Accent Color Sciences Announces 1998 First Quarter Results; Net Loss Narrows.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)--May 1, 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 development stage company, today announced that the net loss for the 1998 first quarter narrowed to $3.1 million, or $0.26 per share (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. ) from a net loss of $4.14 million, or $0.40 per share (basic and diluted), in the fourth quarter a year ago. Including the effect of a $920 thousand 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 dividend on preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , the net loss applicable to common stock for the 1998 first quarter was $3.9 million, or $0.33 per share (basic and diluted). 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 1998 first quarter were $917 thousand compared to none in the similar period a year ago. The Company shipped 5 Truecolor Systems during the first quarter of 1998, which were recorded as deferred revenue in keeping with the Company's revenue recognition policy. The backlog, as of March 31st, was 33 Truecolor Systems, of which 12 are Truecolor System upgrades, scheduled for shipment through March 31, 1999. Norman L. Milliard mil·liard n. Chiefly British The cardinal number equal to 109. [French, from Old French milliart, from milion, million; see million. , current President and Chief Executive Officer and incoming Vice Chairman and Chief Technology Officer of Accent Color Sciences, stated: "During the quarter, we launched, on schedule, our new and enhanced version of the Accent Color Truecolor System, which is now being actively marketed by 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) and Group SET International. We have also begun the implementation of a variety of marketing and support programs to increase our strategic partners' sales potential." Charles E. Buchheit, incoming President and Chief Executive Officer of Accent Color Sciences, Inc., added: "We are pleased to have a shippable second generation product to engage the production printing and publishing industry. Throughout the rest of the year and going into 1999, our focus will be on working with our marketing partners and our user community to introduce our enhanced Truecolor Systems into key industries with spot color A color that is printed from one printing plate which contains one matched color of ink. Spot colors are used when only one or two solid colors are needed on a page or when a color has to match perfectly and be consistent such as with a company logo or when colors are the trademark of the applications that have broad relevance in billing, direct marketing and other customized printing areas. As our Truecolor Systems demonstrate their capabilities, performance and reliability in these demanding high volume production environments, we will seek to expand the installed base of Truecolor Systems at each user site." Accent Color Sciences, Inc. designs, manufactures and sells innovative, high-speed spot color printing systems - Truecolor Systems - for the production printing and production publishing segments of the printing industry. Truecolor Systems, when integrated with high-speed, digital, black-on-white printers, creates a system that prints or highlights critical information in multiple colors for large-volume applications. Such applications include billing statements, account statements, invoices, legal notices, brochures, financial reports and short-run, on-demand publications. -0- "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. " Statement Under 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: This press release contains forward looking information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the projected timing of the introduction and shipment of the Company's products and certain other matters that involve a number of risks and uncertainties that may cause actual results to differ materially from expectations. Those risks and uncertainties include, but are not limited to: (i) the level of customer acceptance of the Company's products; (ii) the ability of the Company to develop and introduce new products; (iii) the dependence of the company on third party suppliers for certain key technology elements; and (iv) the potential fluctuations in the Company's quarterly results of operations. 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. The statements contained herein express the Company's expectations only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any such statement is based. Press releases and other information are available on Accent Color Sciences' World Wide Web site at http://www.accentcolor.com. -0-
ACCENT COLOR SCIENCES, INC.
RESULTS OF OPERATIONS
(IN THOUSANDS, EXCEPT FOR PER SHARE DATA)
Three Months Ended
March 31,
1998 1997
Sales $ 917 $ --
Costs and expenses:
Costs of production 1,628 934
Research and development 1,479 2,128
Marketing, general
and administrative 909 1,158
4,016 4,220
Other (income) expense
Interest expense 8 70
Interest income (32) (194)
(24) (124)
Net loss $ (3,075) $ (4,096)
Imputed dividend on preferred stock (920) --
Net loss applicable to common stock (3,995) (4,096)
Net loss per common share
(basic and diluted) (0.33) (0.40)
Weighted average number
of common shares outstanding 11,993,188 10,139,775
BALANCE SHEET DATA
March 31, 1998 Dec. 31, 1997
Cash and cash equivalents $ 4,735 $ 4,006
Working capital 6,049 4,836
Total assets 13,554 12,407
Short-term debt -- --
Long-term debt, less current portion -- --
Total shareholders' equity (deficit) 8,160 7,270
CONTACT: Patrick Pedonti, Chief Financial Officer Accent Color Sciences, Inc. 860/610-4045 or Van Negris/Philip J. Denning Denning can be: ...a placename, as in the following
Kehoe, White, Savage & Company, Inc. 212/888-1616 |
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