Bitwise Announces Profitability in Second Quarter Results.SCHENECTADY, N.Y.--(BUSINESS WIRE)--Feb. 16, 1999--Bitwise Designs, Inc. (Nasdaq:BTWS BTWS Blue Tang Web Systems (UK) ) announced its second quarter results for the quarter ended December 31, 1998. Consolidated revenues were $5.0 million for the quarter and $10.5 million for the six months ended December 31, 1998. This compares to $9.0 million and $18.4 million, respectively, for the same periods last year. The decline in sales is due to the sale of the System Solutions Technology, Inc. subsidiary in June 1998. The Company reports a significant profit improvement despite the decrease in overall revenues. For the quarter ended December 31, 1998 the Company realized a net income of $1,696 compared to a loss of $526,000 for the same period last year. Bitwise Dealing with bits rather than larger structures such as a byte. For example, each of the eight bits in a byte can be used as an individual flag to signal yes/no, on/off (1 or 0) about some condition. The Boolean operators AND, OR and NOT also deal with individual bits rather than bytes. realized a 300 percent improvement for the six months ended December 31, 1998. The Company realized a net loss of $347,000 compared to a net loss of $1,038,000 for the prior year. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. John Botti Raphael Jose Botti (born February 23, 1981) simply known as Botti, is a Brazilian professional footballer. He plays as a midfilder for Vissel Kobe. Botti is a hard-working and talented player who may not get on the scoresheet too often – just 14 times in his five years , "the Company has made significant strides this past quarter to achieve profitability. Sales of DocStar systems have continued to increase and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. have been reduced. Our DJS subsidiary has experienced continued income growth this year compared to last year. During the quarter we had our first DocStar shipments to the UK and we plan to continue to tap the international marketplace." Mr. Botti also states that " with the recent $ 15 million credit line from Nations Credit , this allows Bitwise to begin its expansion into the dealer channel through acquisitions. Bitwise will benefit from each acquisition's profitability and positive cash flows. By selling the DocStar product through wholly owned dealerships, Bitwise will more than triple the gross profit it realizes on every DocStar product being sold. Bitwise should be able to substantially increase unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of the DocStar(r) system and drive the company's future EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. . The changes we have instituted provide many reasons for an optimistic outlook and the growth strategy will result in strong returns in both earnings and shareholder value. " In addition to manufacturing the DocStar product line the Company through its subsidiary DJS Marketing Group/Computer Professionals of Albany, New York For other uses, see Albany. Albany is the capital of the State of New York and the county seat of Albany County. Albany lies 136 miles (219 km) north of New York City, and slightly to the south of the juncture of the Mohawk and Hudson Rivers. distributes a broad line of personal computers, peripheral equipment, software and computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. . -0-
Period Ended December 31,
1998 1997
3 months 6 months 3 months 6 months
Sales $5,049,976 $10,465,503 $9,027,801 $18,396,656
Gross profit 2,009,553 3,907,777 2,579,074 5,129,899
Income/(loss) from
operations 137,337 (119,471) (298,570) (702,804)
Net income/(loss) 1,696 (346,515) (525,582) (1,038,138)
This press release contains forward-looking statements that involve risks and uncertainties. Bitwise's actual results could differ materially from the results discussed herein as a result of factors which include, but are not limited to, that there is no assurance that: (i) the Company will be successful in implementing its DocStar(tm) business plan (ii) the Company will not be adversely affected by continued intense competition in the computer industry or (iii) other risks set forth from time to time in the Bitwise filings with the Securities and Exchange Commission. |
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