C-Phone Corporation Announces Results for Third Fiscal Quarter 2000; Company Exploring Strategic Initiatives.Business Editors WILMINGTON, N.C.--(BUSINESS WIRE)--Jan. 14, 2000 C-Phone Corporation (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 results of operations for the quarter ended November 30, 1999 ("3rd Quarter 2000"). Net revenues were $416,429 in 3rd Quarter 2000, compared to $441,349 in the quarter ended November 30, 1998 ("3rd Quarter 1999"). The Company reported a net loss of ($744,850), ($0.09 per common share), compared to a net loss of ($1,036,712), ($0.13 per share after reflecting accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of $3,220 on the Company's preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. ), for 3rd Quarter 1999. As previously announced, the Company has commenced the restructuring of its operations to reduce its ongoing 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. by more than 33% and is actively exploring certain strategic initiatives. The Company also is increasing its focus on attempting to develop possible OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and , distribution and licensing relationships. The Company also said that it has filed an appeal of Nasdaq's delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. of its common stock from the Nadsaq National Market due to concerns about the Company's ability to sustain long-term compliance with the $4 million net tangible asset Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. requirement. The Company's common stock will continue to be listed during the appeal process. A hearing on the appeal has been scheduled for February 17, 2000, and the company is hopeful that certain of its initiatives will be successful and timely consummated, which could resolve Nasdaq's concerns. As an alternative, the Company is considering applying for listing on the Nasdaq SmallCap Market , assuming the Company continues to meet the listing criteria therefor there·for adv. For that: ordering goods and enclosing payment therefor. Adv. 1. therefor . C-Phone Corporation provides state-of-the-art video communications products for general business and niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. , including security, education and healthcare. Affordable and easy to use, C-Phone products deliver high quality, real time video, voice and data for conferencing and remote monitoring (protocol) remote monitoring - (RMON) A network management protocol that allows network information to be gathered at a single computer. Whereas SNMP gathers network data from a single type of Management Information Base (MIB), RMON 1 defines nine additional MIBs that provide a applications. C-Phone technology is compatible with all industry standards and connects through a wide variety of telephone company and private communications networks The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. , including the Internet. C-Phone products are marketed throughout the world and are in use by a diverse group of corporate, institutional and governmental customers. Information on the Company and its products can be found at www.cphone.com. Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such 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. are made based on management's belief as well as assumptions made by, and information currently available to, management pursuant to the Asafe harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company's actual results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors, including among others, those identified in the Company's Annual Report on Form 10-KSB for the fiscal year ended February 28, 1999, and the Company's Quarterly Report on Form 10-QSB for the fiscal quarter ended November 30, 1999, as well as factors such as future economic conditions, acceptance by customers of the Company's products, changes in customer demand, legislative, regulatory and competitive developments in markets in which the Company operates and other circumstances affecting revenues and costs. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of other unanticipated events. This release and prior releases are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide website at www.kcsa.com.
C-PHONE CORPORATION
SUMMARY FINANCIAL INFORMATION
Three months ended
Nov. 30, Nov. 30,
1999 1998
Total Revenues $ 416,429 $ 441,349
Cost of Revenue 320,508 589,641
Gross Profit (Loss) 95,921 (148,292)
Selling, General and
Administrative Expense 726,951 767,247
Research, Development and
Engineering Expense 145,939 192,529
Operating Loss (776,969) (1,108,068)
Net Loss (744,850) (1,036,712)
Net Loss Per Share $ (0.09) $ (0.13)
Weighted Average
Shares Outstanding 8,400,967 7,831,988
Nine months ended
Nov. 30, Nov. 30,
1999 1998
Total Revenues $ 1,182,798 $ 1,346,776
Cost of Revenue 1,001,410 1,738,705
Gross Profit (Loss) 181,388 (391,929)
Selling, General and
Administrative Expense 2,412,835 2,196,115
Research, Development and
Engineering Expense 508,687 599,329
Operating Loss (2,740,134) (3,187,373)
Net Loss (2,630,794) (2,975,756)
Net Loss Per Share $ (0.32) $ (0.44)
Weighted Average
Shares Outstanding 8,130,731 6,917,902
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C-PHONE CORPORATION
BALANCE SHEET
November 30, February 28,
1999 1999
Cash & Investments $ 3,223,425 $ 4,602,752
Other Current Assets 1,454,548 1,402,132
Total Assets 4,811,597 6,253,994
Current Liabilities 600,316 699,372
Total Liabilities 600,316 699,372
Shareholders' Equity 4,211,281 5,554,622
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