AuthentiDate Holding Corp. Announces First Quarter Results.SCHENECTADY Schenectady (skənĕk`tədē), city (1990 pop. 65,566), seat of Schenectady co., E central N.Y., on the Mohawk River and Erie Canal; founded 1661 by Arent Van Curler, inc. 1798. , N.Y. -- AuthentiDate Holding 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 :ADAT (Alesis Digital Audio Tape) A digital audio recording technology from Alesis, LLC, Cumberland, RI (www.alesis.com). In 1992, Alesis introduced the first 8-track digital tape recording system. ) announced today that revenue for the quarter ended September September: see month. 30, 2004 increased 12% to $3,662,398 from $3,271,223 for the same quarter a year ago. Revenue for the AuthentiDate segment, which consists of AuthentiDate, Inc., AuthentiDate International, AG, and Trac Medical Solutions, Inc. (TracMed), was $593,426 for the quarter compared to $207,272 for the same period a year ago, an increase of 186%. The DocStar segment reported revenue of $1,405, 670 for the three months ended September 30, 2004 compared to $1,225,201 for the three months ended September 30, 2003, a 15% revenue increase. The DJS DJS Dubin-Johnson Syndrome DJS Def Jam South (record label) DJS Deutsche Journalistenschule eV DJS Dow Jones Spot DJS Director, Joint Staff segment experienced a slight revenue decrease with revenues of $1,663,302 for the quarter compared with $1,838,750 for the same year ago quarter. Deferred revenue, mainly due to increases in the AuthentiDate segment, increased from $1,881,277 on June 30, 2004 to $1,975,098 on September 30, 2004. TracMed previously announced the signing of a 60 month sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. with Rotech Healthcare. During the quarter, the Company recorded $150,000 in deferred revenue related to the Rotech contract and expects a more significant increase in deferred revenue for the quarter ending December 31, 2004 due to this contract as well as other healthcare provider agreements. The gross profit for the quarter ended September 30, 2004 was up 39% to $1,702,613 compared to $1,226,283 for September 30, 2003. The net loss for the quarter ended September 30, 2004 was $2,906,089 or $0.09 per share compared to a net loss of $1,700,019 or $0.09 per share for the same quarter a year ago. The Company attributed the increase in the net loss to the Authentidate Segment which incurred increased selling and marketing costs, increased development costs associated with the development of additional features to the core EPM EPM equine protozoal myeloencephalitis. product needed for the application in South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , business development costs related to the Global Electronic Postmark (GEPM) market, as well as increased general administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. . The Company's cash position as of September 30, 2004, remained strong, reporting close to $72 million in cash on hand. "With the recent addition of Suren Pai as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , we believe that our team is now in place to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the unique opportunity ahead," stated John Botti Raphael Jose Botti (born February 23, 1981) simply known as Botti, is a Brazilian professional footballer. He plays as a midfilder for Vissel Kobe. Botti is a hard-working and talented player who may not get on the scoresheet too often – just 14 times in his five years , AuthentiDate's Chairman. "The revenue growth we experienced this past quarter is but a small example of what we believe is attainable at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. over the coming quarters and we now must implement our strategic plan." The following tables are condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Statements of Operations and Balance Sheet for AuthentiDate Holding Corp. A more detailed explanation is detailed in the Company's SEC filings.
AuthentiDate Holding Corp. and Subsidiaries
Consolidated Statements of Operations
For Three Months Ended
September 30,
2004 2003
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Net sales $3,662,398 $3,271,223
Cost of goods sold 1,959,785 2,044,940
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Gross profit 1,702,613 1,226,283
Operating Expenses 4,910,631 3,276,613
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Operating loss ( 3,208,018) ( 2,050,330)
Other income (expense)
Interest expense (4,198) ( 457,456)
Interest and other income 308,678 789,863
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Loss before income taxes ( 2,903,538) (1,717,923)
Income tax (expense)/benefit ( 2,551) 17,904
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Net loss ($2,906,089) ($1,700,019)
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Weighted average number of shares 33,085,508 20,435,657
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Net loss per common share ($0.09) ($0.09)
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AuthentiDate Holding Corp. and Subsidiaries
Condensed Consolidated Balance Sheets
September 30, 2004 June 30, 2004
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Current Assets:
Cash and cash equivalents $71,903,401 $74,354,939
Accounts receivable 2,596,813 3,039,044
Other current assets 809,684 599,515
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Total current assets 75,309,898 77,993,498
Property and equipment, net 3,519,070 3,396,454
Goodwill 11,616,736 11,616,736
Other assets 1,549,945 1,230,188
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Total Assets $91,995,649 $94,236,876
================== =============
Current Liabilities:
Accounts payable and other $3,822,708 $3,554,179
Deferred revenue 1,975,098 1,881,277
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Total current
liabilities 5,797,806 5,435,456
Long-term liabilities 40,041 83,421
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Total liabilities 5,837,847 5,518,877
------------------ -------------
Total shareholders'
equity 86,157,802 88,717,999
------------------ -------------
Total liabilities and shareholders'
equity $91,995,649 $94,236,876
================== =============
About AuthentiDate Holding Corp. AuthentiDate Holding Corp. (AHC AHC Appalachian Hardwood Center AHC American Heritage Center (University of Wyoming, Laramie, WY) AHC American Horse Council AHC Association for History and Computing AHC Australian Heritage Commission AHC Assault Helicopter Company ) is the holding company of five business units; DocStar, AuthentiDate International AG, AuthentiDate, Inc., DJS Marketing Group/Computer Professionals International and Trac Medical Solutions, Inc. DocStar sells proprietary document imaging software that includes the AuthentiDate technology. AuthentiDate and AuthentiDate AG provide the authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. of digital data through its proprietary and patent pending technology. AuthentiDate intends to establish itself as the authority on "content security" as it is a growing sector of the electronic network security infrastructure market. DJS delivers professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. centered around technology systems integration projects, staff augmentation AUGMENTATION, old English law. The name of a court erected by Henry VIII., which was invested with the power of determining suits and controversies relating to monasteries and abbey lands. , out-tasking, outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services and resells computer related products. Trac Medical offers an electronic form processing solution and utilizes the AuthentiDate technology to prove the authenticity The correct attribution of origin such as the authorship of an e-mail message or the correct description of information such as a data field that is properly named. Authenticity is one of the six fundamental components of information security (see Parkerian Hexad). of the content represented in completed healthcare forms. This press release contains 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 27A of the Securities Act of 1933 and section 21E of the Securities Act of 1934. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. Such statements regarding future events and/or the future financial performance of The Company are subject to certain risks and uncertainties, which could cause actual events or the actual future results of the Company to differ materially from any forward-looking statement. Such risks and uncertainties include, among other things, the availability of any needed financing, the Company's ability to implement its business plan for various applications of its technologies, the impact of competition, the management of growth, and the other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. In light of the significant risks and uncertainties inherent in the forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved. |
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