Dauphin Technology, Inc., Reports First Quarter Results.Business Editors PALATINE Palatine, hill, Rome Palatine, hill: see Rome before Augustus and Roman Empire under Rome. Palatine, village, United States Palatine (păl`ətīn), village (1990 pop. , Ill.--(BUSINESS WIRE)--May 15, 2002 Dauphin Dauphin, town, Canada Dauphin (dô`fĭn), town (1991 pop. 8,453), SW Man., Canada, on the Vermilion River. It is the retail and distribution center for an agricultural, lumbering, and fishing area. Technology, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). .BB: DNTK) today announced net revenue for the first quarter of 2002 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $152,000, a decrease from net revenue of $445,000 for the first quarter of 2001. 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 increased from $5,000 in 2001 to approximately $93,000 in 2002. Sales generated by the Company's interactive cable system subsidiary, Suncoast
The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when benefits paid to the engineering staff which was reduced during the first quarter of 2002. Because of these additional expenses, gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. were negatively affected and generated a gross loss of $352,000 for the first quarter of 2002. Selling, general and administrative expenses increased to approximately $1,111,000 in 2002 from $476,000 in 2001. The increase of approximately $635,000 is primarily due to the selling, general and administrative expenses of Suncoast and the Company's branch office in Piraeus Piraeus, Greece: see Piraiévs. Piraeus City (pop., 2001: 175,697), port of Athens, Greece. The port and its “long walls,” fortified barriers connecting it with Athens, were completed in the mid-5th century BC. , Greece Greece, Gr. Hellas or Ellas, republic (2005 est. pop. 10,668,000), 50,944 sq mi (131,945 sq km), SE Europe. It occupies the southernmost part of the Balkan Peninsula and borders on the Ionian Sea in the west, on the Mediterranean Sea in the south, on which are included in the first quarter of 2002 and not in 2001. These amounted to approximately $319,000 and $238,000, respectively. We acquired the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of Suncoast in July July: see month. 2001 and opened the branch office in August 2001. In addition, approximately $130,000 of additional administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. were incurred at the Company's McHenry, Illinois McHenry is a city in McHenry County, Illinois, United States. As of the 2005 census, the city population was 24,631. McHenry was at one time the county seat of McHenry County. McHenry was named for Major William McHenry, an old Indian fighter. location related to closing the facility. These costs were offset by a reduction of $52,000 in sales and marketing expenses, primarily advertising. Research and Development expenses decreased to approximately $241,000 during the first quarter ended March 31, 2002 from $463,000 for the corresponding period in 2001. The set-top box The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. design was substantially completed in the fourth quarter of 2001 which is reflected in the decrease in Research and Development expenses. In 2002, approximately 66% of Research and Development costs consisted of costs related to the development of the set-top box, with 34% related to further development of the Orasis(R). In 2001, the majority of Research and Development was costs were for the set-top box. Interest expense increased to approximately $233,000 for the first quarter of 2002 from $7,000 for the first quarter of 2001. Included in interest expense in the first quarter of 2002 is three months amortization of the debt discount associated with the Convertible Note, amounting to $231,000. The remaining interest is related to capital equipment leases, mortgage note and other borrowings. Interest expense in the first quarter of 2001 related to capital equipment leases and short term borrowings. Interest income declined from $89,000 in 2001 to $4,000 in 2002 due to the reduction of short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. funds held on deposit. The consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: loss after tax increased for the first quarter ended March 31, 2002 to approximately ($1,932,000) or ($0.03) per share from ($1,015,000) or ($0.02) per share in 2001. The loss for 2002 was primarily attributed to the decrease in revenues from design services, the increase in cost of services related to the termination of the hardware design engineering staff, the increase in selling, general and administrative costs generated by Suncoast and the branch office and the increase in interest expense. The loss for 2001 was primarily attributed to the amortization of goodwill associated with the acquisition of Advanced Digital Designs, Inc., research and development costs regarding the set-top box and general administrative expenses. Loss per common share is calculated based on the monthly weighted average number of common shares outstanding, which were 64,510,424 for the three-month period ended March 31, 2002, and 61,798,069 for the three-month period ended March 31, 2001. Total assets for the Company at March 31, 2002 were approximately $3,123,000, a decrease of approximately $800,000 from December December: see month. 31, 2001. The decrease was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the net cash used in operations of approximately $1,192,000, the purchase of equipment of $100,000, offset by the proceeds from the exercise of stock warrants and stock options of $460,000 and the increase in borrowings of $350,000. Dauphin Technology, Inc., a Palatine, Illinois
Oldsmar's history dates to 1913 when automobile pioneer Ransom E. and Piraeus, Greece, develops and markets broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). communication products and hand-held hand-held also hand·held adj. Compact enough to be used or operated while being held in the hand or hands: a hand-held video camera. Adj. 1. , pen based computers. Certain matters discussed in this news release are forward-looking statement 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. involving certain risks and uncertainties including, without limitations, changes in product demand, the availability of products, change in competition, economic conditions, various risks due to changes in market conditions and other risks detailed in the Company's Securities and Exchange Commission filings and reports.
Dauphin Technology, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months
Ended March 31,
2002 2001
---- ----
NET SALES $ 93,094 $ 4,566
DESIGN SERVICE REVENUE 59,375 440,588
---------- ----------
TOTAL REVENUE 152,469 445,154
COST OF SALES 55,916 2,222
COST OF SERVICES 448,493 326,363
---------- ----------
Gross (loss) profit (351,940) 116,569
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES 1,110,915 475,984
RESEARCH AND DEVELOPMENT EXPENSE 240,533 462,522
AMORTIZATION OF GOODWILL - 275,000
---------- ----------
Loss from operations (1,703,388) (1,096,937)
INTEREST EXPENSE 233,015 6,885
INTEREST INCOME 4,335 88,660
---------- ----------
Loss before income taxes (1,932,068) (1,015,162)
INCOME TAXES - -
---------- ----------
NET LOSS $(1,932,068) $(1,015,162)
========== ==========
BASIC AND DILUTED LOSS PER SHARE $ (0.03) $ (0.02)
========== ==========
Weighted average number of shares of
common stock outstanding 64,510,424 61,798,069
Dauphin Technology, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, December 31,
2002 2001
---------- ----------
CURRENT ASSETS:
Cash $ 236,383 $ 725,364
Accounts receivable-
Trade, net of allowance for bad debt of
$50,621 at March 31, 2002 and
December 31, 2001 36,650 67,201
Employee receivables 3,248 3,248
Inventory, net of reserve for
obsolescence of $2,981,623 at March 31,
2002 and December 31, 2001 303,151 518,452
Prepaid expenses 56,759 37,883
---------- ----------
Total current assets 636,191 1,352,148
PROPERTY AND EQUIPMENT, net of accumulated
depreciation of $565,494 at March 31, 2002
and $475,899 at December 31, 2001 2,050,147 1,824,935
ESCROW DEPOSIT 76,220 368,181
ASSETS NOT USED IN BUSINESS 75,017 75,017
INSTALLATION CONTRACTS, net of accumulated
amortization of $34,286 and $22,857 at
March 31, 2002 and December 31, 2001,
respectively 285,714 297,143
---------- ----------
Total assets $ 3,123,289 $ 3,917,424
========== ==========
CURRENT LIABILITIES:
Accounts payable $ 588,421 $ 477,716
Accrued expenses 71,121 103,792
Short-term borrowings 100,000 -
Current portion of long-term debt 81,055 82,507
Customer Deposits 7,741 7,741
---------- ----------
Total current liabilities 848,338 671,756
LONG-TERM DEBT 37,630 43,580
CONVERTIBLE DEBENTURES 1,383,666 1,153,197
MORTGAGE NOTE PAYABLE 250,000 -
---------- ----------
Total liabilities 2,519,634 1,868,533
COMMITMENTS AND CONTINGENCIES - -
SHAREHOLDERS' EQUITY:
Preferred stock, $0.01 par value,
10,000,000 shares authorized but unissued - -
Common stock, $0.001 par value,
100,000,000 shares authorized; 65,050,646
and 64,059,813 issued and outstanding at
March 31, 2002 and at December 31, 2001,
respectively 65,051 64,061
Warrants 3,989,394 4,227,499
Paid-in capital 58,075,353 57,351,406
Accumulated deficit (61,526,143) (59,594,075)
---------- ----------
Total shareholders' equity 603,655 2,048,891
---------- ----------
Total liabilities and shareholders'
equity $ 3,123,289 $ 3,917,424
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