Dynacore Holdings Corporation Announces Financial Results.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers SAN ANTONIO--(BUSINESS WIRE)--March 27, 2002 Dynacore Holdings Corporation (formerly known as Datapoint (company) DataPoint - An early minicomputer manufacturer which also developed ARCnet. Corporation) (EBB:DYHC) today reported a net loss of $3.8 million for its year ended December December: see month. 31, 2001. Included in this loss are selling, general and administrative expenses of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.8 million, patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. expenses of $262 thousand, and $233 thousand of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs related to employee terminations and a facility closing. Also included is a $907 thousand loss in a limited Partnership offset by $435 thousand of other non-operating income. Due to the Company's adoption of Fresh Start Accounting on December 18, 2000, the Effective Date of the Company's Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. Plan of Reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. , the financial statements for fiscal year 2000 are divided into two sections. The first section, January January: see month. 1, 2000, through December 18, 2000, covers the pre-Effective Date period (the "Predecessor predecessor - parent Period") and the second section, the period of December 19, 2000, through December 31, 2000, covers the period after the Effective Date (the "Successor 1. SuccessoR - A language for distributed computing derived from SR. ["SuccessoR: Refinements to SR", R.A. Olsson et al, TR 84-3, U Arizona 1984]. 2. successor - daughter Period"). In addition, on June June: see month. 30, 2000, the Company sold its European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Operations, which constituted substantially of all of the Company's then operations. Also on June 30, 2000, the Company elected e·lect v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to change its fiscal year to a calendar year end, which resulted in a transition period including the five-months ended December 31, 1999. As a result of these unusual events and transactions, 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: Statement of Operations See Income statement. for the year ended December 31, 2001, is not comparable with the preceding periods presented. As of December 31, 2001, the Company believes that its cash and cash equivalents of approximately $2.6 million and its $593 thousand investment in a limited partnership, will be sufficient to satisfy its working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. for the remainder of 2002. Since the sale of its European operations in June 2000 and the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the Company's Corebyte operations during the third quarter of 2001, the Company has been actively seeking a merger or acquisition partner with revenue producing operations or cash infusion INFUSION, med. jur. A pharmaceutical operation, which consists in pouring a hot or cold fluid upon a substance, whose medical properties it is desired to extract. Infusion is also used for the product of this operation. Although infusion differs from decoction, (q.v. opportunities to support pre-revenue research and development activities. Although the Company has not entered into any proposals, arrangements or understandings with the owners of any business or company regarding the possibility of an acquisition by or merger transaction with the Company, the Company has received expressions of interest regarding such a possibility from several businesses. In addition, the Company has conducted preliminary due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. in this regard and formal presentations were made to the Company's Board of Directors in connection with some of these businesses. However, to date, the Company's Board of Directors and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. executive management have concluded that the opportunities presented were not in the best interests of the Company and its shareholders, and therefore terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: any further discussions with these businesses. Currently, the Company is evaluating the possibility of entering into serious negotiations and due diligence with an additional company. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. , the Company is continuing to pursue additional opportunities for an acquisition or merger transaction. The Company and the Dynacore Patent Litigation Trust (the "PLT PLT psittacosis-lymphogranuloma venereum-trachoma (group); see Chlamydia. PLT psittacosis-lymphogranuloma venereum-trachoma (group). ") have also been actively involved in not only maximizing its patents and other intellectual property through licensing and/or royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. arrangements, but also in protecting these assets from infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. by other parties. In this regard, during the second quarter of 2001, the Company and the PLT filed suit in the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of against U.S. Philips (company) Philips - A Dutch multinational electronics company. It produces washing machines, consumer electronics, integrated circuits and light bulbs. Together with Sony they set the Compact Disc standard, especially Green Book CD-ROM. Corporation, STMicroelectronics This article needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. Inc., Compaq Computer Corporation (company) Compaq Computer Corporation - The largest US manufacturer and vendor of IBM PC compatible personal computers and servers. Compaq was started in 1982 by three ex-Texas Instruments employees. Quarterly sales $2499M, profits $210M (Aug 1994). http://compaq.com/. , Hewlett-Packard See HP. Hewlett-Packard - (HP) Hewlett-Packard designs, manufactures and services electronic products and systems for measurement, computation and communications. The company's products and services are used in industry, business, engineering, science, medicine and Corporation, Epson America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Inc., Fujitsu (company) Fujitsu - A Japanese elecronics corporation. Fujitsu owns ICL, Amdahl Corporation, and DMR. Home USA, Japan. America Inc., Matsushita Electric Corporation of America, Texas Instruments See TI. (company) Texas Instruments - (TI) A US electronics company. A TI engineer, Jack Kilby invented the integrated circuit in 1958. Three TI employees left the company in 1982 to start Compaq. Incorporated, Eastman Kodak (company) Kodak - The photographic company responsible for Photo CD. http://kodak.com/. Company, Dell Computer Corporation (company) Dell Computer Corporation - One of the biggest US manufacturers of IBM PC compatibles. "From notebooks to networks", their slogan says. http://us.dell.com. , Dell Marketing Corporation, Gateway Inc., Motorola (Motorola, Inc., Schaumburg, IL, www.motorola.com) A leading manufacturer of semiconductor devices, electronics, telecommunications and satellite systems. Founded in Chicago in 1928 by Paul V. Inc., Apple Computer Inc., and NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Computers Inc. for patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. regarding 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. Patent No. 5,077,732. This patent incorporates into a single network multiple different operational capabilities and a method of communicating information between at least three devices. The suit alleges that The Institute of Electrical and Electronic Engineers standard for the computer and electronics industry known as 1394 utilizes technology that falls within the scope of the subject matter of the '732 Patent. Although this action was initially stayed, the stay has been vacated and the action is proceeding. This press 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 involve uncertainties, including, but not limited to, risks and uncertainties related to foreign currency translations, the competitive environment and other risks. Future trends and results may differ materially from disclosures contained in this release.
