Cintech Announces Results for 4th Quarter and Year; NetVIA Multichannel Contact Center Technology to Fuel New Growth.Business Editors CINCINNATI--(BUSINESS WIRE)--Sept. 13, 2001 Cintech (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CTM CTM Continuum (gaming) CTM Community Trade Mark (Europe) CTM Cisco Transport Manager CTM Confederacion de Trabajadores de Mexico (Spanish: Confederation of Mexican Workers) ), a world leader in contact center systems, today announced results for the fourth quarter and the year ended June June: see month. 30, 2001. Total revenue for the fourth quarter was US$1.8 million. This compares to revenue of US$2.9 million in the comparable quarter of last year. Net loss was US$290,000, or US$0.02 loss per share. This compares to net income of US$680,000 and US$0.05 earnings per share in the comparable quarter of last year. For the full 2001 fiscal year, Cintech's total revenue was US$8.4 million. Net loss for fiscal 2001 was US$674,000, or US$0.05 loss per share. This compares to revenue of US$12.6 million, net income of US$2.7 million, and earnings per share of US$0.21 on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis in the prior fiscal year. "Results for fiscal 2001, most notably in the second half of the year, were impacted by a slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in revenues from our voice-only contact center solutions," commented Diane DIANE Diversified Information and Assistance Network (Tennessee Valley Authority) DIANE Direct Information Access Network for Europe DIANE Digital Integrated Attack and Navigation Equipment Kamionka Kamionka is village in Kamionka Commune, Lubartów County in Lublin Voivodeship in eastern Poland. History A village which used to be a town and still retains the grid layout of streets, which makes it different from most local villages which are usually of a ribbon , Cintech's 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. . "This is primarily due to disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. among our distributors as they restructured for the new opportunities brought about by the convergence convergence Mathematical property of infinite series, integrals on unbounded regions, and certain sequences of numbers. An infinite series is convergent if the sum of its terms is finite. of voice and data and in reaction to a slowing economy. Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony as well as many of our key distributors underwent major reorganizations during the year. Our indirect sales model felt the impact of these wide-sweeping changes. "In the fourth quarter we began to see some rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective , with revenues of our voice-only contact centers and services increasing 46 percent over the previous quarter. We expect the market for voice-only contact centers to continue to rebound with moderate growth while an increasing number of organizations move more aggressively toward next-generation, multichannel Using two or more paths for transmission or processing. It can refer to a variety of architectures including (1) multiple I/O channels between the CPU and peripheral devices, (2) multiple wires in a cable, (3) multiple "logical" channels within a single wire or fiber or (4) multiple contact center technologies like our NetVIA solution. NetVIA multichannel contact center technology to fuel new growth "The significant new growth for Cintech will come from our NetVIA technology. We expect the market potential is exponentially ex·po·nen·tial adj. 1. Of or relating to an exponent. 2. Mathematics a. Containing, involving, or expressed as an exponent. b. higher than that of our proprietary voice-only solutions. We strongly believe that the market for multichannel contact centers (solutions that unify 1. (database, product) Unify - A relational database produced by Unify Corporation. 2. (algorithm) unify - To perform unification. voice, e-mail, Web and fax for consistent interactions across all communication channels) is accelerating. In the fourth quarter, discussions with distributors and technology partners for NetVIA progressed at a faster pace, indicating a greater sense of readiness and urgency to deliver multichannel contact center enterprise applications. We are focusing our efforts on building broad distribution for NetVIA which includes developing distribution relationships with data VARs (Value Added Resellers See VAR. (company) value added reseller - (VAR, or "value added retailer") A company which sells something (e.g. computers) made by another company (an OEM) with extra components added (e.g. specialist software). ). The addition of data VARs complements our distribution through telecom service providers and will provide more comprehensive coverage of the market for multichannel contact centers. "Progress is also being made in the area of technology licensing. This month we will launch an integration facility that enables easy integration between our technology and third party applications. Delivering this new facility is a critical first step in implementing our technology licensing strategy. There are two key areas of focus: integration with key vertical market software applications, and integration with broader e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. applications such as Customer Relationship Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ). In general, we expect this line of business to be an area for significant future growth and we have committed our Business Development team to maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: its potential." About Cintech Solutions Cintech Solutions creates Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the technology solutions to manage and analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. interactions with customers, partners and associates for improved relationships and informed decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from . Cintech Solutions is a world leader in contact center systems, with over 10,000 installations. Cintech Solutions partners with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Nortel Networks and other technology leaders to market and distribute our products and services. Cintech's newest solution, NetVIA(TM), is the first full-featured e-contact center acclaimed ac·claim v. ac·claimed, ac·claim·ing, ac·claims v.tr. 1. To praise enthusiastically and often publicly; applaud. See Synonyms at praise. 2. for its ease of use and administration. NetVIA unifies all voice, fax, email and Web interactions for more effective communications and management information. It connects resources located anywhere to create a virtual, networked e-contact center scalable from single- to multi-site enterprise levels. NetVIA maximizes the potential of e-business by empowering communication anytime, anywhere, in any way. For more information on Cintech Solutions, visit the Web at www.cintechsolutions.com. Certain statements in this release are 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. (as defined in 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). These statements may include phrases such as "the Company expects" or "the Company anticipates," or other similar statements, and may involve projections for earnings, sales and expenditures and various business environment and business trend projections. These forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from those predicted in the forward-looking statements depending on a variety of factors, including, but not limited to, the company's ability to maintain its current, and develop new, strategic/distribution relationships, competitive pressures within the communication industry, the company's ability to maintain profitability, and other risks discussed in the Company's periodic filings with the Securities and Exchange Commission.
