ACCENT SOFTWARE INTERNATIONAL LTD. REPORTS FOURTH QUARTER AND YEAR END RESULTS - Revenues Increase 177% Over 1994.JERUSALEM, Israel--(BUSINESS WIRE)--February 21, 1996--Accent Software International Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACNTF) today announced results for the fourth quarter and year ended December 31, 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three month period ended December 31, 1995 increased approximately 100% to $1,688,053 compared to $846,511 in the same period in 1994. This overall sales increase was attributable to increases in the sale of package software units. The net loss for the fourth quarter ended December 31, 1995 was $3,517,965, or $(0.63) per share on 5,552,004 weighted average shares, compared to a net loss of $1,154,765 or $(0.33) per share on 3,473,044 weighted average shares, in the same period in 1994. Net sales for the twelve month period ended December 31, 1995 increased approximately 177% to $5,134,771 compared to $1,851,474 in the same period in 1994. The net loss for 1995 was $7,848,438, or $(1.83) per share on 4,280,673 weighted average shares, versus a net loss of $3,132,863, or $(1.02) per share on 3,079,115 weighted average shares, for the comparable 1994 period. Robert Rosenschein, President and Chief Executive Officer, stated, "1995 will be remembered as an exciting year of growth. We positioned the Company as the key multilingual mul·ti·lin·gual adj. 1. Of, including, or expressed in several languages: a multilingual dictionary. 2. player in the fast-growing Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the market, aggressively developed unique and powerful global software products, successfully capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. the Company to grow and compete in a highly dynamic industry, and began the initial phases of introducing our products to the world." Mr. Rosenschein further explained, "The fourth quarter results reflect a full quarter of significant marketing expenditures including the U.S. Fall Comdex tradeshow and the opening of a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. sales office. These additional 1995 expenditures, however, are already benefitting our revenue base for 1996. Negatively affecting fourth quarter results is a $400,000 bad debt provision on a third quarter sales transaction to a European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. customer. Aggressive legal action is being taken to protect our claim. We believe it prudent to immediately recognize financial problems of this nature." Mr. Rosenschein added, "Our challenges as a Company are great, our understanidng of them is clear and we are confident in our focus. We enter 1996 with partial first quarter software product package order volumes exceeding the full 1995 fourth quarter package order revenues. Accent is beginning to deliver on the $2.4 million contract with TheOnRamp, and discussions with potential OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers and Internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. are at an all time high." In July 1995, the Company completed an Initial Public Offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) of 1,874,500 Ordinary Shares and 937,250 Redeemable Redeemable Eligible for redemption under the terms of an indenture. Warrants in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . In November 1995, the Company realized the full exercise of Warrants issued in connection with the IPO. In total, approximately $17.8 million was raised by the Company through the IPO and Warrant redemption. Subsequent to the July IPO, the Company successfully began to meet its plan to bring to market new products in the multilingual software area, including Accent Duo with Translation, which integrates Accent's popular multilingual word processor with translation capabilities, and with Internet with an Accent, which opens the Internet to people around the world who need to work in languages other than simply English. -0- Accent Software International Ltd. designs and develops multilingual Internet and word processing word processing, use of a computer program or a dedicated hardware and software package to write, edit, format, and print a document. Text is most commonly entered using a keyboard similar to a typewriter's, although handwritten input (see pen-based computer) and software products for retail, corporate, educational, government and OEM customers, and markets these products in more than 30 countries. Founded in 1988, Accent Software International Ltd. is headquartered in Jerusalem, Israel. Accent, Internet with an Accent and Accent Duo are trademarks of Accent Software International Ltd. -0-
ACCENT SOFTWARE INTERNATIONAL LTD.
CONDENSED STATEMENTS OF OPERATIONS
(In U.S. Dollars)
For The Three Months Ended For The Twelve Months Ended
December 31, December 31,
(Unaudited) (Audited)
1995 1994 1995 1994
Net Sales $1,688,053 $846,511 $5,134,771 $1,851,474
Operating Costs
and Expenses:
Cost of Sales 809,495 353,710 2,971,595 1,154,836
Product
Development
Costs, Net 311,677 193,062 1,096,833 506,899
Marketing Expenses 2,694,085 1,011,595 5,954,813 2,114,748
General and
Administrative
Expenses 1,408,622 393,836 2,795,506 1,070,909
Total Operating Costs and Expenses 5,223,879 1,952,203 12,818,747 4,847,392 Operating Loss (3,535,826) (1,105,692) (7,683,976) (2,995,918) Financing Income (Expenses), Net 17,861 (49,073) (164,462) (136,945) Net Loss $(3,517,965) $(1,154,765) $(7,848,438) $(3,132,863)
Net Loss Per Share $(0.63) $(0.33) $(1.83)
$(1.02)
Weighted Average Number of Shares 5,552,004 3,473,044 4,280,673 3,079,115 CONTACT: ACCENT SOFTWARE INTERNATIONAL LTD. Norman Kreger, Director Corporate Communications Corporate communications is the process of facilitating information and knowledge exchanges with internal and key external groups and individuals that have a direct relationship with an enterprise. 011-972-2-793-723, ext. 243 Internet: normank@accentsoft.com Michael Sondhelm, Controller 011-972-2-793-723, ext. 290 Internet: michaels@accentsoft.com Home Page: http://www.accentsoft.com or WOLFE AXELROD Ax·el·rod , Julius 1912-2004. American biochemist and pharmacologist. He shared a 1970 Nobel Prize for studies of the ways in which different substances affect neural impulses. ASSOCIATES Mona J. Walsh Joel Herskovits Gordon H. Wolfe Barbara Yu (Media) 212-370-4500 e-mail: 76015.440@compuserve.com |
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