Coda Music Technology, Inc. Announces Approval for Stock Repurchase and Preliminary Results for the Third Quarter.EDEN PRAIRIE Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn.--(BUSINESS WIRE)--Oct. 12, 1998--Coda Music Technology, 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 :COMT COMT Catechol-O-Methyltransferase COMT Certified Ophthalmic Medical Technologist ) announced today that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase from time to time in open market transactions of up to 100,000 shares of the Company's Common Stock. Coda further announced preliminary results for the quarter ending September 30, 1998. The Company anticipates reporting net revenues of approximately $2,100,000, net income of approximately $350,000 and basic and diluted net income per share results of approximately $0.06. Coda does not normally make announcements of preliminary results, but management felt it was necessary to do so in light of the approved stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. announced above. Coda Music Technology, Inc. develops and markets proprietary music technology products, including Finale music notation software products and the SmartMusic Intelligent Accompaniment products, a comprehensive system that makes practicing music fun and productive. The Company cautions investors that actual results of future operations may differ from those anticipated in 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. due to a number of factors. The Company has a limited operating history from which investors might judge its ability to market at a profit its SmartMusic products. Investors should also consider: sales and distribution issues, the potential need for additional capital; additional development work required for new products; dependence on accompaniment sales and development; competition; dependence on suppliers; and dependence on proprietary technology. For a more complete description, see "Cautionary Statements" under Item 1 of the Company's Form 10-KSB for the year ended December 31, 1997. |
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