AXCESS Continues Strong Revenue Growth -- Company Reports Fourth Quarter Results.Business/Technology Editors DALLAS--(BUSINESS WIRE)--March 23, 2000 AXCESS Inc. (Nasdaq:AXSI) announced today fourth quarter 1999 revenues rose 66% from the third quarter 1999, increasing from $422,749 to $700,927. The year 1998 and the first half of 1999 were a development period for the company, following the sale of its laser printing business. For the year ending 1999 revenues totaled $1,246,880. There were no sales from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the in 1998. With the purchase of Prism Video, Inc.'s digital video technology in July July: see month. of 1999, AXCESS continues to develop and provide network-based solutions for bettering the utilization of corporate assets to improve operations productivity, physical security, asset management, manufacturing logistics, enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (commonly referred to as ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ), and financial reporting. The company now offers a unique, low cost system to locate and track assets and corporate activity enterprise-wide using the LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. network or the 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 . The system delivers automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. time and attendance data collection, hands-free hands-free hand adj → mains libres inv n (also: hands-free kit) → kit m mains libres inv hands-free adj ( personnel and vehicle access control to gates and facilities, asset protection, remote facility management, and video supervision directly to the desktop. AXCESS' products include ActiveTag(TM), a multi-use system utilizing hands-free, long-range long-range adj. 1. Of, suitable for, or reaching long distances: long-range missiles. 2. Requiring or involving an extended span of time: long-range planning. RFID (Radio Frequency IDentification) A data collection technology that uses electronic tags for storing data. The tag, also known as an "electronic label," "transponder" or "code plate," is made up of an RFID chip attached to an antenna. (radio frequency identification See RFID. ) technology to track and monitor people, assets, inventory and vehicles. The Prism Video family of products uses digital video compression Encoding digital video to take up less storage space and transmission bandwidth. See video codec and data compression. video compression - Compression of sequences of images. technology for enterprise multi-media transmission and digital recording. AXCESS' products incorporate the company's patented technologies in wireless, automatic identification and multi-media. On March 3rd, the company announced a strategic investment from incuVest LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , in part to develop an "e-supervisor" Internet portal product using its patented technologies and desktop software. The browser application A Browser Application is a computer software application that is coded in a browser-supported language (such as HTML, ASP, PHP, Perl, etc.) and reliant on a common web browser to render the application executable. delivers real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. asset and video information from the enterprise to managers, along with on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front access to stored asset and video data. The investment will also be used to expand the markets for the company's products. The company plans to close the incuVest, LLC investment by March 31, 2000 and anticipates it will continue to rely on outside sources of capital to fund operations and research and development. "We are very pleased with our continued sales growth. With the recent introduction of our new products, LANcorder(TM), LANconnect(TM) and ActiveTag(TM), we continue to be on the forefront of networked-based solutions for people, asset and inventory management. While serving our core security industry customers with networked-based solutions, our new products give us entry into much larger markets including general management, logistics, and enterprise resource planning," commented Allan Allan can refer to:
Net loss for the quarter ending December December: see month. 31, 1999 totaled $3.9 million or $1.19 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share, compared to a net loss of $5.5 million or $1.98 per basic and diluted common share, for the same quarter a year ago. The net loss for the year ending December 31, 1999 totaled $7.4 million or $2.36 per basic and diluted common share, compared to a net loss of $17.0 million or $6.32 per basic and diluted common share, for the same period a year ago. For more information on AXCESS' products, see the company's web site at www.axcessinc.com. AXCESS Inc., headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , provides network-based system solutions to the enterprise using patented technologies in wireless, automatic identification and multi-media for improving operations productivity, physical security, asset and inventory management, and ERP. Products include hands-free, long range RFID (radio frequency identification) technology used to track and monitor people, assets, inventory and vehicles as well as patented digital video compression technology for enterprise multi-media transmission and digital recording. -Tables to Follow- This press release includes "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the industries served by the company and its subsidiaries, conditions affecting the company's customers and suppliers, competitor responses to the company's products and services, the overall market acceptance of such products and services, access to capital and other factors disclosed in the company's Annual Report on Form 10KSB KSB Kogod School of Business (American University) KSB Kelley School of Business (Indiana University) KSB Kantonsschule Am Brühl St. for the year ended Dec. 31, 1998 and all of the company's subsequent Quarterly Reports on Form 10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound through December 31, 1999, especially in the "risk factors" sections of these annual and quarterly reports. Accordingly, although the company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
AXCESS INC.
CONDENSED BALANCE SHEETS
Assets December 31, 1999 December 31, 1998
------ ----------------- ------------------
Current assets:
Cash and cash equivalents $ 69,450 $ 1,575,429
Note receivable from
stockholder -- 1,030,624
Accounts receivable, net 459,654 30,987
Inventory 845,400 256,216
Prepaid expenses and other 695,334 160,087
----------------- ------------------
Total current assets 2,069,838 3,053,343
----------------- ------------------
Net assets of
discontinued operations -- 3,186,253
Note receivable from
stockholder 3,902,375 --
Property, plant and
equipment, net 544,441 574,499
Purchased technologies 6,043,142 1,714,449
Other noncurrent assets -- 542,804
----------------- ------------------
$ 12,559,796 $ 9,071,348
----------------- ------------------
Liabilities and Stockholders' Equity
------------------------------------
Current liabilities:
Notes payable to
stockholders $ 980,000 $ 1,966,900
Notes payable 22,309 90,882
Accounts payable 447,889 466,940
Accrued liabilities 1,242,098 2,466,341
----------------- ------------------
Total current liabilities 2,692,296 4,991,063
Notes payable, long-term 3,259,027 535,205
Notes payable to
stockholders 2,662,972 1,470,000
----------------- ------------------
Total liabilities 8,614,295 6,996,268
----------------- ------------------
Stockholders' equity:
Convertible preferred stock 33,598,919 27,179,880
Common stock 32,984 28,794
Nonvoting convertible
common stock 1,125 1,125
Paid-in capital 61,387,968 58,515,848
Accumulated deficit (91,075,495) (83,650,567)
----------------- ------------------
Total stockholders' equity 3,945,501 2,075,080
----------------- ------------------
$ 12,559,796 $ 9,071,348
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AXCESS INC.
CONDENSED STATEMENTS OF OPERATIONS
Years ended December 31, 1999 and 1998
December 31, 1999 December 31, 1998
------------------- ------------------
Sales $ 1,246,880 $ 43,146
Cost of sales 756,191 4,298
------------------- ------------------
Gross profit 490,689 38,848
Operating expenses:
Research and development 1,733,119 2,939,107
General and administrative 2,639,166 4,384,513
Selling and Marketing 2,560,739 633,277
Depreciation and
amortization 957,565 781,243
------------------- ------------------
Operating expenses 7,890,589 8,738,140
------------------- ------------------
Loss from operations (7,399,900) (8,699,292)
Other income (expense) 1,291,332 (510,936)
------------------- ------------------
Loss from continuing
operations (6,108,568) (9,210,228)
Income (loss) from
discontinued operations 1,708,545 (6,248,828)
------------------- ------------------
Net loss (4,400,023) (15,459,056)
Preferred stock dividend
requirements (3,024,905) (1,500,422)
------------------- ------------------
Net loss applicable to
common stock $ (7,424,928) $ (16,959,478)
=================== ==================
Basic and diluted net
loss per common share:
Continuing operations $ (2.90) $ (3.43)
Discontinued operations $ 0.54 $ (2.33)
Net loss $ (2.36) $ (6.32)
Weighted average shares 3,146,846 2,681,456
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