Cellular Technical Services Reports 2004 Second-Quarter Results.SEATTLE Seattle (sēăt`əl), city (1990 pop. 516,259), seat of King co., W Wash., built on seven hills, between Elliott Bay of Puget Sound and Lake Washington; inc. 1869. -- Cellular Technical Services Company, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CTSC CTSC Cathepsin CTSC Clinical and Translational Science Center (University of California at Davis) CTSC Chenega Technology Services Corporation CTSC Canadian Technical Security Conference (Burlington, ON, Canada) ) ("CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS. (2) (Common Type System) The data typing used in . "), today reported its second quarter financial results for 2004.
(in 000's except Three Months Three Months Six Months Six Months
per share amounts) Ended June Ended June Ended June Ended June
30, 2004 30, 2003 30, 2004 30, 2003
----------------------------------------------------------------------
Revenue $-- $13 $-- $171
----------------------------------------------------------------------
Net Loss ($ 149) ($ 305) ($ 270) ($ 680)
----------------------------------------------------------------------
Net Loss Per Share
(basic and diluted) ($0.06) ($0.13) ($0.11) ($0.30)
----------------------------------------------------------------------
CTS reported losses of $149,000 for the second quarter of 2004 and $270,000 for the first six months of 2004. Both periods reflect no revenue and significant reductions in 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. all resulting from the closure of our ISIS phonecard phonecard Noun a card used instead of coins to operate certain public telephones phonecard n → tarjeta telefónica phonecard phone n operations and layoffs of personnel. The 2003 periods included recognition of the remaining revenue from our Isis phonecard subsidiary. Steve Katz Katz , Bernard 1911-2003. German-born British physiologist. He shared a 1970 Nobel Prize for the study of nerve impulse transmission. , CTS Chairman 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. noted, "At June 30, 2004 we had $2.3 million in cash and no debt. We are continuing to evaluate business alternatives including several investment opportunities. We have concluded the discovery period on our one outstanding litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matter and expect some resolution during this year. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the outcome; however, we are unable to assess the likelihood of a positive decision at this time. Our investment in KSI/TruePosition was written down to zero in late 2002. We have had recent discussions concerning this investment and believe that it may have some positive future value for CTS; however, at this time we are unable to determine how much or when. Today we have one full-time employee remaining. For the remaining six months of 2004, we forecast incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. a total of approximately $0.3 million in expenses including employee compensation, remaining amortization of non-cash compensation, costs of maintaining the business as a public entity and insurance." Special Note Regarding 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. : This press release may contain forward-looking statements within the meaning 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 that involve risks and uncertainties that could cause actual results for CTS or its affiliates to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties include but are not limited to: CTS' ability to acquire or develop future business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets ; the uncertainty of its ability to gain acceptance of any new products or services, if such are acquired or developed; the competition for business opportunities and the ability of competitors who are larger or better financed than CTS to acquire such opportunities in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. CTS; vulnerability to specific factors such as technological obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , limited customer base and manufacturing difficulties, all of which may be dependent upon the nature of any specific acquisition or development by CTS; dependence on key personnel; the availability of financing; and other risks described in CTS' filings with the Securities and Exchange Commission.
CELLULAR TECHNICAL SERVICES COMPANY, INC.
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in 000's)
June December
30, 2004 31, 2003
----------------------------------------------------------------------
Cash $2,327 $2,651
----------------------------------------------------------------------
Accounts Receivable, net 4 11
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Total Assets 2,405 2,681
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Working Capital 2,266 2,499
----------------------------------------------------------------------
Stockholders' Equity 2,271 2,505
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CELLULAR TECHNICAL SERVICES COMPANY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in 000's, except per share amounts)
(unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
----------------------------------
2004 2003 2004 2003
----------------------------------
REVENUES
Phonecards $-- $13 $-- $171
COSTS AND EXPENSES
Cost of phonecards -- 14 -- 217
Sales and marketing -- -- -- 28
General and administrative 158 330 290 661
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Total Costs and Expenses 158 344 290 906
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LOSS FROM OPERATIONS (158) (331) (290) (735)
OTHER INCOME, net
3 3 6 19
INTEREST INCOME, net 6 23 14 36
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LOSS BEFORE INCOME TAXES $(149) $(305) (270) (680)
PROVISION FOR INCOME TAXES -- -- -- --
----------------------------------
NET LOSS $(149) $(305) (270) (680)
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BASIC AND DILUTED SHARE DATA:
----------------------------------
Loss per share $(0.06) $(0.13) $(0.11) $(0.30)
==================================
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic and diluted 2,450 2,292 2,450 2,292
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