ChatCom reports fourth quarter results.CHATSWORTH Chatsworth, estate, Derbyshire, central England, near Chesterfield. It is the seat of the dukes of Devonshire. Begun in 1552, the present Classical-style Chatsworth House was rebuilt in 1686. , Calif.--(BUSINESS WIRE)--July 3, 1996--ChatCom Inc. (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 : CHAT), formerly Astro ASTRO American Society for Therapeutic Radiology and Oncology ASTRO Astrodynamics ASTRO Association of Summer Theatres 'Round Ontario ASTRO Advanced Scientific and Theoretic Research Organisation (New Zealand) Sciences Corp., announced today that decreased order volume during the three months ended March 31, 1996 negatively impacted its fourth quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. financial results. The company recorded a net loss of $1,349,094 or $0.18 per share on revenues of $2,383,008 for the fourth quarter, ended March 31, 1996 as compared to a net loss of $37,930 or $0.01 per share on revenues of $5,163,258 for the same period of 1995. The results for the quarter as well as the full year were consistent with the estimated results released earlier by the company. For the full fiscal year ended March 31, 1996, the company reported a net loss of $1,968,005 or $0.26 per share, on revenues of $14,790,335, compared to a net loss of $1,927,696 or $0.34 per share, on revenues of $14,962,260. In announcing the final results for its fiscal year, the company reported that the 1% decrease in revenues for the year was entirely attributable to a decreased volume of orders during the fourth quarter. James B. Mariner Mariner Any of a series of unmanned U.S. space probes sent near Venus, Mars, and Mercury. Mariners 2 (1962) and 5 (1967) passed Venus within 22,000 mi (35,000 km) and 2,500 mi (4,000 km), respectively, and made measurements of temperature and atmospheric density. , president and chief executive officer of ChatCom Inc., stated, "The company believes that the decrease in fourth quarter revenues was attributable to a combination of factors, including, the absence of a budget by the Federal Government, severe weather in the eastern portion of the nation, decreased available marketing funds and the changes that were ongoing in the company's executive management." But he noted that as a result of these changes, "The company has made tremendous progress toward assembling the executive and management team that we believe can take the company to sustained profitability and growth." Mariner also noted that, "The company completed a $3,000,000 private placement of 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. in March and May, which, together with $805,500 of proceeds from the exercise of outstanding options and warrants subsequent to the company's fiscal year end, has significantly improved the company's liquidity for effective operation." Founded in 1982, ChatCom Inc. is a leading supplier of consolidated server A multiprocessor computer system consisting of several rack-mounted or modularized CPU boards that use fault tolerant components and share disk storage. SMP versions share a common memory pool. systems to Fortune 1000 companies. Its ChatterBox family of products has won numerous prestigious awards, including: PC Magazine's `Editor's Choice', LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. Magazine's `Product of the Year', and the LAN Times `Best of Times'. -0-
Three Months Ended Year Ended
March 31 March 31
1996 1995 1996 1995
(restated)
Revenues $ 2,383,008 $ 5,163,258 $ 14,790,335 $14,962,260 Net (loss) income (1,349,094) (37,930) (1,968,005) 1,927,696 (Loss) income per share $(0.18) $(0.01) $(0.26) $(0.34) CONTACT: ChatCom Inc. John Grady ''For the author, see John Grady (Author) John Grady (June 18, 1860 - July 15, 1893) played one year of professional baseball for the 1884 Altoona Mountain Citys. Mainly an outfielder, Grady played in 9 games, getting 36 at bats. His batting average was .306. , 818/709-1778 or Strategic Growth International Inc. Richard Cooper/Stanley Altschuler 516/829-7111 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion