Coda Music Technology, Inc. Announces First Quarter Results.EDEN PRAIRIE Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn.--(BUSINESS WIRE)--May 6, 1999-- 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 for the first quarter ended March 31, 1999 it recorded a net loss of $(275,290) or $(.04) per share, a 70% improvement over the loss of $(908,726) or $(.15) per share for the quarter ended March 31, 1998. In the quarter ended March 31, 1999, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight totaled $1,216,357, a 22% decrease over net sales of $1,560,484 for the quarter ended March 31, 1998. Over half of the decrease related to the fact that Finale For the music notation program, see . A finale (italian word) is a closing part, act or movement of a dramatic or musical composition, or more generally any event or procedure with a dramatically concluding effect. (R) 98 is later in its annual upgrade cycle than Finale 97 was during first quarter of last year. Chairman John Paulson Paulson may refer to:
A flagship is the ship used by the commanding officer of a group of naval ships. notation notation: see arithmetic and musical notation. How a system of numbers, phrases, words or quantities is written or expressed. Positional notation is the location and value of digits in a numbering system, such as the decimal or binary system. software product, sales are tracked not just on year-ago comparisons, but on months "into" its upgrade life cycle. Finale 98, which started shipping in late June June: see month. 1998 has been on the market for ten months and is 23% ahead of total Finale 97 sales, which was in the market for nine months. We are very pleased with the market acceptance of Finale 98, which demonstrates our continued strength as the industry leader." The remaining portion of the net sales decrease for the quarter ended March 31, 1999 relates to a decrease in SmartMusic(TM) sales due to the Company's strategic change to a lower priced software system. Accompaniment sales dollars increased 13% during this time frame, while unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. were relatively flat. President Ron Noun 1. Ron - a Chadic language spoken in northern Nigeria Bokkos, Daffo West Chadic - a group of Chadic languages spoken in northern Nigeria; Hausa in the most important member Raup stated that, "We continue to hear positive reports about SmartMusic from our users. As the word about its benefits spread, we expect steady progress in sales of accompaniments." Gross Margin dollars decreased 10% to $1,055,529 due to the Finale sales decreases described above. The Gross Margin dollar decrease was partially offset by SmartMusic gross margin dollar increases as a result of the transition to a software based product, with lower product costs and lower licensing fees. Expenses decreased $753,215 to $1,350,572 for the quarter ended March 31, 1999. After removal of the $680,000 product repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. expense in 1998, expenses still decreased $73,215 over the comparable quarter in 1998. Financial table follows. 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 level 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 key personnel and suppliers; fluctuations in operating results; the impact of Year 2000 issues internally and from third parties; and dependence on proprietary technology. For a more complete description, see "Cautionary Statement" under Item 1 of the Company's Form 10-KSB for the year ended December December: see month. 31, 1998. -0-
Coda Music Technology, Inc.
Condensed Balance Sheets
March 31, December 31,
1999 1998
---- ----
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 467,525 $ 563,685
Short-term investments 1,275,661 1,411,420
Accounts receivable 102,935 275,817
Inventories 290,539 274,163
Other current assets 82,883 93,825
------------ -----------
Total current assets 2,219,543 2,618,910
EQUIPMENT, FURNITURE AND FIXTURES 243,990 273,425
REPERTOIRE DEVELOPMENT COSTS 607,610 643,248
PREPAID ROYALTIES 185,869 185,144
OTHER ASSETS 87,030 87,881
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$ 3,344,042 $ 3,808,608
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LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 173,549 $ 228,677
Accrued expenses 423,108 564,324
Deferred revenue 68,085 61,017
------------ -----------
Total current liabilities 664,742 854,018
SHAREHOLDERS' EQUITY
Common Stock 13,707,259 13,707,259
Accumulated (Deficit) (11,027,959) (10,752,669)
------------ ------------
Total Shareholders' Equity 2,679,300 2,954,590
----------- ------------
$3,344,042 $3,808,608
=========== ============
Coda Music Technology, Inc.
Condensed Statements of Operations
For the Quarter Ended March 31, 1999
(Unaudited)
1999 1998
------ ------
NET SALES $1,216,357 $1,560,484
COST OF SALES 160,828 392,955
--------- ---------
GROSS PROFIT 1,055,529 1,167,529
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OPERATING EXPENSES:
Sales and marketing 433,547 509,434
Product development 353,479 432,479
General and administrative 563,546 481,874
Product repositioning 0 680,000
--------- ---------
Total operating expenses 1,350,572 2,103,787
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LOSS FROM (295,043) (936,258)
OPERATIONS
INTEREST INCOME, net 19,753 27,532
---------- ----------
Net loss $ (275,290) $ (908,726)
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WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 6,194,965 6,199,732
========= ==========
BASIC AND DILUTED NET
LOSS PER SHARE $ (0.04) $ (0.15)
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