Dawn Technologies announces formation of committee of chief executive officer and nine month results of operations.TARRYTOWN, N.Y.--(BUSINESS WIRE)--Nov. 20, 1995--Dawn Technologies Inc. today announced the appointment of Dennis DiDonato and Nicholas Garruto as a committee to carry out the functions of chief executive officer and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the company. DiDonato will act as chairman of the committee. Commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. with the formation of the committee, John McTigue resigned as president and a director of the company. DiDonato was elected to fill the vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. on the board of directors. Garruto will continue to serve as treasurer and chief financial officer of the company. The company also announced its results of operations for the nine months and three months ended Sept. 30, 1995. For the nine month period, the company had sales of $5,197,966 in 1995 compared to $7,024,045 in 1994, a loss before income taxes of $64,589 in 1995 and $813,457 in 1994 and a net loss of $64,589 in 1995 and $994,465 in 1994. The company had a net loss per common share of $.007 in 1995 and $.126 in 1994 on weighted average shares outstanding of 8,985,810 in 1995 and 7,861,978 in 1994. For the three month period, the company had sales of $1,216,970 in 1995 compared to $2,043,061 in 1994, a loss before income taxes of $176,363 in 1995 and $929,961 in 1994 and a net loss of $176,363 in 1995 and $1,062,569 in 1994. The company had a net loss per common share of $.019 in 1995 and $.135 in 1994 on weighted average shares outstanding of 9,108,978 in 1995 and 7,861,978 in 1994. The company has a sales backlog of approximately $6,880,000 on Nov. 10, 1995. DiDonato stated that the company's sales continue to be adversely affected by the reduction in orders under certain contracts with International Business Machines Corp. and that the company continues to work toward the development of new products including becoming an approved manufacturer of "Collection Box Units" for the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Postal Service postal service, arrangements made by a government for the transmission of letters, packages, and periodicals, and for related services. Early courier systems for government use were organized in the Persian Empire under Cyrus, in the Roman Empire, and in medieval . Dawn Technologies Inc. is a manufacturer of made to order components which are used in various industrial and military products. -0-
Dawn Technologies Inc. and Subsidiaries
Consolidated Statements of Operations
and Accumulated Deficit
(unaudited)
Nine Months Ended Three Months Ended
Sept. 30, Sept. 30,
1995 1994 1995 1994
Sales $5,197,966 $7,024,045 $1,216,970 $2,043,061 Costs and expenses: Cost of sales 4,058,622 5,494,996 989,697 1,837,177 Selling, general and administrative expenses 1,051,886 2,205,002 377,134 1,064,909 Product development expenses 76,483 16,058 Total costs and expenses 5,186,991 7,699,998 1,382,889 2,902,086 Income (loss) from operations 10,975 (675,953) (165,919) (859,025) Other income (expenses): Gain (loss) on disposition of property and equipment 25,000 (48,357) 25,000 (48,357) Interest Expense (100,564) (89,147) (35,444) (22,579) Total other income (expenses) (75,564) (137,504) (10,444) (70,936) Loss before income taxes (64,589) (813,457) (176,363) (929,961)
Income tax expense:
Federal 153,000 118,000
State 28,008 14,608
Total income
tax expense 181,008 132,608
Net loss (64,589) (994,465) (176,363) (1,062,569) Accumulated deficit, beginning of period (2,128,004) (339,682) (2,016,230) (271,578) Accumulated deficit, end of period $ (2,192,593) (1,334,147) (2,192,593) (1,334,147) Net loss per common share $(0.007) $(0.126) $(0.019) $(0.135) Weighted average number of common shares outstanding 8,985,810 7,861,978 9,108,978 7,861,978 Dawn Technologies Inc. and Subsidiaries Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. Sept. 30, Dec. 31, 1995 1994 (unaudited) Assets Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash $ 30,385 $ 221,944 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , less allowance for doubtful accounts of $30,000 in 1995 and $20,000 in 1994 725,680 897,732 Inventories 687,029 558,773 Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 1,393 24,811 Total current assets 1,444,487 1,703,260 Property and equipment, less accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( and amortization of $721,623 in 1995 and $633,623 in 1994 601,956 562,924 2,046,443 2,266,184 Liabilities and Stockholders' Deficit Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Short-term bank note payable $ 100,000 $ -- Current portion of long-term debt 400,000 350,000 Accounts payable and accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. expenses 765,570 689,624 Accrued payroll and related liabilities 306,530 359,346 Current portion of accrued cost of non-compete agreement 88,385 82,492 Income taxes payable 58,401 53,456 Total current liabilities 1,718,886 1,534,918 Other liabilities other liabilities Small and relatively insignificant liabilities. For financial reporting purposes, firms often combine small liabilities into this single category rather than listing each liability separately. : Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. , less current portion 204,167 516,667 Accrued cost of non-compete agreement, less current portion 350,463 417,508 Total other liabilities 554,630 934,175 Stockholders' Deficit: Common stock, $.001 par value, 15,000,000 shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. , 9,108,978 and 8,858,978 shares issued and outstanding in 1995 and 1994, respectively 9,109 8,859 Capital in excess of par value 2,341,911 2,307,986 Unearned restricted common stock issued (385,500) (391,750) Accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. deficit (2,192,593) (2,128,004) Total stockholders' deficit (227,073) (202,909) $ 2,046,443 $ 2,266,184 CONTACT: Dawn Technologies Inc. Dennis DiDonato, 914/332-4505 |
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