C-Phone Corporation Reports Fiscal Year End Results.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)--June 1, 1999-- 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 from operations for the fiscal quarter and year ended February February: see month. 28, 1999 (Fiscal 1999). For Fiscal 1999, revenues totaled $1,621,196, compared with $1,890,666 for the fiscal year ended February 28, 1998 (Fiscal 1998). The Company reported a net loss of $(4,478,725), or $(0.63) per share for Fiscal 1999, compared with a net loss of $(5,974,828), or $(1.49) per share, for Fiscal 1998. For the fourth quarter of Fiscal 1999 (1999 Quarter), revenues were $274,420, compared with revenues for the fourth quarter of Fiscal 1998 (1998 Quarter) of $667,235. The Company reported a net loss for the 1999 Quarter of $(1,502,969), or $(0.19) per share compared with a loss of $(1,529,064), or $(0.63) per share reported in the 1998 Quarter. The decline in revenues for Fiscal 1999 reflect the shift in the Company's emphasis to products for the business market from products for the consumer market. In announcing the results, Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. P. Flohr Flohr is the surname of:
This page or section lists people with the surname Flohr. , President and Chief Executive Officer of C-Phone, said, "In 1999, the Company shifted its focus from home consumer related products to products aimed at business and special application markets such as the security industry. To succeed in this competitive market, we embarked on an intensive engineering and development program designed to create the right products for these markets. As we approached the final phase of this program, during the fourth quarter of Fiscal 1999 we concentrated our efforts on assembling a sales and marketing staff focused on the business and special applications markets." Mr. Flohr added, "We now have an experienced field sales staff and marketing team in place, and are undertaking a comprehensive marketing campaign to promote our existing as well as our new products. We believe that these efforts will result in increased revenues in fiscal year 2000." C-Phone Corporation is a North Carolina-based video communications designer and manufacturer. The Company has gained recognition as an innovator and provider of affordable, state-of-the-art and easy-to-use video communications products to a broad range of industries. Statements made in this press release, other than those concerning historical information, should be considered forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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 "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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, as well as factors such as future economic conditions, acceptance by customers of the Company's products, changes in customide website at www.kcsa.com. -0-
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Gross Loss (537,770) (574,140)
Selling, General and
Administrative Expense 804,013 789,731
Research, Development
and Engineering
Net Loss Per Share $ (0.19) $ (0.63)
Weighted Average
Shares Outstanding 7,978,605 1999
1998 $ 1,621,196 $ 1,890,666
Gross Loss (929,699) (1,341,715)
Selling, General and
Administrative Expense 3,000,128 3,816,806
Research, Development
and Engineering
Expense 814,366 973,210
Operating Loss (4,744,193) (6,131,731)
Net Loss (4,478,725) (5,974,828)
Net Loss Per Share $ (0.63) $ (1.49)
Weighted Average
Shares Outstanding 7,183,078 5,202,608
Balance Sheet
February 28, February 28,
1999 1998
Cash and Investments $4,602,752 $4,200,231
Other Current Assets 1,402,132 2,061,940
Total Assets 6,253,994 6,469,031
Current Liabilities 669,372 1,091,666
Total Liabilities 669,372 1,091,666
Preferred Stock -- 4,543,767
Shareholders' Equity 5,554,622 833,598
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