Cintech Solutions, Inc.
Balance Sheets
June 30, 2001 and June 30, 2000
June 30, June 30,
2001 2000
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 641,883 2,521,039
Marketable securities 6,284,141 5,828,194
Accounts receivable, trade 301,389 869,435
Inventory 21,387 45,969
Prepaid expenses 73,845 31,131
Deferred income taxes 497,671 584,067
---------- ----------
Total current assets 7,820,316 9,879,83
---------- ----------
FIXED ASSETS:
Equipment 1,198,675 1,178,783
Furniture and fixtures 325,756 288,773
---------- ----------
Total 1,524,431 1,467,556
Less accumulated depreciation (1,208,086) (974,166)
---------- ----------
Total fixed assets - net 316,345 493,390
---------- ----------
OTHER ASSETS:
Deferred software development costs 1,807,357 1,250,148
Deferred income taxes 186,580 --
---------- ----------
Total other assets 1,993,937 1,250,148
---------- ----------
TOTAL 10,130,598 11,623,373
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable 134,919 347,664
Accrued liabilities:
Accrued wages & compensation 505,310 660,074
Accrued income taxes -- 75,678
Warranty reserve 82,382 126,323
Other 115,615 171,558
Deferred maintenance revenue 638,193 832,528
---------- ----------
Total current liabilities 1,476,419 2,213,825
---------- ----------
DEFERRED INCOME TAXES -- 83,822
STOCKHOLDERS' EQUITY
Common stock 9,008,289 9,005,433
Contributed capital 675,757 675,757
Treasury stock (2,290) (2,290)
Accumulated deficit (1,027,577) (353,174)
---------- ----------
Total stockholders' equity 8,654,179 9,325,726
---------- ----------
TOTAL 10,130,598 11,623,373
=========== ===========
Cintech Solutions, Inc.
Statements of Operations
For the Three Months and Twelve-Months Ended June 30, 2001 and 2000
For the Three-Months For the Twelve-Months
Ended Ended
June 30, June 30,
2001 2000 2001 2000
NET SALES:
Product sales 1,373,232 2,280,278 6,261,891 9,915,210
Services and other sales 455,123 662,947 2,093,824 2,704,293
---------- --------- ----------- -----------
Total net sales 1,828,355 2,943,225 8,355,715 12,619,503
---------- --------- ----------- -----------
COST OF PRODUCTS
SOLD AND SERVICES PROVIDED:
Cost of products sold 508,382 485,171 2,080,365 2,428,894
Cost of services and
other sales 91,532 118,246 446,998 788,173
---------- --------- ----------- -----------
Total cost of products
sold and services
provided: 599,914 603,417 2,527,363 3,217,067
---------- --------- ----------- -----------
GROSS PROFIT 1,228,441 2,339,808 5,828,352 9,402,436
RESEARCH AND DEVELOPMENT 254,845 206,017 999,532 672,847
SELLING, GENERAL AND
ADMINISTRATIVE 1,607,224 1,560,628 6,492,097 5,761,836
---------- --------- ----------- -----------
INCOME (LOSS) FROM
OPERATIONS (633,628) 573,163 (1,663,277) 2,967,753
OTHER INCOME 110,127 98,575 465,970 327,218
---------- --------- ----------- -----------
INCOME (LOSS) BEFORE
INCOME TAX PROVISION/ (523,501) 671,738 (1,197,307) 3,294,971
(BENEFIT)
INCOME TAX PROVISION/
(BENEFIT) (234,179) (8,046) (522,904) 582,827
---------- --------- ----------- -----------
NET INCOME (LOSS) (289,322) 679,784 (674,403) 2,712,144
---------- --------- ----------- -----------
BASIC EARNINGS (LOSS)
PER COMMON SHARE (0.02) 0.05 (0.05) 0.22
---------- --------- ----------- -----------
DILUTED EARNINGS (LOSS)
PER COMMON SHARE (0.02) 0.05 (0.05) 0.21
---------- --------- ----------- -----------
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion