AuthentiDate Holding Corp. Announces Results for Quarter Ended December 31, 2001 and Profitability of DocStar; DocStar Reports Return to Profitability.Business Editors SCHENECTADY, N.Y.--(BUSINESS WIRE)--Feb. 8, 2002 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 ) (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. ) today announced its results for the second fiscal quarter ended December 31, 2001. Consolidated sales were $4.1 million for the quarter ended December 31, 2001 compared to $4.0 million for the quarter ended December 31, 2000. Gross profit increased from $1.2 million for the quarter ended December 31, 2000 to $1.4 million for the quarter ended December 31, 2001. The improvement in gross profit is attributed to the DocStar Division which realized an increase in sales and an increase in gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. . DocStar realized a segment profit of $215,251 in the second quarter ended December 31, 2001 compared to a segment loss of $98,912 for the same quarter last year. The Company realized a net loss of $2.2 million ($0.16 per share) for the quarter ended December 31, 2001 which is attributed to the Authentidate subsidiary which is still in the early stages of developing its business model and has not had significant sales. This net loss for the quarter compares to a net loss of $1.6 million ($0.11 per share) for the quarter ended December 31, 2000. The Company had a net loss of $4.8 million ($0.35 per share) on $7.4 million in sales for the six months ended December 31, 2001 compared to a net loss of $3.2 million ($0.22 per share) on $8.5 million in sales for the six months ended December 31, 2000. Sales declined as a result of a product mix shift in the DJS Marketing Group subsidiary which changed its sales model from direct hardware sales to indirect sales. DJS also saw some weakness in its hardware business as a result of recessionary pressures on computer hardware in the upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. market. Integration service revenue increased, however, and gross profit margins increased as a result. DJS still remains profitable for the quarter and six months ended December 31, 2001 even with the economic pressures on the national computer hardware industry. The Company has a current ratio of 2.7 to 1 and total debt-to-equity of 34.8%.
Quarter Ended Six Months Ended
December 31, December 31,
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2001 2000 2001 2000
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Sales $4,131,286 $4,034,523 $7,394,789 $8,518,002
Gross profit 1,443,812 1,168,192 2,683,554 2,475,369
Loss from operations (2,095,694) (1,653,804) (4,487,545) (3,322,832)
Net loss (2,222,955) (1,623,016) (4,831,925) (3,198,912)
Net loss per share (.16) (.11) (.35) (.22)
"We are very encouraged by the opportunities to dramatically grow our AuthentiDate subsidiary and, consequently, continue to make substantial investments in marketing and development to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our position as the first mover in document 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. ," 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 , Chairman 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. . "Since we began actively marketing our AuthentiDate technology approximately 6 to 9 months ago, we have seen a tremendous response from the leading companies in the e-commerce, e-mail and electronic security infrastructure marketplaces. A number of these discussions have led to signed non-disclosure agreements A non-disclosure agreement (NDA), also called a confidential disclosure agreement (CDA), confidentiality agreement or secrecy agreement, is a legal contract between at least two parties that outlines confidential materials or knowledge the parties (NDA's) and, in some instances, incorporation and implementation of the AuthentiDate technology. We hope to be able to discuss these, and other opportunities, in greater detail shortly. Market forces have clearly shown the need for electronic document security and, we believe, AuthentiDate has developed the technology and established a leadership position which could allow the Company to carve out to make or get by cutting, or as if by cutting; to cut out. - Shak. See also: Carve a significant stake in a potential multi-billion industry. We look with optimism to the future." About AuthentiDate Holding Corp. AuthentiDate Holding Corp. (AHC) is the holding company of four business units; DocStar, Authentidate, Inc., DJS Marketing Group/Computer Professionals International and Trac Medical Systems, Inc. DocStar sell a complete line of propriety pro·pri·e·ty n. pl. pro·pri·e·ties 1. The quality of being proper; appropriateness. 2. Conformity to prevailing customs and usages. 3. proprieties The usages and customs of polite society. document imaging products. Authentidate, Inc. provides the authentication of digital data through its proprietary and patented technology. Authentidate is establishing 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 services and resells computer related products. Trac Medical uses the Authentidate service in the medical supply business. 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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