Accelr8 Technology Corporation Reports Third-Quarter 2004 Results.Business Editors DENVER--(BUSINESS WIRE)--June 15, 2004 Accelr8 Technology Corporation (AMEX AMEX See: American Stock Exchange :AXK) today reported a loss of $335,000, or $0.03 per share, on net revenues of $132,000 for the quarter ended April 30, 2004. In the comparable quarter of fiscal 2003, Accelr8, whose fiscal year ends July 31, reported a net loss of $214,000, or $0.02 per share, on net revenues of $276,000. Thomas Geimer, Accelr8's chairman and chief executive officer, noted that third-quarter results do not include $60,000 in deferred revenue for work delivered in April, but not reimbursed until May, pursuant to a proof-of-principle testing agreement regarding a customized surface coating Surface coating A substance applied to other materials to change the surface properties, such as color, gloss, resistance to wear or chemical attack, or permeability, without changing the bulk properties. for a major life sciences company. Included in third-quarter net revenues were $106,000 from the Company's software business, consisting of tools for legacy-code modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, and the resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. of third-party software. "As announced last month, we have signed a letter of intent to sell the software business in a transaction valued at approximately $700,000, including approximately $200,000 in deferred maintenance revenues which the Company will recognize as current revenue at the time of closing," said Geimer. The consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the sale of the software business is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the execution of a definitive asset sale agreement upon conclusion of the buyer's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Howson, Accelr8's president, the anticipated sale will allow the Company to devote its full attention to advancing the biosciences side of Accelr8's business. In particular, the company is now focusing development efforts on the BACcelr8r(TM), a rapid-response microbial microbial pertaining to or emanating from a microbe. microbial digestion the breakdown of organic material, especially feedstuffs, by microbial organisms. diagnostic platform intended initially for use in the identification of bacterial infections in critically ill patients. It is anticipated that the BACcelr8r will provide within eight hours or less data that with conventional bacterial analyses is typically delayed for 48-72 hours. "In many situations -- ventilator-associated pneumonia Ventilator-associated pneumonia (VAP) is a sub-type of hospital-acquired pneumonia (HAP) which occurs in people who are on mechanical ventilation through an endotracheal or tracheostomy tube for at least 48 hours. , for example -- the quality of the patient's outcome depends on a timely, specific diagnosis and quick initiation of an appropriate antibiotic antibiotic, any of a variety of substances, usually obtained from microorganisms, that inhibit the growth of or destroy certain other microorganisms. Types of Antibiotics ," said Howson. "We believe that the BACcelr8r will rapidly identify infectious organisms and test them for antibiotic resistance antibiotic resistance, n the ability of certain strains of microorganisms to develop resistance to antibiotics. antibiotic resistance . Therefore, the BACcelr8r has the potential, we believe, to significantly improve medical outcomes, reducing both mortality and the expenses associated with an extended stay in the intensive care unit." As announced on May 20, 2004, the Company has filed a provisional patent application for the technology that supports the BACcelr8r platform, including disposable analytical chips coated with OptiChem(TM) surface chemistry and an automated instrument that will incorporate Accelr8's high-sensitivity detection and high-speed processing technology. About Accelr8 Technology: Accelr8 Technology Corporation (www.accelr8.com) is a developer of innovative materials and instrumentation for advanced bio-analytical applications in basic research, drug discovery, molecular diagnostics, and pathogen Pathogen Any agent capable of causing disease. The term pathogen is usually restricted to living agents, which include viruses, rickettsia, bacteria, fungi, yeasts, protozoa, helminths, and certain insect larval stages. detection for bio-defense and food safety. The company sells OptArray(TM) microarraying slides and OptiPlate(TM) multiplexed arrayable microtiter plates A Microtiter plate or microplate is a flat plate with multiple "wells" used as small test tubes. The microplate has become a standard tool in analytical research and clinical diagnostic testing laboratories. . It is also developing advanced detection instrumentation based on its QuanDx(TM) and YoDx(TM) array processing Array processing is signal processing of the outputs of an array of sensors to:
Safe-harbor Statement: Certain statements in this news release, including but not limited to statements regarding the anticipated sale of the Company's software business, may be 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statement, including those detailed in the company's filings with the Securities and Exchange Commission. Accelr8 Technology Corporation disclaims any intent or obligation to update these forward-looking statements.
Accelr8 Technology Corporation
Statements of Operations
(Unaudited)
Three Months Ended Nine Months Ended
April 30, April 30, April 30, April 30,
2004 2003 2004 2003
Revenues:
Consulting fees $ - $ 5,000 $ - $ 25,000
Product license and
customer support
fees 23,062 3,536 67,039 137,870
Resale of software
and support
purchased 85,354 252,417 263,724 475,940
OptiChem(TM) revenue 26,262 17,945 85,514 36,547
Provision for sales
returns and
allowances (2,375) (2,450) (5,265) (6,405)
Net revenues 132,303 276,448 411,012 668,952
Costs & expenses:
Cost of services 7,443 13,169 21,407 34,840
Cost of purchased
software and
customer support
for resale 14,724 44,137 50,535 82,901
Cost of sales-
OptiChem 14,520 6,242 38,777 12,878
General and
administrative 198,276 225,515 728,193 607,440
Marketing and sales 24,570 79,939 149,628 223,907
Research and
development 127,829 121,941 408,194 344,225
Amortization 58,128 60,075 174,384 179,955
Depreciation 14,886 7,695 34,968 19,995
Total Costs and
Expenses 460,376 558,713 1,606,086 1,506,141
Loss from operations (328,073) (282,265) (1,195,074) (837,189)
Other income (expense):
Interest income 15,808 22,070 48,084 83,537
Realized gain (loss)
on investment - - 1,975 (2,593)
Unrealized gain (loss)
on investment (22,270) 45,997 15,359 18,457
Total other income
(expense) (6,462) 68,067 65,418 99,401
Loss before income
taxes (334,535) (214,198) (1,129,656) (737,788)
Income tax benefit - - - 19,431
Net Loss $ (334,535) $ (214,198) $(1,129,656) $ (718,357)
Net loss per share -
basic and diluted $ (0.03) $ (0.02) $ (0.11) $ (0.08)
Weighted average
shares outstanding
- basic and diluted 9,961,210 9,421,322 9,961,210 9,414,507
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