American Technology Corporation Reports Fiscal 2003 Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--Dec. 29, 2003 American Technology Corporation  Please help [ improve this article] by expanding it.Further information might be found on the talk page or at requests for expansion. (Nasdaq: 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 ) (ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered ) announced today increased sound product revenue for the fiscal year ended September 30, 2003. Total revenue for fiscal 2003 was $1.3 million compared to $1.0 million in fiscal 2002, an increase of 30%. Sound product and related contract and licensing revenue was $1.2 million or 93% of fiscal 2003 revenues, an 80% increase from $0.67 million or 66% of fiscal 2002 revenues. The net loss for fiscal 2003 was $8.23 million, comparable to the $8.22 million net loss for fiscal 2002. Deemed dividends ($2.22 million) and 6% accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the ($0.19 million) 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. of $2.41 million in fiscal 2003 and $0.28 million in fiscal 2002 increased the net loss available to common stockholders to $10.6 million ($0.67 per common share) and $8.5 million ($0.60 per common share), respectively. The deemed dividends imputed Attributed vicariously. In the legal sense, the term imputed is used to describe an action, fact, or quality, the knowledge of which is charged to an individual based upon the actions of another for whom the individual is responsible rather than on the individual's for the value of warrants issued with preferred stock in fiscal 2003 of $2.22 million are not cash costs or contractual obligations of the Company to pay such imputed dividends. The net loss for the year included $2.5 million expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. on product research and development and also included selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of $4.86 million, $0.68 million of interest expense and a $0.23 million gross loss on revenues. Included in the aforementioned costs was $1.2 million for the cost of stock and options charged to expense and $0.4 million of debt amortization recorded as interest expense. The Company had cash and cash equivalents of $9.8 million at September 30, 2003. Mr. Kalani Jones, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. commented: "In fiscal 2003 the Company was in transition from being an advanced development organization to preparing for volume production and sales support. We also incurred significant costs in the introduction and production start-up of new sound products. We made substantial investments in research and development, expanding our intellectual property rights. While our sound products revenue is only in its infancy, as we have just commenced sales of our 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), NeoPlanar(R) and 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) product lines, we are structuring our internal resources to enable significant growth in 2004 and beyond. "Based on current quarter bookings, we expect to report strong revenue growth in our first fiscal 2004 quarter (ending December 31, 2003). Government and Force Protection Systems Group (Government Group) revenue in this quarter is expected to exceed that of the entire previous fiscal year. We remain very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the prospects for our Government Group and look for a significant contribution from it in fiscal 2004. "With the increasing demand for new directed sound communications and advertising solutions, our Business Group is focused on growing HSS and NeoPlanar revenues with improved margins in fiscal 2004." About American Technology Corporation American Technology Corporation 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; PureBass(R) Sub-Woofer 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 ) and 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) (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). The Company is establishing a strong portfolio of patents, trademarks, and know-how including over 138 U.S. and Foreign patents and patent filings to date. For more information on the Company and its technologies and products please visit the Company's 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 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. 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 Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
American Technology Corporation
Condensed Statements of Operations
(000s omitted except per share amounts)
Year Ended September 30,
2003 2002
Total revenues $1,315 $1,011
Cost of revenues 1,544 684
Gross profit (loss) (229) 327
Operating Expenses:
Selling, general and administrative 4,864 3,047
Research and development 2,493 3,622
Other (25) 20
Total operating expenses 7,332 6,689
Loss from operations (7,561) (6,362)
Other income (expense):
Interest expense (687) (1,873)
Other 21 15
Total other income (expense) (666) (1,858)
Net loss (8,227) (8,220)
Dividend requirements on convertible
preferred stock 2,409 283
Net loss available to common stockholders $(10,636) $(8,503)
Net loss per share of common stock --
basic and diluted $(0.67) $(0.60)
Average weighted number of common shares
outstanding 15,857,569 14,193,508
American Technology Corporation
Condensed Balance Sheets
(000s omitted)
September 30,
2003 2002
ASSETS
Current Assets:
Cash $9,850 $1,808
Accounts receivable 184 112
Inventories 409 137
Prepaid expenses and other 34 20
Total current assets 10,477 2,077
Equipment, net 200 363
Patents, net 1,067 1,034
Purchased technology, net -- 316
Total assets $11,744 $3,790
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Accounts payable $604 $734
Accrued liabilities 1,379 779
Capital lease short-term portion 10 9
Total current liabilities 1,993 1,522
Long-Term Liabilities 23 3,153
Stockholders' equity (deficit) 9,728 (885)
Total liabilities and stockholders' equity
(deficit) $11,744 $3,790
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