SUMMARY OPERATING STATEMENTS
(In thousands, except per share data)
Successor
----------
2000
2001 12/19-12/31
------------------------------------- ------------ ------------
Revenue:
Sales $ 9 $ --
Service and other -- --
------------------------------------- ------------ ------------
Total revenue 9 --
Operating costs and expenses:
Cost of sales -- --
Cost of service and other -- --
Research and development -- --
Selling, general and administrative 2,835 173
Patent Litigation Trust expenses 262 --
Restructuring costs 233 22
------------------------------------- ------------ ------------
Total operating costs and expenses 3,330 195
------------------------------------- ------------ ------------
Operating income (loss) (3,321) (195)
Non-operating income (expense):
Interest expense -- --
Equity in loss of limited partnership (907) --
Other, net 435 (116)
Reorganization items:
Gain on sale of European Operations -- --
------------------------------------- ------------ ------------
Income (loss) before income taxes and
extraordinary credit (3,793) (311)
Income taxes (benefit) -- --
------------------------------------- ------------ ------------
Income (loss) before extraordinary
credit (3,793) (311)
Extraordinary credits:
Fresh start adjustments -- --
Debt extinguishment -- --
------------------------------------- ------------ ------------
Net income (loss) $ (3,793) $ (311)
===================================== ============ ============
Net income (loss), adjusted for
preferred stock dividends paid or
accumulated plus gain on exchange
and retirement of preferred stock -
Net income (loss) applicable to
common $ (3,793) $ (311)
===================================== ============ ============
Basic income (loss) per common
share:
Income (loss) before extraordinary
credit $ (.38) $ (.03)
Gain on the exchange and retirement
of preferred stock -- --
Extraordinary credit-fresh start
adjustments -- --
Extraordinary credit-debt
extinguishment -- --
------------------------------------- ------------ ------------
Net income (loss) per common share $ (.38) $ (.03)
===================================== ============ ============
Diluted income (loss) per common
share:
Income (loss) before extraordinary
credit $ (.38) $ (.03)
Gain on the exchange and retirement
of preferred stock -- --
Extraordinary credit-fresh start
adjustments -- --
Extraordinary credit-debt
extinguishment -- --
------------------------------------- ------------ ------------
Net income (loss) per common share $ (.38) $ (.03)
===================================== ============ ============
Average common shares outstanding:
Basic 9,984,726 10,000,000
Diluted 9,984,726 10,000,000
Predecessor
-----------
Five
2000 Months Ended
1/1-12/18 12/31/99
------------------------------------- ------------ ------------
Revenue:
Sales $ 37,819 $ 27,932
Service and other 25,137 23,928
------------------------------------- ------------ ------------
Total revenue 62,956 51,860
Operating costs and expenses:
Cost of sales 28,884 21,831
Cost of service and other 19,502 17,143
Research and development 491 490
Selling, general and administrative 17,083 13,544
Patent Litigation Trust expenses -- --
Restructuring costs -- 624
------------------------------------- ------------ ------------
Total operating costs and expenses 65,960 53,632
------------------------------------- ------------ ------------
Operating income (loss) (3,004) (1,772)
Non-operating income (expense):
Interest expense (1,993) (2,378)
Equity in loss of limited partnership -- --
Other, net 1,924 (35)
Reorganization items:
Gain on sale of European Operations 52,473 --
------------------------------------- ------------ ------------
Income (loss) before income taxes and
extraordinary credit 49,400 (4,185)
Income taxes (benefit) (1,420) 328
------------------------------------- ------------ ------------
Income (loss) before extraordinary
credit 50,820 (4,513)
Extraordinary credits:
Fresh start adjustments 3,771 --
Debt extinguishment 26,488 --
------------------------------------- ------------ ------------
Net income (loss) $ 81,079 $ (4,513)
===================================== ============ ============
Net income (loss), adjusted for
preferred stock dividends paid or
accumulated plus gain on exchange
and retirement of preferred stock -
Net income (loss) applicable to
