Avistar Communications Reports Financial Results for 2006 and the Fourth Quarter of 2006.REDWOOD SHORES, Calif. -- Avistar Communications 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 :AVSR (Audio Visual Speech Recognition) Using lip reading software to enhance speech recognition. In noisy environments where a camera can be included, AVSR improves the computer's ability to recognize the speaker's words by visually tracking lip movement and ), a video collaboration platform An emerging category of computer software, collaboration platforms are unified electronic platforms that support synchronous and asynchronous communication through a variety of devices and channels. provider, today announced financial results for the three and twelve months ended December 31, 2006. Revenue for the three months ended December 31, 2006 was $2.3 million, compared to revenue of $7.3 million for the three months ended September 30, 2006 and $1.8 million for the three months ended December 31, 2005. The decrease in revenue between the third and fourth quarters of 2006 was largely due to a licensing agreement concluded in the quarter ended September 30, 2006 among Avistar, its wholly-owned subsidiary, Collaboration Properties, Inc Collaboration Properties, Inc. (CPI) is a wholly owned subsidiary of Avistar Communications Corporation. It holds US and foreign patents in the primary areas of presence-based interactions, desktop video, recorded and live media at the desktop, multimedia documents, data sharing, . (CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I ), Sony Corporation and Sony Computer Entertainment, Inc. (SCEI SCEI Sony Computer Entertainment, Incorporated SCEI Sony Computer Entertainment Inc. ), under which CPI received a license fee of $5.0 million. Income from settlement and patent licensing was $1.1 million for the three month period ended December 31, 2006, as well as for the three month periods ended September 30, 2006 and December 31, 2005. Avistar reported a net loss of $3.2 million, or $0.09 per basic and diluted share, for the three months ended December 31, 2006. Avistar reported a net profit of $1.8 million, or $0.05 per basic and diluted share, for the three months ended September 30, 2006, and a net loss of $2.1 million, or $0.06 per basic and diluted share, for the three months ended December 31, 2005. The net loss for the fourth quarter of 2006 reflects, among other things, $0.5 million of employee stock compensation expense related to the adoption of Financial Accounting Standard No. 123R by Avistar, effective as of January 1, 2006. Net loss for the three months ended September 30, 2006 included $0.5 million of stock compensation expense, and net loss for the three months ended December 31, 2005 did not include any employee stock compensation expense. Revenue for the twelve months ended December 31, 2006 was $13.2 million, as compared to $6.9 million for the twelve months ended December 31, 2005. Income from settlement and patent licensing was $4.2 million for both of the twelve month periods ended December 31, 2006 and December 31, 2005. Avistar reported a net loss of $8.1 million, or $0.24 per basic and diluted share, for the twelve months ended December 31, 2006. For the twelve months ended December 31, 2005, Avistar reported a net loss of $5.2 million, or $0.15 per basic and diluted share. As of December 31, 2006, Avistar had cash and cash equivalents of $7.9 million. "Avistar had a notable year in 2006," stated Gerald J. Burnett, Chairman and Chief Executive Officer of Avistar. "The company was granted additional patents, bringing our total portfolio to seventy-four, one of which now relates to instant messaging Exchanging text messages in real time between two or more people logged into a particular instant messaging (IM) service. Instant messaging is more interactive than e-mail because messages are sent immediately, whereas e-mail messages can be queued up in a mail server for seconds or , with more anticipated. We concluded a licensing agreement with Sony Corporation, expanding the number of technology companies who have recognized the importance of our intellectual property and have entered into licensing arrangements with us." Dr. Burnett continued, "We anticipate that the revenue growth that we experienced in 2006 will continue in 2007, allowing the company to achieve profitability during 2007. We also anticipate that our efforts with and through partners will expand our sales opportunities, and allow us to access new constituencies with our proven technology." About Avistar Communications Corporation Avistar Communications Corporation develops, markets, and supports a video collaboration platform for the enterprise, all powered by the AvistarVOS[TM] software. From the desktop, Avistar delivers business-quality video calling, recording, publishing to web and e-mails, video-on-demand, broadcast origination and distribution, and document sharing See data conferencing. . Avistar video-enables business processes by integrating visual communications into the daily workflow and connecting communities of users within and across enterprises. Founded in 1993, Avistar is headquartered in Redwood Shores, California Redwood Shores is an upscale and desirable [1] waterfront neighborhood on the San Francisco Peninsula in California. It is located on the eastern edge of Belmont, but is actually part of incorporated Redwood City. , with offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London. Avistar's technology is used in more than 35 countries. Collaboration Properties, Inc. (CPI), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Avistar Communications Corporation, was founded in 1997. CPI develops patents for presence-based interactions, wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. , desktop video, recorded and live media at the desktop, multimedia documents, data sharing The ability to share the same data resource with multiple applications or users. It implies that the data are stored in one or more servers in the network and that there is some software locking mechanism that prevents the same set of data from being changed by two people at the same time. , and a service-rich video network architecture. It holds a current portfolio of 74 patents for inventions in the primary areas of video and network technology. CPI offers licenses to its patent portfolio and Avistar's video-enabling technologies to companies in the video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. , rich-media services, public networking, and related industries. Current licensees include Sony Corporation, Polycom, Inc., and Emblaze-VCON. For more information, visit www.avistar.com. Forward Looking Statements Statements made in this news release that are not purely historical, including but not limited to statements regarding anticipated revenue growth and expansion of sales opportunities, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act. Such statements are subject to risks and uncertainties that could cause actual results to differ materially, including such factors, among others, as Avistar's lengthy sales cycle, volatility in Avistar's sales and licensing activities, market acceptance of Avistar's products, increased competition in the market for video collaboration products, and challenges associated with protecting Avistar's intellectual property. As a result of these and other factors, Avistar expects to experience significant fluctuations in revenue and operating results, and there can be no assurance that Avistar will become or remain profitable in the future, or that its future results will meet expectations. These and other risk factors are discussed in Avistar'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. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission from time to time. Avistar disclaims any intent or obligation to update these forward-looking statements. Copyright [c]2007 Avistar Communications Corporation. All rights reserved. Avistar, AvistarVOS, and the Avistar logo are trademarks or registered trademarks of Avistar Communications Corporation. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion