presence at Major League ballparks. QuesTec is also working to establish its Internet baseball content as a unique real-time feature for live game coverage. In October, the Company was contracted to provide FOX Sports.com’s interactive video game “Hit The Pros” with pitch content for this years World
During the last fiscal year QuesTec announced a five (5) year Agreement with Major League Baseball ("MLB") to develop, install and operate the new “Umpire Information System” (UIS). This new system is an enhanced version of the Company’s core technology, which was used to create a state-of-the-art pitch measurement and reporting system in support of MLB’s previously announced strike zone initiatives. As part of this Agreement, the Company has also been contracted to install, operate, and maintain the new "Umpire Information System" for the term of the contract. During this year’s off-season, the Company will install five (5) new systems in Major League ballparks, and setup cabling infrastructure in four (4) Minor League ballparks. The Minor League ballparks will only be operated during Spring
During the fiscal year ended June 30, 2001, the Company and its Board of Directors established clear business strategies and principles relating to business development, operating efficiency, managerial tasks, product pricing, debt reduction and investor relations. The Board initiated its business approach by reshaping QuesTec’s corporate structure, amending the Company's name to better identify the company and its products, and increasing revenues. The Company’s increasing revenue base and reported profitable quarter present a clear validation of the Board’s planning, commitment and success.
QuesTec has placed a concentrated effort on promoting its technology as it relates to baseball. The Company’s work with FOX and MLB has been the primary focus during the past fiscal year. Marketing of other sports related technologies such as TennisProView have resumed. The shake out of the .com’s and the delays with the deployment of interactive television has had an impact on the Company’s ability to expand its operations in these fields. While management believes that the current market conditions in these sectors will improve, they have decided to concentrate the Company’s efforts on existing products and markets domestically and internationally.
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