Affinity Announces Second Quarter Results.Business Editors/High Tech Writers COLUMBIA Columbia, cities, United States Columbia (kəlŭm`bēə). 1 City (1990 pop. 75,883), Howard co., central Md., between Washington, D.C., and Baltimore. , S.C.--(BUSINESS WIRE)--Aug. 15, 2002 Affinity The relationship that a person has to the blood relatives of a spouse by virtue of the marriage. The doctrine of affinity developed from a Maxim of Canon Law that a Husband and Wife were made one by their marriage. There are three types of affinity. Technology Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AFFI) today announced financial results for the second quarter and six months ended June June: see month. 30, 2002. Revenues from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the quarter were $39 thousand, with a net loss of $368 thousand, or $0.01 per share. Second quarter 2001 revenues from continuing operations were $115 thousand and the Company reported a net loss of $690 thousand or $0.02 per share. The weighted average number of shares outstanding during the three months ended June 30, 2002 was 40.8 million, compared to 38.5 million for the same period in 2001. For the first six months of 2002, revenues from continuing operations were $109 thousand, with a net loss of $769 thousand, or $0.02 per share. Revenues from continuing operations for the comparable period in 2001 were $892 thousand, with a net loss of $1.4 million, or $0.04 per share. The weighted average number of shares outstanding during the six months ended June 30, 2002, was 40.5 million, compared to 35.7 million for the same period in 2001. Joe Boyle, Affinity's President and Chief Executive Officer, stated, "During the second quarter we continued our focus on further reducing our cost structure and increasing our working capital position. The Company showed significant progress in both areas. Combined SG&A and research and development costs were reduced from $792 thousand in the second quarter of 2001 to $386 thousand in the current quarter. Additionally, in June we issued $830 thousand in two year convertible secured notes, including $205 thousand to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the the remaining balance owed under our previously issued convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . "In the near term our primary goal is to complete the reexamination re·ex·am·ine also re-ex·am·ine tr.v. re·ex·am·ined, re·ex·am·in·ing, re·ex·am·ines 1. To examine again or anew; review. 2. Law To question (a witness) again after cross-examination. of our loan processing patents by the U. S. Patent and Trademark Office and further position the Company to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution a patent licensing program." Affinity's technology enables financial institutions to link their branches, call centers, internet customers, and indirect agents electronically to their credit departments, providing fully automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. lending - and, if necessary, connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. to a loan officer - through every channel. For financial institutions, Affinity's solutions expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at www.affi.net. 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. in this news release, including statements regarding the Company's working capital, are made pursuant to the 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. provisions of 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. Further, no assurances can be given that the Company will not lose all or some of the claims covered by the Company's patents due to challenges by third parties and other factors. Investors are cautioned that forward-looking statements involve risks and uncertainties, including those related to general economic conditions, that may cause actual results to differ materially from those projected.
Affinity Technology Group, Inc.
Statements of Operations
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
------- ------- ------- -------
Revenues:
Transactions $33,532 $68,274 $94,363 $143,652
Professional services - 20,772 - 20,772
Other income 5,760 25,851 14,190 727,079
------- ------- ------- -------
Total revenues 39,292 114,897 108,553 891,503
Costs and expenses:
Cost of revenues 4,650 10,955 12,612 26,844
Research & development - 156,752 - 314,484
Selling, general and
administrative expenses 385,527 635,693 830,286 1,959,369
------- ------- ------- ---------
Total costs and expenses 390,177 803,400 842,898 2,300,697
------- ------- ------- ---------
Operating loss (350,885) (688,503) (734,345) (1,409,194)
Interest income - 2,164 - 9,281
Interest expense (16,752) (30,786) (34,871) (66,300)
------- ------- ------- -------
Loss from continuing
operations (367,637) (717,125) (769,216) (1,466,213)
Income from operations of
discontinued subsidiary - 26,928 - 46,609
------- -------- --------- ---------
Net loss $(367,637) $(690,197) $(769,216) $(1,419,604)
========= ======== ========= =========
Loss per share -
basic and diluted:
Continuing operations $ (0.01) $ (0.02) $ 0.02 $ (0.04)
========= ======== ========= =========
Net loss per share $ (0.01) $ (0.02) $ (0.02) $ (0.04)
========= ======== ========= =========
Shares used in computing
loss per share 40,775,860 38,549,511 40,529,974 35,739,907
========== ========== ========== ==========
Balance Sheets June 30,
2002 2001
-------- --------
Cash and Short Term Investments $459,682 $ 67,708
Total Current Assets 577,697 2,228,633
Total Assets 720,008 3,511,734
Total Liabilities 1,091,036 2,270,201
Stockholders' Equity (371,028) 1,241,533
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