Avistar Updates Second Quarter 2002 Business Outlook.Business Editors/High-Tech Writers 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 ), the enterprise video company, today announced that it expects revenue in the second quarter ending June 30, 2002 to be between $1.8 million and $2.0 million, compared to $3.5 million of revenue in the second quarter of 2001. The Company had provided guidance earlier in the quarter that it anticipated second quarter revenue to be similar to the $2.7 million of revenue achieved in the first quarter of 2002. The Company will report final financial results on July 24, 2002 and will host a conference call at that time to discuss those results further. "The weak economy, particularly 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. sector, continues to impact 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 continue to tightly control expenses," 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 between $3.0 million and $3.2 million for the second quarter of 2002, which is favorable to the Company's guidance of between $3.4 million and $3.6 million provided earlier in the quarter, and which would represent the fifth consecutive quarter of operating expense reduction." About Avistar Communications Corporation Avistar develops, markets and supports the Avistar vBusiness(TM) integrated suite of video-enabled applications, all powered by the AvistarVOS(TM) software. Avistar integrates video communications into day-to-day business process applications. From the desktop, Avistar delivers TV-quality video calling, recording, publishing, video-on-demand, broadcast, and document sharing. Founded in 1993, Avistar Communications Corporation (Nasdaq:AVSR) 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. 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. Forward Looking Statements Statements made in this news release regarding Avistar's financial outlook for the 2002 fiscal year, in particular revenues and revenue growth, as well as statements regarding "intentions", "expectations", "beliefs", "goals", or the like, 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 the impact of competitive products and pricing, the market acceptance of new and existing products, the ability to raise capital, the mix between domestic and international sales, manufacturing and cost of Avistar's products, dependence on collaborative partners, the ability to achieve sales and revenue objectives, the ability to enter into new distribution agreements, prolonged economic weakness and purchasing patterns in the financial services industries. As a result of these and other factors, Avistar expects to experience significant fluctuations in operating results, and there can be no assurance that Avistar will become or remain consistently profitable in the future, or that its future results will meet expectations. These and other risk factors are discussed in Avistar's 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. filed on March 21, 2002 and Form 10-Q Form 10-Q See 10-Q. for the quarter ending March 31, 2002 filed on April 30, 2002 with the Securities and Exchange Commission. Avistar disclaims any intent or obligation to update these forward-looking statements. Avistar, Avistar vBusiness, AvistarVOS, and the Avistar logo are trademarks or registered trademarks of Avistar Communications Corporation. |
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