Adaptive Solutions announces 168 percent sales gain for third quarter.BEAVERTON Beaverton, city (1990 pop. 53,310), Washington co., NW Oreg., a suburb of Portland, in a farm area; inc. 1893. Beaverton is the heart of the Silicon Forest high-technology manufacturing complex. Headquarters for electronics companies and NIKE, Inc., are there. , Ore.--(BUSINESS WIRE)--Oct. 25, 1995--Adaptive Solutions Inc. (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 :ADSO), a manufacturer of image processing image processing Set of computational techniques for analyzing, enhancing, compressing, and reconstructing images. Its main components are importing, in which an image is captured through scanning or digital photography; analysis and manipulation of the image, accomplished and recognition products, today announced that revenue for the third quarter ended Sept. 30, 1995, was 168 percent above 1994's third quarter level, and that the company's operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. declined significantly. Total revenue for the quarter was $4,298,000, compared to the prior year's third quarter total of $1,601,000. Product revenue was $4,068,000, or 323 percent above last year's product revenue of $961,000. Research and development revenue in the latest quarter was $230,000, compared to $640,000 in 1994's third quarter. The net loss for the quarter was $296,000, compared to $876,000 in last year's third quarter. The net loss per share in the latest quarter was 5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , based on a weighted average of 6,015,000 shares outstanding. The loss per share in last year's third quarter was 23 cents, based on 3,764,000 weighted average shares outstanding. "We are pleased with our increased sales and reduced loss in the latest quarter," commented John Heightley, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Adaptive Solutions. "Our product revenue increased dramatically due mainly to shipments on two major 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 contracts which were announced in May and June June: see month. . "Shipments on these two contracts with our distributors, Matsushita Electric Industrial Co. Ltd. in Japan and Cromemco Cromemco was a Mountain View, California microcomputer company known for a series of high-end S-100 bus computers in the early days of the microcomputer revolution. Their machines were also known for generating computer graphics for television stations. Gmbh in Germany, will continue in the fourth quarter. We also recently announced a $1.8 million follow-on order from Matsushita, with shipments scheduled for 1996. "During the quarter we also had a successful introduction of version 1.2 of the software for our PowerShop(TM) accelerator accelerator: see particle accelerator. (1) A key combination such as Alt-G or Ctrl-Shift H that is used to activate a task. (2) An incubator that expects to develop the company considerably faster than normal. See incubator. for Adobe adobe (ədō`bē): see rammed earth. adobe Handmade sun-dried bricks formed from a mixture of heavy clay and straw found in arid regions. Systems' Photoshop(TM) at the Seybold Seminars in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden ," Heightley continued. "In addition to our own booth, PowerShop was shown by Apple, Eastman Kodak and Adobe in their booths, and we received very positive reviews in the key trade press." Adaptive Solutions designs and manufactures image processing and pattern recognition solutions using a unique, massively-parallel microprocessor microprocessor, integrated circuit containing the arithmetic, logic, and control circuitry required to interpret and execute instructions from a computer program. architecture. The company was founded in 1988 and completed the initial public offering of its common stock and warrants in November 1993. Additional information is available from the company's home page on the World Wide Web at http://www.asi.com. -0-
ADAPTIVE SOLUTIONS
Income Statement
(000, except per share)
(unaudited)
Quarter Ended Nine Months Ended
9/30/95 9/30/94 9/30/95 9/30/94
Net Product Revenue $4,068 $ 961 $5,224 $1,765 R&D Revenue 230 640 835 1,090 TOTAL REVENUE $4,298 $1,601 $6,059 $2,855 Cost of Product Revenue 2,453 526 3,706 1,080 Research & Development 996 714 2,701 2,106 Sales & Marketing 876 1,094 2,482 2,841 General & Administrative 266 164 763 595 TOTAL OPERATING EXPENSES $4,591 $2,498 $ 9,652 $ 6,622 OPERATING LOSS $ (293) $ (897) $(3,593) $(3,767) Interest Income 42 34 135 125 Interest Expense and Other (45) (13) (150) (58) NET LOSS $ (296) $ (876) $(3,608) $(3,700) NET LOSS PER SHARE (5 cents) (23 cents) (66 cents) (98 cents) Average Shares Outstanding 6,015 3,764 5,470 3,754
ADAPTIVE SOLUTIONS
Balance Sheets
(unaudited)
(000)
9/30/95 12/31/94
Cash and Cash Equivalents $3,188 $4,991 Trade Accounts Receivable 1,986 1,223 Inventory 2,488 1,165 Prepaid Expenses 89 128 TOTAL CURRENT ASSETS $7,751 $7,507 Property and Equipment - Net 1,814 948 Other Assets 7 7 TOTAL ASSETS $9,572 $8,462 Accounts Payable 507 321 Accrued Expenses 736 429 Accrual for Upgrade and Warranty 246 88 Current Portion - Capital Leases 397 86 Deferred Revenue 59 105 TOTAL CURRENT LIABILITIES $1,945 $1,029 Capital Leases, less Current Portion 676 108 Common Stock 28,684 25,481 Unearned Compensation (28) (59) Accumulated Deficit (21,705) (18,097) TOTAL STOCKHOLDERS' EQUITY $6,951 $7,325 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $9,572 $8,462 CONTACT: Adaptive Solutions Inc. Jack Carveth, 503/690-1236 or Harris Massey Herinckx Fletcher Fletcher may refer to one of the following: Ideas and companies
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