Autonomous Reports Third Quarter Results.ORLANDO Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. , Fla.--(BW HealthWire)--Nov. 2, 1998--Autonomous Technologies Corporation (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 NM:ATCI ATCI Albany Transcomm International ) today reported results for the third quarter ended September September: see month. 30, 1998. The Company reported a net loss of $4,551,760, or $ .40 per basic share, based on 11,320,269 average shares outstanding in the quarter, versus a loss of $2,677,129 or $ .27 per basic share, based on 9,898,367 average shares outstanding, for the same quarter last year. The 1997 earnings per share figure has been restated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). 128. Since diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share figures are "anti-dilutive" to the company, only basic net loss figures are presented. The quarterly loss of $4.6 million was in line with analyst and Company expectations as the Company continues to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale for commercial production of its LADARVision(R) System. This quarter's results also include a non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) of $428,350 for the aggregate discount from the conversions of Series I Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". as a "deemed" 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. dividend. The provisions of the Convertible Preferred Stock allow the holders to convert their preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. into common shares at a discount to the market price of Autonomous common stock. The $428,350 is the discount amount taking into account the earliest schedule upon which the conversions can occur and allocates the aggregate discount to the periods for which those scheduled shares of Convertible Preferred Stock are outstanding. As of September 30, 1998, the Company had cash on hand of $2.8 million. In addition, OZ Master Fund, Ltd. has an option to purchase an additional $4 million of Convertible Preferred Stock from the Company no later than November November: see month. 10, 1998. If the option is exercised, OZ Master Fund, Ltd. will also receive a stock purchase warrant for 300,000 shares of common stock. The Company has also obtained a $5 million line of credit with Summit Technology, Inc. as a result of its pending acquisition by Summit. Autonomous believes that its current cash position combined with the expected additional investment of $4 million will provide sufficient cash resources for operations for the period prior to the closing of the acquisition without the need to draw from the Summit line of credit. The announcement on October 1, 1998 that Autonomous has agreed to be acquired by Waltham, MA based, Summit Technology (NASDAQ NM: BEAM) was clearly the highlight of the quarter. The transaction is subject to the approval of the shareholders of both companies and shareholder meetings for both companies will be scheduled for December, 1998 or January, 1999. A joint proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. will be sent to Autonomous and Summit shareholders approximately 30 days before the date of the meetings. Under the terms of the acquisition agreement, the shareholders of Autonomous will receive a total of 11,650,400 shares of Summit common stock and an equal amount of value in cash, up to a maximum of $50 million. The actual value of the transaction will not be determinable Liable to come to an end upon the happening of a certain contingency. Susceptible of being determined, found out, definitely decided upon, or settled. determinable adj. until closing. The Company has scheduled an investor conference call regarding this announcement to be held today at 11:00 a.m. Eastern Time. To participate in the call, several minutes prior to the start time please dial (212) 896-6020. Those unable to participate are invited to listen to a recording which will be available after the call through November 3rd. The recording can be accessed by dialing (800) 633-8284, reservation number 1751905. Autonomous is engaged in the design and development of next-generation excimer laser A gas laser in which a very short electrical pulse excites a mixture containing a halogen such as fluorine and a rare gas such as argon or krypton. It produces a brief, intense pulse of ultraviolet light. instruments for laser refractive surgery Refractive surgery A surgical procedure that corrects visual defects. Mentioned in: Photorefractive Keratectomy and Laser-Assisted In-Situ Keratomileusis refractive surgery . The Company's LADARVision System combines laser radar laser radar n. See lidar. eye tracking with narrow beam shaping technology. For more information, contact Autonomous Technologies at 2800 Discovery Drive, Orlando, FL 32826, (407) 384-1600, or visit us on the web at www.autonomous.com. 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 Exchange Act of 1934. Statements containing terms such as "believes," "does not believe," "no reason to believe," "expects," "plans," "intends," "estimates," or "anticipates" are considered to contain uncertainty and are forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors, including: a decline in the price of Summit common stock prior to the closing. Also, there are no assurances the shareholders of both companies will take the necessary actions to complete the acquisition or that the Company will receive the regulatory approval necessary to complete the acquisition. For a discussion of the important factors that could affect the Company's results, please refer to the Overview section, the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations, and the Risk Factors section in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. .
