C-Phone Corporation Announces Results for Third Fiscal Quarter 2001.Business Editors WILMINGTON Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , N.C.--(BUSINESS WIRE)--Jan. 16, 2001 C-Phone Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: "CFON CFON Cape Fiber-Optic Network (Eastern Launch and Test Range) ") today announced results of operations for its third quarter of fiscal 2001, ended November November: see month. 30, 2000. Net revenues decreased 57% to $180,288 in the quarter when compared to $416,429 in the same quarter of last year. The Company reported a gross loss for the third quarter of ($177,323), compared with a gross profit of $95,921 for the same quarter of last year. The Company's net loss increased 26% to ($937,250), or ($0.10) per share, in the third quarter of fiscal 2001, from ($744,850), or ($0.09) per share, in the same quarter of last year. Paul Albritton, 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. , stated, "The decrease in revenues were primarily the result of our attempt, in the early part of Calendar 2000, to derive a viable business plan by changing our focus to developing major 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. As we were not successful in establishing relationships which would provide sufficient revenues in the near term, we announced in November that we were winding down our video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. operations. This announcement further negatively impacted sales for the balance of the quarter." Mr. Albritton continued, "As we announced last week, we entered into a Letter of Intent to sell our video conferencing assets for $1 million to Motion Media Technology Inc. As a result of this proposed transaction, we provided for an inventory write down in the third quarter of approximately $190,000, which negatively impacted our cost of revenues. In addition, our bad debt expense for the quarter was approximately $125,000 primarily relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc one customer, now in financial difficulty. Also, as previously announced, we voluntarily withdrew the appeal of our 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. on the Nasdaq SmallCap Market, and our common stock was delisted from trading on such market on January 9, 2001. Our common stock currently is traded on the OTC Bulletin Board which requires, among other things, that our common stock continue to be registered with the SEC. We currently have the right to de-certify from such registration and may take such action in the near future." C-Phone Corporation has been a provider of video communications products for general business and the security, education and healthcare markets. Information on the Company and its products can be found at www.cphone.com. 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 Nine months ended
November 30, November 30, November 30, November 30,
2000 1999 2000 1999
Total Revenues $ 180,288 $ 416,429 $ 1,238,145 $ 1,182,798
Cost of Revenue 357,611 320,508 1,081,060 1,001,410
Gross Profit
(Loss) (177,323) 95,921 157,085 181,388
Selling,
General and
Administrative
Expense 641,645 726,951 1,799,673 2,412,835
Research,
Development
and Engineering
Expense 131,993 145,939 420,583 508,687
Operating Loss (950,961) (776,969) (2,063,171) (2,740,134)
Net Loss (937,250) (744,850) (1,996,575) (2,630,794)
Net Loss
Per Share $(0.10) $(0.09) $(0.22) $(0.32)
Weighted Average
Shares
Outstanding 8,990,092 8,400,967 8,989,837 8,130,731
(Table to follow)
C-PHONE CORPORATION
BALANCE SHEET
November 30, 2000 February 29, 2000
Cash & Investments $ 796,621 $ 2,517,633
Other Current Assets 1,041,009 1,351,990
Total Assets 1,910,156 3,974,739
Current Liabilities 403,909 496,292
Total Liabilities 403,909 496,292
Shareholders' Equity 1,506,247 3,478,447
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