Accent Software International Ltd. reports third quarter results.Jerusalem--(BUSINESS WIRE)--Nov. 6, 1995--Accent Software International Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACNTF/ACNWF) today announced results for the third quarter and nine months ended Sept. 30, 1995. 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 three month period ended Sept. 30, 1995 increased approximately 800% to $1,296,079 compared to $141,414 in the same period in 1994. This overall sales increase was attributable to increases in package software units. The net loss for the third quarter ended Sept. 30, 1995 was $1,460,893, or $(0.30) per share on 4,880,076 weighted average shares, compared to a net loss of $940,233, or $(0.31) per share on 3,050,476 weighted average shares, in the same period in 1994. Net sales for the nine month period ended Sept. 30, 1995 increased approximately 240% to $3,446,718 compared to $1,004,963 in the same period in 1994. The net loss was $4,330,473, or $(1.17) per share on 3,709,232 weighted average shares, for the first nine months of 1995 and a net loss of $1,978,098, or $(0.78) per share on 2,544,691 weighted average shares, for the comparable 1994 period. Overall, the Company's sales results in the third quarter of 1995 were slowed compared to the second quarter of 1995 due to the shortage of marketing funds available. Additionally, the third quarter was affected by the decision of the parent company of a customer (a large distributor) to refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. its business and to end its software distribution activities. This resulted in a return to Accent of approximately $167,000 in product which was originally shipped in the second quarter. In July July: see month. 1995, the Company completed an Initial Public Offering (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. ) in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Pursuant to the IPO, the Company issued 1,874,500 Ordinary Shares at the price of $6.50 per share, and 937,250 Redeemable Redeemable Eligible for redemption under the terms of an indenture. Warrants at a price of $0.10 per Warrant. The Warrant entitles the owner to purchase Ordinary Shares at any time until July, 1998 at an exercise price of $8.50 per share. The proceeds received by the Company from the IPO approximated $10,100,000 (net of expenses of $2,100,000). Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Rosenschein, President and Chief Executive Officer, stated, "With the completion of the IPO, the Company now has the capital to expand its sales and marketing efforts, and has recently added a U.S.-based sales group. Introduction of a truly global software product is challenging, particularly for Accent which has potential interest in every country in the world. We are pleased with the distribution arrangements we have made to date and we anticipate that sales will increase from these arrangements and other activities as marketing and advertising efforts are effectively expanded." Accent Software International designs and develops multilingual mul·ti·lin·gual adj. 1. Of, including, or expressed in several languages: a multilingual dictionary. 2. Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and word processing word processing, use of a computer program or a dedicated hardware and software package to write, edit, format, and print a document. Text is most commonly entered using a keyboard similar to a typewriter's, although handwritten input (see pen-based computer) and software products for retail, corporate, educational, government and 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 customers, and markets these products in more than 20 countries. Founded in 1988, Accent Software International is a publicly-held company (NASDAQ: ACNTF) and is headquartered in Jerusalem. -0-
Accent Software International Ltd.
Condensed Statements of Operations
(Unaudited)
(In U.S. Dollars)
For The For The
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Net Sales $1,296,079 $141,414 $3,446,718 $1,004,963
Operating Costs
and Expenses:
Cost of Sales 937,295 245,861 2,162,100 801,126
Product Development
Costs, Net 412,353 135,477 785,156 313,837
Marketing Expenses 875,399 424,421 3,260,728 1,103,153
General and
Administrative
Expenses 520,837 264,366 1,386,884 677,073
Total Operating Costs and Expenses 2,745,884 1,070,125 7,594,868 2,895,189 Operating Loss (1,449,805) (928,711) (4,148,150) (1,890,226) Financing Expenses, Net 11,088 11,522 182,323 87,872 Net Loss $(1,460,893) $(940,233) $(4,330,473) $(1,978,098) Net Loss Per Share $ (0.30) $ (0.31) $ (1.17) $ (0.78) Weighted Average Number of Shares 4,880,076 3,050,476 3,709,232 2,544,691-0- Note to Editors: Accent is a trademark of Accent Software International Ltd. CONTACT: Accent Software International Ltd. Norman Kreger, 011-972-2-793-723 Ext. 243 Normank@accent.co.il Michael Sondhelm, 011-972-2-793-723 Ext. 290 Michaels@accent.co.il Home Page: http://www.accentsoft.com or Wolfe Axelrod Ax·el·rod , Julius 1912-2004. American biochemist and pharmacologist. He shared a 1970 Nobel Prize for studies of the ways in which different substances affect neural impulses. Associates Mona J. Walsh or Gordon H. Wolfe Joel Herskovits or Barbara Yu (Media) 212/370-4500 76015.440@compuserve.com |
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