common $ 95,513 $ (4,678)
===================================== ============ ============
Basic income (loss) per common
share:
Income (loss) before extraordinary
credit $ 12.10 $ (1.13)
Gain on the exchange and retirement
of preferred stock -- --
Extraordinary credit-fresh start
adjustments .91 --
Extraordinary credit-debt
extinguishment 10.03 --
------------------------------------- ------------ ------------
Net income (loss) per common share $ 23.04 $ (1.13)
===================================== ============ ============
Diluted income (loss) per common
share:
Income (loss) before extraordinary
credit $ 10.25 $ (1.13)
Gain on the exchange and retirement
of preferred stock -- --
Extraordinary credit-fresh start
adjustments .74 --
Extraordinary credit-debt
extinguishment 5.17 --
------------------------------------- ------------ ------------
Net income (loss) per common share $ 16.16 $ (1.13)
===================================== ============ ============
Average common shares outstanding:
Basic 4,145,770 4,131,074
Diluted 5,118,172 4,131,074
Predecessor
------------
Five
Months Ended
07/31/99
------------------------------------- ------------
Revenue:
Sales $ 78,687
Service and other 59,598
------------------------------------- ------------
Total revenue 138,285
Operating costs and expenses:
Cost of sales 60,740
Cost of service and other 41,958
Research and development 1,965
Selling, general and administrative 35,695
Patent Litigation Trust expenses --
Restructuring costs 813
------------------------------------- ------------
Total operating costs and expenses 141,171
------------------------------------- ------------
Operating income (loss) (2,886)
Non-operating income (expense):
Interest expense (5,731)
Equity in loss of limited partnership --
Other, net 196
Reorganization items:
Gain on sale of European Operations --
------------------------------------- ------------
Income (loss) before income taxes and
extraordinary credit (8,421)
Income taxes (benefit) 835
------------------------------------- ------------
Income (loss) before extraordinary
credit (9,256)
Extraordinary credits:
Fresh start adjustments 1,707
Debt extinguishment --
------------------------------------- ------------
Net income (loss) $ (7,549)
===================================== ============
Net income (loss), adjusted for
preferred stock dividends paid or
accumulated plus gain on exchange
and retirement of preferred stock -
Net income (loss) applicable to
common $ (7,927)
===================================== ============
Basic income (loss) per common
share:
Income (loss) before extraordinary
credit $ (2.42)
Gain on the exchange and retirement
of preferred stock .07
Extraordinary credit-fresh start
adjustments --
Extraordinary credit-debt
extinguishment .42
------------------------------------- ------------
Net income (loss) per common share $ (1.93)
===================================== ============
Diluted income (loss) per common
share:
Income (loss) before extraordinary
credit $ (2.42)
Gain on the exchange and retirement
of preferred stock .07
Extraordinary credit-fresh start
adjustments --
Extraordinary credit-debt
extinguishment .42
------------------------------------- ------------
Net income (loss) per common share $ (1.93)
===================================== ============
Average common shares outstanding:
Basic 4,104,029
Diluted 4,104,029
SUMMARY BALANCE SHEETS
(In thousands)
2001 2000
------------ ------------
Current assets:
Cash and cash equivalents $ 2,614 $ 7,304
Restricted cash and cash
equivalents -- 317
Investment in limited
partnership 593 --
Accounts receivable, net 236 359
Other current assets 216 309
--------------------------- ------------ ------------
Total current assets 3,659 8,289
Fixed assets, net 28 102
Other assets, net 458 535
Reorganization value in
excess of amounts allocable
to identifiable assets 2,932 3,768
---------------------------- ------------ ------------
Total Assets $ 7,077 $ 12,694
============================ ============ ============
Current liabilities $ 502 $ 1,913
Other liabilities 3,190 3,592
Stockholders' equity 3,385 7,189
---------------------------- ------------ ------------
Total Liabilities and
Stockholders' equity $ 7,077 $ 12,694
============================ ============ ============
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