American Technology Announces Revenue Results for First Fiscal Quarter 2004; Company Forecasts Further Revenue Growth for Quarter Ending March 31, 2004.Business Editors/High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--Feb. 12, 2004 American Technology Corp. (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 : ATCO ATCO Air Traffic Control Officer ATCO Association of Transport Coordinating Officers (UK) ATCO Air Tanker/Fixed Wing Coordinator ATCO Aviation Transportation Coordination Office ATCO Air Taxi and Commercial Operator ) today announced revenue results for the first quarter of fiscal 2004, ended December 31, 2003. Revenue for the quarter was $774,778 compared to $423,299 in the first quarter of fiscal 2003, an 83 percent increase. First quarter revenues represented 59 percent of revenues for the entire year of fiscal 2003 that ended September 30, 2003. The company reported a gross profit of $366,300 compared to a gross profit of $101,664 for the same quarterly period in fiscal 2003. The company also reported a net loss of $1,136,427, a 34% reduction compared to the net loss of $1,731,645 for the same period in fiscal 2003. Net loss attributable to common stockholders after deducting non cash dividends on preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. was $(0.07) per share compared to $(0.13) per share for the same quarter last year. "We believe our first quarter revenue performance begins to demonstrate the revenue growth potential of our company," said Chairman Elwood G. Norris. "The Government Group made a strong contribution including: -- LRAD LRAD Long Range Acoustic Device (non-lethal weapon that creates a directed beam of earsplitting noise) LRAD Long-Range Alpha (Particle) Detection LRAD Licentiate of the Royal Academy of Dance (TM) sales to the U.S. Army and U.S. Coast Guard -- Contract fees for pan/tilt remotely-operated LRADs for integration into U.S. Navy shipboard force protection systems -- Outdoor emergency response applications utilizing NeoPlanar(R) technology -- Development fees for a new aircraft carrier flight deck voice communication system We anticipate second quarter 2004 revenues will include the Business Group's NeoPlanar order announced in December. We expect to recognize over $250,000 on this order contributing to a significant increase in revenues over the second quarter of fiscal 2003 as well as exceeding first quarter fiscal 2004 revenues." Norris added, "HSS HSS Humanities and Social Sciences HSS High Speed Steel HSS Home Subscriber Server (3GPP) HSS Hospital for Special Surgery (New York, NY, USA) HSS Hospital for Special Surgery HSS History of Science Society (R) shipments are growing. In the last six months we have shipped HSS systems to 28 different customers including Sony Business Europe and iPort Media Inc. We are focusing HSS sales and marketing efforts on companies interested in our proprietary systems for Digital Signage, Trade Shows and Point of Purchase. We continue to experience strong demand for our proprietary sound products and technologies and we expect HSS, NeoPlanar and LRAD shipments to continue to ramp during 2004." About American Technology Corp. American Technology Corp. is Shaping the Future of Sound(R) by developing and licensing its technology and intellectual property portfolio which includes: the award-winning HSS(R) (HyperSonic hy·per·son·ic adj. Of, relating to, or capable of speed equal to or exceeding five times the speed of sound. hy (R) Sound Technology); NeoPlanar(R) Technology; LRAD(TM) (Long Range Acoustic Device The long range acoustic device (LRAD) is a crowd-control and hailing device developed by American Technology Corporation. The equipment weighs 45 pounds (20 kg) and can emit sound in a 15 to 30° beam (only at high frequency) from a device 33 inches (83 cm) in ); HIDA HIDA Health Industry Distributors Association HIDA Hepatobiliary Iminodiacetic Acid (scan to evaluate galbladder) HIDA High Intensity Directional Acoustics (American Technology Corporation and Carver Corporation) (TM) (High Intensity Directed Acoustics), PureBass(R) Sub-Woofer Technology; and Stratified stratified /strat·i·fied/ (strat´i-fid) formed or arranged in layers. strat·i·fied adj. Arranged in the form of layers or strata. Field(R) Technology (SFT SFT Statens Forurensningstilsyn (Norwegian Pollution Control Authority) SFT System Fault Tolerance SFT Shaft SFT Secure File Transfer SFT School Food Trust (UK) SFT Societe Francaise des Traducteurs (R). The company is establishing a strong portfolio of patents, trademarks and intellectual property including over 140 U.S. and foreign patents and patent filings to date. For more information on the company and its technologies and products please visit our Web site at www.atcsd.com. 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. statement under 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: Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements, including but not limited to changes in the sound reproduction industry, our ability to develop future products, technology shifts, potential technical or manufacturing difficulties that could delay products, competition, pricing pressures, the uncertainty of market acceptance of new products and services by customers, warranty or other claims, the outcome of pending or future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , general economic factors and other risks identified and discussed in the company's filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from the company's current expectations. American Technology Corp. disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated. Editors Note: HyperSonic Sound, HSS, NeoPlanar, PureBass, HIDA, LRAD, Stratified Field, SFT and Shaping the Future of Sound are trademarks or registered trademarks of American Technology Corp. |
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