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Intelligent Controls Inc. (INCON), a manufacturer of software and electronic measurement systems for the petroleum industry, said third-quarter revenues increased 5 percent to $2.67 million as compared to $2.54 million in the same period last year.
For the first three quarters of 2001 revenues of $7.49 million reflect a 2-percent increase over the $7.32 million registered in the first nine months of 2000.
"As was the case last quarter, our fuel management system sales increased more than 20 percent versus the comparable year 2000 period," said Roger Brooks, INCON's president and CEO, said. "Year-to-date sales are 12 percent ahead of the first nine months of last year, and we've continued gaining acceptance for our fuel management systems at large convenience store chains and supermarkets that sell gasoline. It's encouraging that sales through distribution have also improved in the past 90 days, indicative of strengthening petroleum equipment and system demand."
Despite the spike in sales, Brooks is concerned the Sept. 11th attacks on America could perpetuate an already weak U.S. economy. "The tragedy of September 11th and the unfolding world events prompt us to be cautious about the future," he said. "The impact cannot yet be fully known, but will undoubtedly affect INCON if weakness in the economy causes our end-use customers to reduce capital spending. We are prepared for a downturn, if one should occur."