Digimarc Corporation Reports First Quarter Results.Business/High Tech Editors PORTLAND, Ore.--(BUSINESS WIRE)--April 19, 2000 Digimarc Corporation (Nasdaq:DMRC DMRC Digimarc Corporation (stock symbol) DMRC Delhi Metro Rail Corporation (India) DMRC Digital Mobile Radio Communications ), the leading provider of digital watermarking Digital watermarking is a technique which allows an individual to add hidden copyright notices or other verification messages to digital audio, video, or image signals and documents. solutions, today announced revenues of $2.6 million for its first quarter ended March 31, 2000. Revenues for the first quarter of 2000 were $2.6 million, resulting in a 143% increase over the $1.1 million of revenues in the comparable period of 1999. Net loss per share for the first quarter of 2000 was $(0.19) based on 12.73 million weighted average basic and 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. shares outstanding for the quarter, compared to a net loss per share of $(0.06) based on 2.32 million weighted average basic and diluted shares outstanding for the comparable period of 1999. Sequentially, Digimarc's net loss per share decreased by $0.11 from $(0.30) based on 5.14 million weighted average basic and diluted shares outstanding for the fourth quarter of 1999. "We are pleased to report that we have achieved strong performance in the first quarter of 2000 as well as new business development in all target markets," said Bruce Davis This article is about the American football player. For the American businessman, see Bruce Davis (video game industry). Bruce Davis (born June 21, 1956, in Rutherfordton, North Carolina) is a former professional American football player. , Digimarc'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. . "Ford Motor Company has signed up to be the first advertiser ad·ver·tise v. ad·ver·tised, ad·ver·tis·ing, ad·ver·tis·es v.tr. 1. To make public announcement of, especially to proclaim the qualities or advantages of (a product or business) so as to increase to use the Digimarc MediaBridge system, which launches in the July issue of Wired Magazine. The Secure Documents arm of the business recently announced that Digimarc's Identity Document Mark technology (IDM (1) See identity management. (2) (Integrated Device Manufacturer) A company that performs every step of the chip-making process, including design, manufacture, test and packaging. Examples of IDMs are Intel, AMD, Motorola, IBM, TI and Lucent. ) will be a feature offered in bids to potential clients of Barco Graphics Barco Graphics was the graphics division of the Belgian Barco Group. It was the result of the 1989 merger of Digitised Information Systems Corporation (D.I.S.C.), Aesthedes and Barco's own "Creative Group". identity document personalization Custom tailoring information to the individual. On the Web, personalization means returning a page that has been customized for the user, taking into consideration that person's habits and preferences. printing systems. Finally, the Media Commerce division introduced a new pricing model to make our products more available to large and small businesses. Media Commerce has also announced partnerships with the TWAIN (Technology Without An Interesting Name) A programming interface that lets a graphics application, such as an image editing program or desktop publishing program, activate a scanner, frame grabber or other image-capturing device. Working Group, Equilibrium equilibrium, state of balance. When a body or a system is in equilibrium, there is no net tendency to change. In mechanics, equilibrium has to do with the forces acting on a body. , and Index Stock Imagery. We continue to see encouraging signs of progress as the business momentum continues to build and the realization that our goal of having Digimarc technology become a standard feature of all media content is becoming a reality." About Digimarc Digimarc (Nasdaq:DMRC) is the leading provider of patented digital watermarking technologies that allow imperceptible im·per·cep·ti·ble adj. 1. Impossible or difficult to perceive by the mind or senses: an imperceptible drop in temperature. 2. digital code to be embedded Inserted into. See embedded system. in media content regardless of whether the content is distributed in analog or digital format. Using its proprietary technology, Digimarc has created the MediaBridge system -- a fundamentally new way to access the 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 . The MediaBridge system allows printed materials, such as magazine advertisements, to become direct portals to relevant destinations on the Internet. The digital data embedded in the printed materials creates a bridge between traditional and online media through image capture devices like PC cameras and scanners that are connected to personal computers and other Internet-enabled digital devices. Digimarc also provides anti-counterfeiting solutions to the world's leading central banks This is a list of central banks. Contents A B C D E F G H I J K L M N O P Q R S T U V W Y Z and image commerce technologies to leading stock photo agencies and major corporations, and is offering to license its technology for use in combating piracy piracy, robbery committed or attempted on the high seas. It is distinguished from privateering in that the pirate holds no commission from and receives the protection of no nation but usually attacks vessels of all nations. of movies and music. For more information about Digimarc, please visit our Web site at www.digimarc.com. This release contains 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. that are subject to risks and uncertainties. Although Digimarc Corporation believes that the expectations reflected in its forward-looking statements are reasonable, actual results could differ materially from those expectations. Important cautionary statements and risk factors that would affect actual results are discussed in materials filed by Digimarc Corporation with the Securities and Exchange Commission. Digimarc is a registered trademark of Digimarc Corporation. All other trademarks are the property of their respective owners.
Digimarc Corporation
Condensed Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2000 1999
-------- -------
Revenues:
Secure Documents $ 2,541 $ 985
Media Commerce 29 74
Total revenues 2,570 1,059
Cost of revenues 1,511 480
Gross profit 1,059 579
Operating expenses:
Research, development
and engineering 837 107
Selling, general and
administrative 3,354 590
Stock-based compensation 543 --
Total operating expenses 4,734 697
Operating loss (3,675) (118)
Other income (expense) 1,211 (11)
Loss before provision
for income taxes (2,464) (129)
Provision for income taxes -- --
Net loss $ (2,464) $ (129)
Net loss per share -
basic and diluted $ (0.19) $ (0.06)
Weighted average shares
used in computing net
loss per share - basic and diluted 12,733 2,321
Digimarc Corporation
Condensed Balance Sheets
(in thousands)
March 31, December 31,
2000 1999
------------- ---------------
(unaudited) (audited)
Assets
Current assets:
Cash and cash equivalents $86,920 $90,830
Accounts receivable, net 3,142 2,225
Other current assets 1,273 834
Total current assets 91,335 93,889
Property and equipment, net 2,234 961
Other assets 41 53
Total assets $93,610 $94,903
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 1,881 $ 1,638
Accrued payroll and
related costs 916 504
Deferred revenue 1,166 1,318
Other current liabilities 589 529
Total current liabilities 4,552 3,989
Other long-term liabilities 113 119
Stockholders' equity 88,945 90,795
Total liabilities and
stockholders' equity $93,610 $94,903
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