Accent Color Sciences, Inc. Reports Greatly Reduced Loss for the Third Quarter and First Nine Months of 1998.EAST HARTFORD East Hartford, urban town (1990 pop. 50,452), Hartford co., central Conn., on the Connecticut River opposite Hartford; settled c.1640, inc. 1783. East Hartford is a trucking and warehousing center, with bulk oil storage and distribution. , Conn.--(BUSINESS WIRE)--November 5, 1998--Accent Color Sciences, Inc. (Nasdaq: ACLR ACLR American Criminal Law Review (Georgetown University Law Center publication) ACLR Adjacent Channel Leakage Power Ratio ACLR Anterior Cruciate Ligament Reconstruction ACLR Amateur Cross Link Repeater ACLR Athlétic Club La Roche ), a leading provider of high-speed spot color printing systems, today announced that its net loss for the third quarter, ended September 30, 1998, was less than half the loss recorded in the year-earlier quarter, while the net loss for the first nine months of 1998 had been cut by more than $5 million from the year-ago result on a 55.8% increase in sales. For the third quarter, the net loss was $2,028,001, or $0.16 per diluted share, compared to a net loss of $4,479,855, or $0.44 per diluted share, for the third quarter of 1997. Sales for the most recent quarter were $664,689 compared to $738,775 a year ago. Sales in the quarter excluded $1 million of system shipments recorded as deferred revenue. The company shipped 16 Truecolor(TM) Systems and system upgrades during the quarter, up from 11 systems shipped during the second quarter. All of the shipments in the quarter were recorded as deferred revenue in keeping with the company's revenue recognition policy. In all, 32 Truecolor(TM) Systems and system upgrades have been shipped this year, increasing deferred revenue to $4.281 million from $2.496 million at the beginning of the year. At the end of the third quarter, the backlog stood at 36 systems, of which 19 are scheduled to be shipped during the fourth quarter. For the nine-month period, the net loss was $8,057,976, or $0.66 per diluted share, compared to a net loss for the 1997 period of $13,105,871, or $1.29 per diluted share. The net loss for the nine-month period, including the one-time non-cash imputed Attributed vicariously. In the legal sense, the term imputed is used to describe an action, fact, or quality, the knowledge of which is charged to an individual based upon the actions of another for whom the individual is responsible rather than on the individual's divides Corporation (NYSE NYSE See: New York Stock Exchange : IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) ) under which IBM provided Accent Color Sciences with a $2.5 million loan. As of September 30, the company's net tangible assets Net Tangible Assets Calculated as the total assets of a company, minus any intangible assets such as goodwill, patents and trademarks, less all liabilities and the par value of preferred stock. Also known as "net asset value" or "book value". were below the requirements for continued listing on the Nasdaq National Market. The any made significant progress in all of its criTM) Systems in customer environments during the quarter." Mr. Buchheit added that the third quarter was the first quarter in which the company's improved, wider prithe next year are on schedule." The third quarter was the first in which Mr. Buchheit was chief executive officer for the entire quarter. Accent Color Sciences, Inc. designs, manufactures and sells innovative, high-speed spot color printing systems -- Truecolor(TM) Systems system that prints or highlights critical infor, on-demand publications. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Stto a number of uncertainties and risks, and actual results may differ materially. Those risks and uncertaintitions. Further information on factors that could cause actual results to differ from those anticipated is detailed in the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for 1997, quarterly reports on Form 10-Q Form 10-Q See 10-Q. , and other filings with the Securities and Exchange Commission. NOTE: Press rel Results of Operations (Unaudited) ,070 3,423,716 6,735,083 Marketing, general and administrative 885,268 978,753 ,001) $(4,479,855) $(8,057,976) $(13,105,871) One-time non-cash imputed dividend on preferred stock -- -- (920,000) -- $(2,028,001) $(4,479,855) $(8,977,976) $(13,105,871) Net loss per common share, basic and diluted, prior to one-time non-cash imputed $(1.29) Weighted av. common shares outstanding 12,440,308 10,198,422 12,212,415 10,159,539 Balance Sheet Data (Unaudited) (In 000s) September 30, 1998 December 31, 1997 Cash and cash equivalents $ 2,097 $ 4,006 Working capital 4,008 4,836 Total assets 12,135 12,407 Deferred revenue 4,281 2,496 Total long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , less discount 2,203 0 Total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. 3,502 7,270 |
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