Autonomous Technologies Reports 1998 Year End 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)--March 3, 1999--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 fourth quarter and fiscal year ended December December: see month. 31, 1998. For the fourth quarter, the Company reported a net loss attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to common stockholders of $4,949,588 or a basic net loss of $0.42 per share on 11,969,058 average common shares outstanding, compared with a net loss of $3,273,054 or a basic net loss of $0.33 per share on 9,958,832 average common shares outstanding, for the same quarter a year ago. For the year ended December 31, 1998, the Company reported a net loss attributable to common stockholders of $17,474,355, or a basic net loss of $1.59 per share on 11,009,272 average common shares outstanding, compared with a net loss of $11,639,355, or a basic net loss of $1.43 per share on 8,151,395 average common shares outstanding, for the same period a year ago. The Company's losses increased during the quarter and full year as the Company prepares for the commercialization of its LADARVision(R) System. A special shareholder's meeting to vote on the proposed merger of the Company with or into a wholly-owned subsidiary of Summit Technology, Inc. of Waltham Waltham (wôl`thăm, –thəm), city (1990 pop. 57,878), Middlesex co., E Mass., a suburb of Boston, on the Charles River; settled c.1634, set off from Watertown 1738, inc. as a city 1884. , MA (NASDAQ NM: BEAM) is tentatively ten·ta·tive adj. 1. Not fully worked out, concluded, or agreed on; provisional: tentative plans. 2. Uncertain; hesitant. scheduled for March 30,1999. Summit has also tentatively scheduled a special shareholder's meeting for the same day to vote on the issuance of stock in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the proposed merger transaction. The Company expects to begin product shipments at the closing of the proposed merger transaction. Autonomous designs, develops and markets 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 vision correction CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. . The company's LADARVision(R) System combines high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. , laser radar laser radar n. See lidar. eye tracking with precisely controlled small 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 delay in the processing of the Registration Statement and 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. with the Securities and Exchange Commission or a delay in the holding of the shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. and the failure by the shareholders to vote in favor of upon the side of; favorable to; for the advantage of. See also: favor the proposed merger transaction. For a discussion of 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. . -0-
AUTONOMOUS TECHNOLOGIES CORPORATION AND SUBSIDIARY
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
December 31,
1998 1997
------------ ------------
REVENUES:
LADARVision systems and services $ 86,625 $ 26,065
OPERATING EXPENSES:
Costs of revenues - LADARVision
systems and services 109,434 70,364
Clinical trials and compliance 555,523 821,868
Unabsorbed production start-up
costs 819,134 758,801
Research and development 907,556 578,626
Selling and marketing 881,835 463,229
General and administrative 823,468 581,996
Other expenses 540,666 143,360
------------ ------------
Total operating expenses 4,637,616 3,418,244
OPERATING LOSS (4,550,991) (3,392,179)
OTHER INCOME (EXPENSE):
Interest income 19,667 128,959
Interest expense (15,012) (9,834)
------------ ------------
Total other income 4,655 119,125
LOSS BEFORE PROVISION FOR INCOME
TAXES (4,546,336) (3,273,054)
------------ ------------
PROVISION FOR INCOME TAXES - -
NET LOSS (4,546,336) (3,273,054)
DEEMED DIVIDEND FOR SERIES I
PREFERRED STOCK CONVERSION
DISCOUNT 403,252 -
------------ ------------
NET LOSS TO COMMON STOCKHOLDER $ (4,949,588) $ (3,273,054)
============ ============
LOSS PER SHARE:
Basic net loss per share $ (0.42) $ (0.33)
============ ============
Weighted average common shares
used in computing basic net
loss per share 11,969,058 9,958,832
============ ============
Year Ended
December 31,
1998 1997
------------ ------------
REVENUES:
LADARVision systems and services $ 221,955 $ 37,065
OPERATING EXPENSES:
Costs of revenues - LADARVision
systems and services 395,130 105,892
Clinical trials and compliance 2,666,914 2,980,317
Unabsorbed production start-up
costs 2,997,672 758,801
Research and development 3,775,159 2,954,559
Selling and marketing 2,669,257 1,493,069
General and administrative 2,846,404 2,328,222
Other expenses 1,660,453 1,596,671
------------ ------------
Total operating expenses 17,010,989 12,217,531
OPERATING LOSS (16,789,034) (12,180,466)
OTHER INCOME (EXPENSE):
Interest income 191,424 582,219
Interest expense (45,143) (41,108)
------------ ------------
Total other income 146,281 541,111
LOSS BEFORE PROVISION FOR INCOME
TAXES (16,642,753) (11,639,355)
------------ ------------
PROVISION FOR INCOME TAXES - -
NET LOSS (16,642,753) (11,639,355)
DEEMED DIVIDEND FOR SERIES I
PREFERRED STOCK CONVERSION
DISCOUNT 831,602 -
------------ ------------
NET LOSS TO COMMON STOCKHOLDER $(17,474,355) $(11,639,355)
============ ============
LOSS PER SHARE:
Basic net loss per share $ (1.59) $ (1.43)
============ ============
Weighted average common shares
used in computing basic net
loss per share 11,009,272 8,151,395
============ ============
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