C-PHONE CORP. ANNOUNCES SECOND QUARTER RESULTS.WILMINGTON, N.C.--(BUSINESS WIRE)--Oct. 15, 1996--C-Phone Corporation (formerly Target Technologies, Inc.)(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 : "CFON CFON Cape Fiber-Optic Network (Eastern Launch and Test Range) ") today announced its results of operations for the quarter ended August 31, 1996 ("2nd Quarter 1997"). Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 20% to $667,288 in 2nd Quarter 1997 from $556,630 in the quarter ended August 31, 1995 ("2nd Quarter 1996"). The Company reported a net loss of $543,473 ($.13 per share) compared to a net loss of $753,169 ($.17 per share) for 2nd Quarter 1996, a 28% decrease. 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. Daniel Flohr, the Company's Chief Executive Officer, "This was our strongest quarter yet. Record orders totalling $865,000 were received and the trend toward profitability continues. We are pleased to report: higher revenues, higher gross margins, lower use of cash and a decrease in losses from operations." Mr. Flohr continued, "These are exciting times. C-Phone technology has been selected as the integral part of some potentially large and exciting projects and new opportunities continue to emerge every day." Paul Albritton, the Company's Chief Financial Officer, stated, "The financial trend is positive. Cash utilization in 2nd Quarter 1997 decreased to $422,143 from $1,041,873 in the prior quarter primarily as a result of (1) a 37% decrease in operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. , a result of increased revenues, increased gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. and tight control on expenses and (2) a 10% decrease in inventories compared to a 16% increase in the prior quarter." About C-Phone C-Phone Corporation, maker of C-Phone, is a North Carolina-based video conferencing strative Expense 506,017 680,852 Research, Development and Engineering Expense 265,247 291,658 Operating Loss (578,703) (859,449) Interest Expense (682) (1,196) Interest Income 35,912 107,476 Income Taxes - - Net Loss $ (543,473) $ (753,169) Net Loss Per Share $ (0.13) $ (0.17) Shares Outstanding 4,347,293 4,347,293 6 months ended August 31, August 31, 1996 1995 Net Sales $ 1,067,528 $ 909,684 Gross Profit 204,151 147,583 Selling, General and Administrative Expense 1,167,957 2,393,425 Research, Development and Engineering Expense 532,968 556,573 Operating Loss (1,496,774) (2,802,415) Interest Expense (1,493) (2,598) Interest Income 83,668 237,710 Income Taxes - - Net Loss $ (1,414,599) $ (2,567,303) Net Loss Per Share $ (0.33) $ (0.59) Shares Outstanding 4,347,293 4,347,293 August 31, February 29, 1996 1996 Cash & Short Term Investments $ 2,815,207 $ 4,279,223 Other Current Assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 1,661,067 1,583,415 Total Assets 4,845,784 6,238,206 Current Liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. 559,181 528,463 Total Liabilities 562,147 539,970 Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. 4,283,637 5,698,236 CONTACT: C-Phone Corporation, Wilmington Paul H. Albritton, CFO See Chief Financial Officer. , 910/395-6100, 910/395-6108(Fax) C-Phone Video: 910.772.9146, Bonding to 6 B, 336Kb E-Mail: cphone@cphone.com Internet: http://www.cphone.com |
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