AUTONOMOUS TECHNOLOGIES CORPORATION
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
-----------------------------
Sept. 30, Sept. 30,
1998 1997
------------ ------------
REVENUES FROM LADARVision System $ 30,935 $ 11,000
REVENUES FROM RESEARCH GRANTS - -
OPERATING EXPENSES:
Costs of revenues- LADARVision Systems 32,627 35,528
Costs of revenues- research grants - -
Clinical trials 716,163 715,348
Unabsorbed production costs 862,415 -
Research and development 803,554 706,637
Selling and marketing 496,802 415,244
General and administrative 834,801 567,542
Other expenses 445,322 416,444
------------ ------------
OPERATING LOSS (4,160,749) (2,845,743)
OTHER INCOME (EXPENSE):
Interest income 45,162 182,850
Interest expense (7,823) (14,236)
------------ ------------
LOSS BEFORE INCOME TAXES (4,123,410) (2,677,129)
INCOME TAXES - -
------------ ------------
NET LOSS (4,123,410) (2,677,129)
Deemed dividend for Series I preferred
stock conversion discount 428,350 -
------------ ------------
Net loss applicable to common
stockholders $(4,551,760) $(2,677,129)
=============================
LOSS PER SHARE:
Basic net loss per share applicable to
common stockholders $ (0.40) $ (0.27)
========== ==========
Weighted average common and common
equivalent shares used in computing
basic net loss per share 11,320,269 9,898,367
========== =========
------------
Cumulative
from
Inception
Nine Months Ended (July 23,
-------------------------- 1985)
Sept. 30, Sept. 30, to Sept. 30,
1998 1997 1998
------------ ------------ ------------
REVENUES FROM LADARVision
System $ 135,330 $ 11,000 $ 172,395
REVENUES FROM RESEARCH GRANTS - - 3,450,517
OPERATING EXPENSES:
Costs of revenues-
LADARVision Systems 285,696 35,528 391,588
Costs of revenues-
research grants - - 3,465,596
Clinical trials 2,111,391 2,158,449 7,981,585
Unabsorbed production costs 2,178,538 - 2,937,339
Research and development 2,867,603 2,375,933 13,175,918
Selling and marketing 1,787,422 1,029,840 5,242,424
General and administrative 2,022,936 1,696,226 8,377,807
Other expenses 1,119,787 1,503,311 4,375,332
------------ ------------ ------------
OPERATING LOSS (12,238,043) (8,788,287) (42,324,677)
OTHER INCOME (EXPENSE):
Interest income 171,757 453,260 1,459,479
Interest expense (30,131) (31,274) (134,494)
------------ ------------ ------------
LOSS BEFORE INCOME TAXES (12,096,417) (8,366,301) (40,999,692)
INCOME TAXES - - 4,772
------------ ------------ ------------
NET LOSS (12,096,417) (8,366,301) (41,004,464)
Deemed dividend for
Series I preferred
stock conversion discount 428,350 - 428,350
------------ ------------ ------------
Net loss applicable
to common stockholders $ (12,524,767) $(8,366,301) $(41,432,814)
============ ============ ============
LOSS PER SHARE:
Basic net loss per
share applicable to
common stockholders $ (1.18) $ (1.06)
========== ==========
Weighted average common
and common equivalent
shares used in computing
basic net loss per share 10,583,677 7,884,019
========== ==========
Please refer to the Company's form 10-Q Form 10-Q See 10-Q. , filed with the Securities and Exchange Commission to view the accompanying notes to the financial statements Notes to the financial statements A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements. , which are an integral part of these statements. |
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