Drexler Technology Corporation is pleased to report that the Company’s profit performance over the past three fiscal years exceeds the profit performance requirements for listing on the New York Stock Exchange.
This is the first time that Drexler Technology has achieved the NYSE profit requirements for three consecutive years on both an individual-year basis and on a three-year aggregate basis.
The NYSE requires that the aggregate pre-tax profits for the most recent three years total $6,500,000. Drexler Technology has exceeded that level for the three years ended March 31, 2000 and the three years ended March 31, 2001. The NYSE also requires that in addition to achieving the $6,500,000 aggregate pre-tax profit amount, the most recent year’s pre-tax profit must be at least $2,500,000 and not less than $2,000,000 for each of the other two years.
Drexler Technology has exceeded each of those annual pre-tax profit levels for each of the past three fiscal years.
The NYSE listing requirements were selected as a profit standard reference for comparison purposes since there are no specific profit performance requirements for listing on the NasdaqNM (National Market System). The Company has made no determination as to whether to apply for listing on the NYSE.
Headquartered in Mountain View, Drexler Technology Corporation ([www.lasercard.com]) manufactures LaserCard(R) optical memory cards used for immigration, visas, pay-per-use systems, ID/access, cargo manifests, motor vehicles, healthcare, and other digital read/write wallet-card applications. Drexler’s wholly owned subsidiary, LaserCard Systems Corporation, makes optical card read/write drives, develops optical card system software, and markets card-related systems and peripherals. The Company also is active in patent licensing, holding more than 50 United States patents and about 70 foreign-counterpart patents in a dozen countries, related to optical data storage media and laser recording technology. The optical data storage-based patent licenses sold by the Company have generated license fee revenues totaling over $40 million.