Revenues for the first quarter
of fiscal 2001 were $18.7 million compared to $25.6 million as originally reported
for the same quarter of fiscal 2000. The net loss for the first quarter was
$969,000 or $0.11 per diluted share, compared with a loss of $530,000, or $0.06
per share as reported last year. The same quarter of the previous year has been
restated to recognize the effect of a cumulative change in accounting method
in accordance with the SEC’s Staff Accounting Bulletin #101, which Hirsch has
adopted effective with the reporting of last fiscal year. The effect of this
accounting change defers revenue recognition until acceptance of installation
of equipment by the customer. The restated operating figures for the first quarter
of last fiscal year reflect revenue of $25.4 million and a net loss of $2.7
million, or $0.31 per share.
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