Accent Color Sciences Reports Substantially Improved 1998 Second Quarter and First Half 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)--July 30, 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 substantially improved operating results for the three and six months ended June June: see month. 30, 1998. The Company shipped 11 Truecolor
Truecolor is a method of representing and storing graphical image information (especially in computer processing) such that a very large number of colors, shades, and hues can be displayed at once, such as (TM) Systems, including Truecolor(TM) Systems upgrades, valued at $875,000, during the second quarter of 1998, which were recorded as deferred revenue in keeping with the Company's revenue recognition policy. This compares to 5 systems shipped in the first quarter of 1998. The backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. doubled to 36 Truecolor(TM) Systems, 9 of which are Truecolor(TM) System upgrades, as of June 30, 1998, from 18 systems as December December: see month. 31, 1997. This backlog of 36 systems is scheduled for shipment in the third and fourth quarters of 1998. Revenue recognized for the 1998 second quarter was $421,517 compared to $546,407 in the year ago period. Sales for the 1998 first half increased to $1,338,250 from sales of $546,407 in the 1997 first half. The net loss for the 1998 second quarter showed an improvement of $1,575,387 and narrowed to $2,954,604, or $0.24 per share, from a net loss of $4,529,991, or $0.45 per share, in the second quarter a year ago. The narrowing of the loss was due to the significant cost reductions and cost controls put in place during 1998 first half. For the six months ended June 30, 1998, the net loss was $6,029,976, or $0.50 per share, prior to the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. 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, compared to a net loss of $8,626,016, or $0.85 per share, in the first half of 1997. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by E. Buchheit, President and Chief Executive Officer, stated: "Our second quarter results are on track with our internal expectations. They reflect our continuing progress towards introducing and integrating our Truecolor(TM) Systems into demanding production environments across a broad base of users and positioning the Company for reaching sustainable profitability during 1999. "We are pleased by the progress that our partners are making in their marketing efforts with our Truecolor(TM) Systems, which are being installed in key production printing lines at strategic high volume user sites, both domestically and internationally. Last month, we received an order from 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) for 15 additional Truecolor(TM) Systems and, in July July: see month. , participated in a well-attended open house in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , sponsored by
BB-DATA, who is a customer of IBM and an enthusiastic user of IBM's
InfoPrint(R) Hi-Lite Color post processor which incorporates our
Truecolor(TM) System."Accent Color Sciences, Inc. designs, manufactures and sells innovative, high-speed 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 printing systems - Truecolor(TM) Systems - for the production printing and production publishing segments of the printing industry. Truecolor(TM) 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. "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: The statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. 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 raise capital sufficient to support its business plan; (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. NOTE: 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.
Statement of Operations Data
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
1998 1997 1998 1997
Sales $421,517 $546,407 $1,338,250 $546,407
Costs and expenses:
Costs of
production 1,149,207 1,594,218 2,777,255 2,528,436
Research and
development 1,049,155 2,237,589 2,528,102 4,366,039
Marketing,
general and
administrative 1,210,130 1,332,448 2,119,472 2,490,217
3,408,492 5,164,255 7,424,829 9,384,692
Other (income) expense:
Interest expense 7,310 72,001 15,093 141,699
Interest income (39,681) (159,858) (71,696) (353,968)
(32,371) (87,857) (56,603) (212,269)
Net Loss $(2,954,604) $(4,529,991) $(6,029,976) $(8,626,016)
One time non-cash
imputed dividend
on preferred stock - - (920,000) -
$(2,954,604) $(4,529,991) $(6,949,976) $(8,626,016)
Net loss per common
share (basic &
diluted), prior to
one time non-cash
imputed dividend
on preferred stock (0.24) (0.45) (0.50) (0.85)
Net loss per common
share (basic &
diluted), attributable
to one time non-cash
imputed dividend on
preferred stock - - (0.08) -
Net loss per common
share (basic &
diluted), after one
time non-cash imputed
dividend on preferred
stock $(0.24) $(0.45) $(0.57) $(0.85)
Weighted average number
of common shares
outstanding 12,198,836 10,139,775 12,096,580 10,139,775
ACCENT COLOR SCIENCES, INC.
Balance Sheet Data
(in thousands -- unaudited)
June 30, 1998 December 31, 1997
Cash and cash equivalents $ 1,430 $ 4,006
Working capital 3,258 4,836
Total assets 10,798 12,407
Deferred revenue 3,281 2,496
Short-term debt - -
Long-term debt, less current portion - -
Total shareholders' equity 5,205 7,270
CONTACT: Accent Color Sciences, Inc.
Patrick Pedonti, Chief Financial Officer
860/610-4045
or
Kehoe, White, Savage & Company, Inc.
Van Negris / Philip J. Denning
212/888-1616
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