Accent Color Sciences Announces Fourth Quarter and Year End 1996 Results.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)--Feb. 27, 1997--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 ) today announced results for the fourth quarter and year ended December December: see month. 31, 1996. Accent Color Sciences is a development stage company that develops and manufactures high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. , 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 printers called Truecolor Systems(TM) and sells related consumables. The systems are designed to be integrated with high-speed, high-volume, black-on-white printers. For 1996, Accent Color Sciences reported a net loss of $13.7 million, or a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss of $1.93 per share. The net loss for the year included an extraordinary charge of $573,303, related to the early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. This compares with a net loss of $4.2 million, or a pro forma net loss of $0.66 per share, for the same period last year. Accent Color Sciences expects quarterly net losses will continue through at least the fourth quarter of 1997. For the fourth quarter ended December 31, 1996, Accent Color Sciences reported a net loss of $4.9 million, or a pro forma net loss of $0.69 per share. The net loss for the quarter included an extraordinary charge of $573,303. This compares with a net loss of $1.1 million, or a pro forma net loss of $0.16 per share, for the comparable 1995 period. In 1996, the Company entered into agreements with two original equipment manufacturers (OEMs), International Business Machines Corporation and Xerox Corporation (company) XEROX Corporation - http://xerox.com/. See also XEROX PARC, XEROX Network Services. , to market and distribute the Company's Truecolor Systems. During 1996, Accent Color also entered into a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with Oce Printing Systems USA. 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. market research, 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) , Xerox and Oce accounted for approximately 80% of the high-speed, black-on-white printing systems sold in the U.S. during 1994 and 1995. These three relationships give Accent Color access to that market. In December 1996, Accent Color significantly strengthened its financial position through the completion of an initial public offering. In 1996, a portion of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $24.4 million from the 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. were used to repay debt. In 1997, the Company plans to use the funds from the IPO for working capital, general corporate purposes, including the expansion of manufacturing, development, engineering and customer-support capabilities as well as for the commercial production of additional Truecolor Systems and possible further debt reduction. Accent Color Sciences' President and Chief Executive Officer, Norman L. Milliard mil·liard n. Chiefly British The cardinal number equal to 109. [French, from Old French milliart, from milion, million; see million. , said, "We are encouraged by the significant progress we have made during 1996 toward the commercial introduction of our Truecolor Systems. During the year, we established marketing and distribution agreements with IBM and Xerox, two of the most important participants in the printing industry, and we look forward to the successful launches of Truecolor Systems by both of these 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 partners." Accent Color Sciences, Inc. designs, manufactures and sells innovative, high-speed, spot color printing systems for integration with digital, high-speed, black-on-white printers and sells related consumables. Spot color printing involves the use of color not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed. See also: Color to enhance traditional black-on-white documents by accenting critical information, such as the balance due on a billing statement, or by printing graphics, such as a company logo. 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 introduction and shipment of the Company's products and 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 dependence of the Company on third party marketing, distribution and support, including control of the Company's OEM customers over the timing of the introduction of its products and the need for the Company to complete and satisfy extensive testing requirements before its products are introduced; (ii) the ability of the Company to develop and produce its products on a timely basis; (iii) the level of customer acceptance of the Company's products; and (iv) 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 Prospectus, dated December 18, 1996 which has been filed with the Securities and Exchange Commission. Any forward-looking information should be considered in light of these factors. -0-
ACCENT COLOR SCIENCES, INC.
STATEMENT OF OPERATIONS
Dollars in thousands, except per-share amounts
Year ended Year ended
Dec. 31, 1996 Dec. 31, 1995
Sales $ -- $ --
Costs and expenses:
Costs of production 1,272 --
Research & development 6,932 3,051
Marketing, general &
administrative 4,394 1,003
Related party
administrative expense 25 80
12,623 4,134
Other (income) expense:
Interest expense 656 83
Interest income (113) --
543 83
Net loss before
extraordinary item (13,166) (4,217)
Extraordinary item:
Loss on early
extinguishment of debt,
net of income taxes
of $0 573 --
Net loss $(13,739) $ (4,217)
Pro forma net loss per
common share:
Loss before
extraordinary item $ (1.85) $ (0.66)
Extraordinary loss (0.08) --
$ (1.93) $ (0.66)
ACCENT COLOR SCIENCES, INC.
STATEMENT OF OPERATIONS
Dollars in thousands, except per-share amounts
Three months Three months
ended ended
Dec. 31, 1996 Dec. 31, 1995
Sales $ -- $ --
Costs and expenses:
Costs of production 702 --
Research & development 1,844 596
Marketing, general &
administrative 1,523 361
Related party
administrative expense -- 80
4,069 1,037
Other (income) expense:
Interest expense 334 48
Interest income (44) --
290 48
Net loss before
extraordinary item (4,359) (1,085)
Extraordinary item:
Loss on early
extinguishment of debt,
net of income taxes
of $0 573 --
Net loss $ (4,932) $ (1,085)
Pro forma net loss per
common share:
Loss before
extraordinary item $ (0.61) $ (0.16)
Extraordinary loss (0.08) --
$ (0.69) $ (0.16)
ACCENT COLOR SCIENCES, INC.
BALANCE SHEET DATA
Dollars in thousands
December 31, 1996 December 31, 1995
Cash and cash equivalents $20,289 $ 1
Working capital (deficit) 18,189 (1,862)
Total assets 26,951 728
Short-term debt 1,000 50
Long-term debt, less
current portion 1,272 2,020
Total shareholders'
equity (deficit) 19,345 (3,164)
CONTACT: Stephen Henn Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Randolph Accent Color Sciences Cindy Lyman Chief Financial Officer -or- Gavin Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic & Co. 860-610-4104 212-373-0200 |
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