Apogee Technology, Inc. Reports Second Quarter Results.Business Editors/High-Tech Writers NORWOOD, Mass.--(BUSINESS WIRE)--Aug. 15, 2002 Apogee apogee (ăp`əjē), point farthest from the earth in the orbit of a body about the earth. See apsis. The farthest point. Technology, 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 : APGT), a leading provider of digital audio amplification technology, today reported revenues, for the three months ending June 30, 2002, of $1,365,000 with a net loss of $210,000 or ($0.04) per share. This compares to revenue of $108,000 for the three months ending June 30, 2001, with net loss of $581,000, or ($0.12) per share. On a sequential basis revenue increased by over 300 percent compared to first quarter results of $421,000 with a net loss of $769,000 or ($0.15) per share. Company revenue during the second quarter consisted primarily of DDX DDx abbreviation for differential diagnosis; used in medical records. (R) semiconductor product sales and royalty income from technology licensing. Product revenue for the second quarter of 2002 was $1,059,000 compared to $19,000 for the second quarter of 2001. Royalty income was $279,000 in the second quarter compared to $63,000 for the same period last year. "We are very pleased with our second quarter results," said David Meyers, Apogee's 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. . "Our revenue growth is a clear indication of the market acceptance of DDX technology. With the transition of our customers from design to production, major retailers are now offering a growing number of consumer electronic products incorporating DDX." "The company continued its leadership position in the marketplace with the release of the DDX-8000, which we believe is the highest performing, full-feature digital amplifier See Class D amplifier. processor in the world. The DDX-8000 combines eight channels of 24-bit DDX processing with a complete set of digital audio functions. When combined with our high efficiency DDX power devices, manufactures can now offer consumers compact, high quality amplifier solutions from 10 to 100 watts per channel. We see enormous market opportunities for the DDX-8000, especially in the rapidly growing DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. home theater An audio/video entertainment center that has a large-screen TV and hi-fi system with three speakers in the front (left, right and center) and left and right speakers in the rear. Starting in the early 1990s, video inputs were added to stereo receivers and preamplifiers. market. The company is now shipping DDX-8000 samples and evaluation boards to its lead customers." During the second quarter, the company demonstrated a unique power supply technology that increases performance at a reduced cost. The company plans to offer this technology to customers developing high power DDX amplifier solutions. The company also received patent approval for a new DDX processing method that improves audio performance. About Apogee Apogee Technology, Inc. designs, develops and markets integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. that incorporate the company's patented Direct Digital Amplification (DDX(R)) technology. This all-digital high efficiency audio amplifier technology has significant commercial benefits that include reduced product In model theory, a branch of mathematical logic, the reduced product is a construction that generalizes both direct product and ultraproduct. size, lower manufacturing costs, increased quality, expanded functionality compared to traditional analog amplifier solutions. The company has released five DDX-based semiconductor products and expects to expand its product offerings by leveraging its power and digital processing Digital processing is the process of altering digital data in any form. The most common situations where digital processing is involved are computer graphics and digital audio processing. expertise. The company operates a worldwide marketing and sales organization and sells to consumer electronic manufacturers producing audio products such as DVD receivers, digital TVs, Internet and portable audio players A portable audio player is a personal, electronic device that allows the user to listen to recorded audio while mobile. Portable audio players became possible in the 1970s and continue to be developed today. , digital speakers, game machines and compact audio systems. Additional, information about Apogee and DDX products can be found at the company's web site at: http://www.apogeeddx.com. DDX(R) is a registered trademark of Apogee Technology, Inc. All other product names noted herein may be trademarks of their respective holders. Certain statements made herein that use the words "estimate", "project", "intended", "expect", "believe", and similar expressions are intended to identify 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 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. These forward-looking statements involve known and unknown risks and uncertainties, which could cause the actual results, performance or achievements of the Company to be materially different from those, which may be expressed or implied. Factors that may cause or contribute to such differences include, but are not limited to, the Company's limited operating history; unpredictability of operating results; inability to build market share and pressure on prices from competition in various aspects of its business; the risks of rapid growth; the Company's dependence on key personnel; uncertainty of product acceptance; inability to timely develop and introduce new technologies, products and applications; the risks associated with market collaborations and the ability of strategic partners to achieve manufacturing and shipping schedules and deadlines; changes in the level of activity in the audio industry; changes in economic conditions; and an inability to obtain financing. EDITORS: Photography available on request For further information, contact: Lisa Guglielmi Apogee Technology, Inc. 129 Morgan Drive Norwood, MA 02062 USA +1 781-551-9450x 136 Fax: +1 781-440-9528 Email: lguglielmi@apogeeddx.com Web: http://www.apogeeddx.com |
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