Affinity Announces Third Quarter Results; Auto Loan System Delivered to Citibank for Testing.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)--Nov. 5, 1998--Affinity Technology Group, 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 :AFFI) today announced financial results for the third quarter and nine months ended September September: see month. 30, 1998. Revenues for the nine months ended September 30, 1998 were $2.2 were $2.8 million and the net loss was $11.0 mi Revenues for the quarter were $442 thousand, we. The weighted average number of shares outstanding during the three months ended September 30, 1998 was 29aid Murray Smith There are several people named Murray Smith.
Originally, in Islamic architecture, an open circular pavilion consisting of a roof supported by pillars. The word has been applied to a Turkish summer garden pavilion and a type of early Persian mosque. for self-service mortgage applicatr of positions at the company by 22 percent and released 8 contractors, effective last week. Smith stated, "acts, our cash resources should last well into ernet. Affinity's technology enables finanary, 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 solutionsficers, and indirect agents, while improving thime contracts, the Company's auto loan processing and mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real systems and statements regarding the Company's cash resources are made pursuant to the safe har95. Investors are cautioned that forward-lookinrtain claims covered by the Company's application, such action is subject to challenge by third parties. Addix service at 1-800-340-7544.
Affinity Technology Group, Inc.
Third Quarter 1998
Income Statement
Three Months Nine Months
Ended September 30, Ended September 30,
1998 1997 1998 1997
Revenues
Transaction
processing
fees $ 212,433 $ 220,727 $ 577,316 $ 380,673
Mortgage
processing
services 104,326 - 260,183 -
Initial set-up 42,452 335,503 272,122 848,295
Sales & rental 4,050 954,701 59,319 1,306,748
Professional
services 1,536 159,800 798,597 159,800
Other 77,540 46,688 214,023 100,057
------------- ------------- ------------- -------------
Total
revenues 442,337 1,717,419 2,181,560 2,795,573
Costs & Expenses
Cost of
revenues 227,293 798,546 878,784 1,339,502
Research &
development 460,886 896,460 2,263,209 2,583,334
Selling,
general &
administrative
expenses 3,528,221 3,755,032 10,989,327 11,462,475
------------- ------------- ------------- -------------
Total costs
and expenses 4,216,400 5,450,038 14,131,320 15,385,311
Operating loss (3,774,063) (3,732,619) (11,949,760) (12,589,738)
Interest income,
net 209,111 472,803 856,257 1,568,733
------------- ------------- ------------- -------------
Net loss $ (3,564,952) $ (3,259,816) $(11,093,503) $(11,021,005)
------------- ------------- ------------- -------------
Net loss per
share - basi---------- -------------
Shares used in
compu659,811
Total Current Assets s' Equity 26,245,248
42,725,860
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