AuthentiDate Holding Corp. First Quarter Results Show Improvement.Business/High Tech Editors SCHENECTADY, N.Y.--(BUSINESS WIRE)--Nov. 12, 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: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 first fiscal quarter ended September 30, 2002. The Company had a net loss of $2.0 million ($0.10 per share) for the quarter ended September 30, 2002 compared to a net loss of $2.6 million ($0.19 per share) for the same quarter last year. Consolidated sales totaled $5.5 million for the quarter ended September 30, 2002 compared to $3.3 million for the same quarter a year ago. The reduction in the loss is attributable to the DocSTAR Division whose segment profit improved by $218,216 as a result of an increase in sales of $54,775 and improvement 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. . Also contributing to the reduced loss was improvement in the AuthentiDate Group (which includes AuthentiDate, Inc., AuthentiDate International, AG and Trac Medical Solutions, Inc.) whose segment loss declined from $1,479,720 to $1,380,897. The decline was due to a reduction in expenditures and an increase in sales from $25,000 to $200,257. The sales increase is due to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. sales increases in DocSTAR and AuthentiDate but the primary increase in sales was due to DJS Marketing Group which realized a larger percentage of direct sales compared to indirect sales this year compared to last year. DJS sales increased by $2.0 million for the quarter ended September 30, 2002 over last year. On a direct sale DJS sells computer hardware directly to its customer but on an indirect sale DJS passes the sale on to the manufacturer or distributor and receives a fee. The gross profit dollars are about the same in a direct sale as an indirect sale however the sales dollars are much higher in a direct sale scenario. The segment profit for DJS this year compared to last year was about the same. The Company's cash flow from operating activities was a negative $222,812 for the quarter ended September 30, 2002 compared to a negative $2,379,222 for the same quarter last year. The improvement is due to the reduced loss this year compared to last year and also due to strong collections of receivables and timing of payments on accounts payable during the first quarter ended September 30, 2002. 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 , 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. , stated, "We are pleased to note that our legacy operations continue to operate profitably. Both DocSTAR and DJS have strengthened their respective organizations and are well positioned for continued growth. Our AuthentiDate initiatives are gaining traction as the marketplace shows growing acceptance of the fundamental benefits of 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. services. We are particularly delighted to see the first revenues from AuthentiDate's relatively recent marketing and sales efforts. Considering the manifold manifold In mathematics, a topological space (see topology) with a family of local coordinate systems related to each other by certain classes of coordinate transformations. Manifolds occur in algebraic geometry, differential equations, and classical dynamics. opportunities that AuthentiDate is developing, including AuthentiDate International AG's German and European agreements and strategic relationships, Trac Medical's billing solution for Durable Medical Equipment Durable medical equipment is a term of art used to describe certain Medicare benefits, that is, whether Medicare may pay for the item. The item is defined by Title XVIII the Social Security Act: n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that AuthentiDate is poised for significant improvement in both revenues and profits."
Quarter Ended
September 30,
--------------
2002 2001
---- ----
Sales $5,464,576 $3,263,503
Gross profit 1,299,933 972,142
Operating loss (2,197,490) (2,391,851)
Net loss (1,994,866) (2,608,970)
Net loss per share:
basic and diluted ($.10) ($.19)
------------------------------
About AuthentiDate Holding Corp. AuthentiDate Holding Corp. (AHC) 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. AuthentiDate and AuthentiDate AG provide the authentication of digital data through its proprietary and patent pending technology. AuthentiDate is establishing itself as the authority on "content security," a growing sector of the electronic network security infrastructure market Trac Medical uses the AuthentiDate service to improve speed, accuracy and security in processing medical forms. These three business units comprise the AuthentiDate Segment for financial reporting purposes. DocSTAR sells a complete line of document imaging products and DJS delivers professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. centered on 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 and 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. 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion