BOATRACS reports second-quarter results; messaging revenues increase 64 percent.SAN DIEGO--(BUSINESS WIRE)--Aug. 1, 1996--BOATRACS Inc. (Bulletin Board:BTRK) Thursday reported that its 1996 second-quarter revenues increased 10 percent to $903,693, compared with $825,141 in the second quarter of 1995. Net loss for the quarter was $247,379, or 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a net loss of $92,217, or 1 cent per share, in 1995. The increase in company revenues was primarily driven by a 64 percent increase in messaging revenues compared with the second quarter of 1995. System sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. were down 21.3 percent for the quarter compared with the prior year due to timing differences in the installation of units at several major customers. However, system sales increased 21.6 percent for the first six months of 1996 compared with the same period in 1995. Net loss for the quarter was attributed to continued software development costs, associated expenses for additional sales personnel and costs associated with the development of the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. market. A breakdown of operating results for the second quarter of 1996 on a geographic basis reflects a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern profit of approximately $86,000 for U.S. operations before research and development expenses. "In addition to steadily growing messaging revenues in the second quarter, we announced the signing of a reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. agreement with ORBCOMM USA," stated Michael Silverman, president 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. . "We anticipate that our agreement with ORBCOMM will greatly expand our market opportunities both within the inland waterways The list of waterways is a link page for any river, canal, estuary or firth. International waterways
BOATRACS, with headquarters in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , is the distributor in the U.S. marine market of the OmniTRACS Systems, a satellite-based communications and tracking system developed and manufactured by QUALCOMM Inc. The system provides two-way communications Two-way communication is a form of transmission in which both parties involved transmit information. Common forms of two-way communication are:
BOATRACS currently has systems on vessels operating on both U.S. coasts, the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and in Canada. In addition, BOATRACS has letters of understanding with QUALCOMM distributors in Mexico, Europe and Canada. Statements within this news release that are not historical facts, including statements about strategies and expectations for new and existing products, technologies and opportunities, are 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. that involve risks and uncertainties. Risk factors are detailed in the company's Securities and Exchange Commission filings, particularly its 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. for the year ended Dec. 31, 1995. -0-
BOATRACS INC.
Results from Operations
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1996 1995 1996 1995
Revenues:
Communications
systems sales $ 413,533 $ 525,741 $ 874,506 $ 718,922
Messaging 490,160 299,400 933,792 559,754
Total revenues $ 903,693 $ 825,141 $1,808,298 $1,278,676 Costs and expenses: Communications systems sales 271,953 363,389 576,039 467,090 Messaging 262,237 183,236 516,010 349,448 Selling, general and administrative 634,903 366,249 1,167,131 716,140 Total costs and expenses $1,169,093 $ 912,874 $2,259,180 $1,532,678 Loss from operations (265,400) (87,733) (450,882) (254,002) Interest expense (968) (6,716) (2,163) (14,022) Interest income 18,989 2,232 36,350 7,093 Net loss $ (247,379) $ (92,217) $ (416,695) $ (260,931) Net loss per share (2 cents) (1 cent) (3 cents) (2 cents) Weighted average number of shares outstanding 12,602,310 11,154,244 12,592,578 10,560,601 -0-
Balance Sheet Data
(Unaudited)
June 30, Dec. 31,
1996 1995
Working capital $ 855,427 $1,379,538 Total assets 2,154,827 2,360,177 Long-term liabilities 369,230 369,230 Shareholders' equity 1,001,544 1,297,482 CONTACT: Stoorza, Ziegaus & Metzger Joleen M. Schultz, 619/236-1332, ext. 231 |
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