Adrenalin Interactive Inc. Announces Results for the Second Quarter Fiscal 1999.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--Feb. 11, 1999-- - Revenues Increase 96% - Adrenalin Adrenalin /Adren·a·lin/ (ah-dren´ah-lin) trademark for preparations of epinephrine. A·dren·a·lin A trademark for a preparation of epinephrine. Interactive 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 : ADRN ADRN Attention Deficit Resource Network ADRN Antimalarial Drug Resistance Network ADRN Advance Document Revision Notice (Boeing configuration management form) ), today announced its financial results for the second fiscal quarter ended December December: see month. 31, 1998. Revenues for the quarter ended December 31, 1998 were up 96% to $735,502 compared with $375,072 for the immediately preceding quarter ended September September: see month. 30, 1998. This was due to new development business in video and computer games, new projects in internet-refreshed toys, and royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. from TV Mouse and others. For the same periods, cash for the quarter ended December 1998 was up 70% to $365,771 compared with $239,775 for the quarter ended September 30, 1998. When amortization and depreciation are excluded, the results for the quarter were about breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations . When amortization and deprecation dep·re·cate tr.v. de·pre·cat·ed, de·pre·cat·ing, de·pre·cates 1. To express disapproval of; deplore. 2. To belittle; depreciate. are included, the loss for the quarter ended December 31, 1998 showed a dramatic improvement, dropping to ($193,373) vs. ($603,909) for the quarter ended September 30, 1998. Mr. Jay Smith, 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 Adrenalin, stated, "The Company has made significant progress toward our goals of increased revenue and profitability. New projects in the last six months alone will bring over $3 million in revenues. We look forward to continuing new growth through both expansion and acquisition." Adrenalin Interactive Inc. develops and licenses console (1) The physical control panel on a computer or electronic device. (2) A terminal or desktop computer used to monitor and control a network. (3) Any display terminal. video games See video game console. for Sony SONY Standard Oil of New York (common, but untrue; it's an urban legend) , Nintendo and Sega consoles, entertainment titles on PC computers, and 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 "play-to-win-cash" games for the World Wide Web. The Company also develops and licenses Electronic Toys and creates interactive television games for digital set-top boxes The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. . In February February: see month. 1997, the Company acquired the operations of Western Technologies, a well-established video and computer game developer and electronic toy designer, which has done business as Adrenalin Entertainment or Western Technologies since 1980. This release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve known and unknown risks, uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission.
ADRENALIN INTERACTIVE, INC. AND SUBSIDIARY
Consolidated Statements of Operations
Three months ended Six months ended
December 31 December 31
1998 1997 1998 1997
---- ---- ---- ----
Revenues:
Product sales $ 0 $ 0 $ 0 $ 2,367
Development contracts 156,939 584,207 408,941 834,150
Royalties 578,563 268,345 701,633 505,835
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
735,502 852,552 1,110,574 1,342,352
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Expenses:
Cost of product sales 0 0 0 34,000
Cost of development
contracts 360,354 299,974 637,353 576,431
Research and
development 0 24,641 35,373 236,592
Selling, general and
administrative 362,986 437,313 826,230 839,582
Depreciation and
amortization 192,026 192,699 384,782 574,609
Interest expense 13,509 13,188 24,118 32,112
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
928,875 967,815 1,907,856 2,293,326
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net loss $(193,373)$ (115,263)$ (797,282) $ (950,974)
========== ========== ========== ==========
========== ========== ========== ==========
Net loss per common
share, basic and diluted,
adjusted for 1 for
3 reverse split $ (0.07) $ (0.06)$ (0.27) $ (0.52)
========== ========== ========== ==========
========== ========== ========== ==========
Weighted average shares
outstanding,
adjusted for 1 for 3
reverse split 2,951,757 1,955,317 2,933,511 1,833,048
========== ========== ========= =========
ADRENALIN INTERACTIVE, INC. AND SUBSIDIARY
Consolidated Balance Sheet
ASSETS
December 31
1998
-----------------
-----------------
Current assets:
Cash and cash equivalents $ 365,771
Accounts receivable, net of
reserve of $45,750 189,147
Prepaid expenses 94,653
-----------------
-----------------
Total current assets 649,571
-----------------
-----------------
Fixed assets, net 283,040
-----------------
-----------------
Other assets:
Patents and licenses, net of accumulated
amortization of $992,062 2,409,297
Goodwill, net of accumulated amortization
of $80,531 1,600,141
License rights, advance royalty, net of
write-off of $250,000 50,000
Security deposits and other 18,486
-----------------
-----------------
4,077,924
-----------------
-----------------
$ 5,010,535
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=================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 447,394
Billings in excess of costs
and estimated earnings on contracts
in progress 453,156
-----------------
-----------------
Total current liabilities 900,550
Due to officer/shareholder 53,466
Notes payable 396,000
-----------------
-----------------
Total liabilities 1,350,016
-----------------
-----------------
Commitments and contingency
Shareholders' equity:
Preferred stock, $0.01 par value;
authorized, 100,000 shares;
issued and outstanding, none 0
Common stock, $0.03 par value;
authorized, 20,000,000 shares;
issued and outstanding,
2,951,757 shares 88,553
Additional paid-in capital 13,520,299
Accumulated deficit (9,948,333)
-----------------
-----------------
3,660,519
-----------------
-----------------
$ 5,010,535
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