Adaptive Solutions announces 296 percent sales gain and first-ever quarterly profit.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 fourth quarter ended Dec. 31, 1995, was 296 percent above 1994's fourth-quarter level, and that the company recorded the first profitable quarter in its history. Total revenue for the quarter was $4,718,000, compared to the prior year's fourth-quarter total of $1,192,000. Product revenue was $4,189,000, or 591 percent above last year's product revenue of $606,000. Research and development revenue in the latest quarter was $529,000, compared to $586,000 in 1994's fourth quarter. Net income for the quarter was $195,000, compared to a loss of $1,103,000 in last year's fourth quarter. Net income per share in the latest quarter was 3 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 7,051,000 shares outstanding. The loss per share in last year's fourth quarter was 26 cents, based on 4,246,000 weighted average shares outstanding. For the full-year 1995, revenue was $10,777,000, or 166 percent above 1994's total of $4,047,000. The net loss for the year was $3,412,000, or 61 cents per share, compared with a loss of $4,803,000, or $1.23 per share. "This quarter's profitability marks a major milestone for us," 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 significantly due mainly to continued shipments on two previously announced 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 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 (for Siemens A.G.) in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). . We also saw a healthy increase in shipments of Powershop(TM), our proprietary 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 Photoshop See Photoshop. (TM), during the quarter." In addition, Heightley cautioned, "To continue the sales and earnings results we had in the fourth quarter, we need an on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" ramp-up in Powershop shipments, as well as new OEM contracts." Adaptive Solutions designs and manufactures image processing and pattern recognition solutions using a unique, massively parallel See MPP. 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 November: see month. 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
(000s, except per share)
Quarter ended Year ended
Dec. 31, Dec 31,
1995 1994 1995 1994
Net product revenue $ 4,189 $ 606 $ 9,414 $ 2,371 R&D revenue 529 586 1,363 1,676 TOTAL REVENUE 4,718 1,192 10,777 4,047 Cost of product revenue 2,426 311 6,132 1,391 Research and development 886 719 3,587 2,825 Sales and marketing 823 968 3,305 3,809 General and administrative 375 350 1,138 945 TOTAL OPERATING EXPENSES 4,510 2,348 14,162 8,970 OPERATING INCOME (LOSS) 208 (1,156) (3,385) (4,923) Interest income 23 43 158 168 Interest (expense) and other income (expense) (36) 10 (185) (48) NET INCOME (LOSS) 195 (1,103) (3,412) (4,803) NET LOSS PER SHARE 3 CENTS (26 CENTS) (61 CENTS) (1.23) Average shares outstanding 7,051 4,246 5,605 3,891
BALANCE SHEETS
(000s)
Dec 31, 1995 Dec 31, 1994
Cash and cash equivalents $ 974 $ 4,991 Trade accounts receivable 4,220 1,223 Inventory 2,885 1,165 Prepaid expenses 184 128 Other current assets 197 -- TOTAL CURRENT ASSETS 8,460 7,507 Property and equipment, net 1,754 948 Other assets 7 7 TOTAL ASSETS 10,221 8,462 Accounts payable 624 322 Accrued expenses 1,166 428 Accrual for upgrade and warranty 244 88 Current portion -- capital leases 476 86 Deferred revenue 67 105 TOTAL CURRENT LIABILITIES 2,577 1,029 Capital leases, less current portion 496 108 Common stock 28,674 25,481 Unearned compensation (17) (59) Accumulated deficit (21,509) (18,097) TOTAL STOCKHOLDERS' EQUITY 7,148 7,325 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 10,221 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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