Affinity Announces Third 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)--Nov. 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 third quarter and nine months ended September September: 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 $47 thousand, with a net loss of $235 thousand, or 1 cent per share. For the comparable period in 2001, revenues from continuing operations were $307 thousand and the Company reported a net loss of $375 thousand, or 1 cent per share. The weighted average number of shares outstanding during the three months ended September 30, 2002 was 40.9 million, compared to 40.2 million for the same period in 2001. Revenues from continuing operations for the nine months ended September 30, 2002 were $156 thousand and the Company's net loss was $1.0 million, or 2 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. . In the comparable nine month period in 2001 revenues from continuing operations were $1.2 million and the net loss was $1.8 million, or 5 cents per share. The weighted average number of shares outstanding during the nine months ended September 30, 2002 was 40.6 million, compared to 37.3 million for the same period in 2001. Joe Boyle, Affinity's President and Chief Executive Officer, stated, "Our financial results for the quarter and the nine months ended September 30, 2002, reflect our continued efforts to reduce the infrastructure of the Company and to position the Company to pursue its previously announced patent licensing business. We believe we have made substantive Substantive may refer to: In grammar:
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 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. Investors are cautioned that these statements involve several risks and uncertainties that may cause actual results to differ materially from those projected.
Affinity Technology Group, Inc.
Statements of Operations
Three months ended Nine months ended
September 30, September 30,
2002 2001 2002 2001
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Revenues:
Transactions $10,486 $63,396 $104,849 $207,048
Professional services - 227,399 - 248,171
Other income 36,921 16,469 51,111 743,548
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Total revenues 47,407 307,264 155,960 1,198,767
Costs and expenses:
Cost of revenues 1,707 26,289 14,319 53,133
Research and development - 99,905 - 414,389
Selling, general and
administrative expenses 262,445 598,297 1,092,731 2,557,666
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Total costs and
expenses 264,152 724,491 1,107,050 3,025,188
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Operating loss (216,745) (417,227) (951,090) (1,826,421)
Interest income 996 819 996 10,100
Interest expense (18,857) (36,547) (53,728) (102,846)
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Loss from continuing
operations (234,606) (452,955) (1,003,822) (1,919,167)
Income from operations of
discontinued subsidiary - 77,805 - 124,413
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Net loss $(234,606) $(375,150)$(1,003,822)$(1,794,754)
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Loss per share - basic
and diluted:
Continuing operations $(0.01) $(0.01) $(0.02) $(0.05)
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Net loss per share $(0.01) $(0.01) $(0.02) $(0.05)
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Shares used in
computing loss
per share 40,881,355 40,231,355 40,648,388 37,253,508
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Balance Sheets
September 30,
2002 2001
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Cash and short term investments $ 250,789 $ 191,098
Total current assets 378,564 3,977,305
Total assets 498,600 5,082,999
Total liabilities 1,104,234 4,216,616
Stockholders' (deficiency) equity (605,634) 866,383
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