COX Technologies Inc. Reports Fiscal Year 1999 Results.BELMONT, N.C.--(BUSINESS WIRE)--Sept. 1, 1999-- COX Technologies, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:COXT) today announced the filing of its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and the year-end results for fiscal 1999, ended April 30. Revenues for fiscal 1999 totaled $8,954,544, a 9 percent increase over 1998 revenues of $8,138,756. The additional sales revenue was attributed to another strong year for COX Recorders, which has reported revenue increases for five straight years. COX Recorders develops, manufactures and markets the Company's line of traditional time/temperature recorders and monitors for perishable per·ish·a·ble adj. Subject to decay, spoilage, or destruction. n. Something, especially foodstuff, subject to decay or spoilage. Often used in the plural. items. In fiscal 1999, earnings totaled $196,905, or $.01 per share. This is a decline from the 1998 earnings of $3,066,568, or $.15 per share. The 1998 earnings included extraordinary income from a one-time settlement of nearly $2.1 million. "The 1999 fiscal report reflects two situations at COX Technologies," explained COX CFO See Chief Financial Officer. Robert Dupree. "First, COX has only recently begun to record sales from its time temperature integrator (1) In electronics, a device that combines an input with a variable, such as time, and provides an analog output; for example, a watt-hour meter. (2) See systems integrator. tags (TTI's) called Vitsab(TM), a cutting edge technology used to monitor freshness of meat, fish, and produce. Those early numbers are not reflected in the 1999 fiscal year. "Further, two factors contributed to exceptionally high total expenses. Research and development costs were significant related to COX's other new technology, FreshTag(TM), which also detects food spoilage spoilage decomposition; said of meat, milk, animal feeds especially ensilage. . That product is now in commercial testing at various locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Second, as COX has ramped up for the introduction of Vitsab(TM) into the marketplace, operational and marketing costs are reflected in the low earnings," Dupree added. Statements in this release about future results are preliminary and based on partial information and assumptions, and actual results may differ. Except for historical information presented, the matters discussed in this announcement contain 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. that involve risks and uncertainties, including the development and growth of markets targeted by COX Technologies, Inc., the acceptance of time temperature integrators by customers, the impact of competition, government regulations, general economic conditions in the U.S. and abroad, and other risks detailed from time to time in the company's public disclosure filings with the U.S. Securities and Exchange Commission (SEC). Copies of the most recent Forms 10K and 10Q of COX Technologies are available upon request from its corporate office. |
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