Avistar Updates Fourth Quarter 2003 Business Outlook.Business Editors/High-Tech Writers REDWOOD SHORES, Calif.--(BUSINESS WIRE)--Jan. 8, 2004 Avistar Communications Corporation (Nasdaq: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 leading provider of enterprise video communication solutions, today announced that it expects revenue in the fourth quarter ending December 31, 2003 to be approximately $1.4 million, as compared to $2.0 million of revenue in the third quarter of 2003 and $1.8 million in the fourth quarter of 2002. The projected fourth quarter revenue result is similar to the revenue of $1.5 million reported for the second quarter of 2003. The company expects to report final financial results on January 22, 2004. "Recovery in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. vertical, where we generate the majority of our revenue, has not yet produced the kind of projectable order flow that we hope to see return to our business," stated Gerald J. Burnett, 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. of Avistar. "We intend to maintain the disciplines in our spending and capital outlays that have served us during the recent downturn," said Robert J. Habig, chief financial officer of Avistar. "We currently expect total operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. of approximately $2.8 million for the fourth quarter of 2003, representing the tenth quarter of operating expense reduction posted during the last eleven quarters. Our approximate cash balance of $5.4 million at year-end 2003 reflects the lowest quarterly cash consumption from operations over the last four quarters." About Avistar Communications Corporation Avistar develops, markets and supports video collaboration solutions for the enterprise, all powered by the AvistarVOS(TM) software. From the desktop, Avistar delivers TV-quality video calling, recording, publishing to web and emails, video-on-demand, broadcast, and document sharing See data conferencing. . Avistar delivers on vBusiness -- video-enabling business -- by integrating visual communications into the daily workflow and connecting communities of users within and across enterprises. Founded in 1993, Avistar Communications Corporation 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 sales 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 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, ., 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, holds a broad portfolio of patents covering the AvistarVOS platform as well as multiple software and hardware video collaboration products. For more information, visit www.avistar.com. Forward-Looking Statements Statements made in this news release regarding the operating results that Avistar expects to report for the fourth quarter of 2003 and future periods 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 market acceptance of our new and existing products; general economic conditions; conditions in the financial services sector; the length of our sales cycle and our ability to successfully complete product sales; our dependence on a few customers for a majority of our revenue; the impact of competitive products and pricing; stock market fluctuations; and the adequacy of Avistar's cash resources. 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. Avistar, AvistarVOS, and the Avistar logo are trademarks or registered trademarks of Avistar Communications Corporation. |
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