Inprimis Reports $1 Million in Revenues for Fourth Quarter 2001.Business Editors/Technology Writers BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--March 29, 2002 Inprimis, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :INPM INPM International Network on Personal Meaning ) today reported results for the fourth quarter ended December 31, 2001. The company reported 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 of $1.0 million and a net loss of $1.4 million or $0.12 per share. Revenues in the fourth quarter consisted primarily of $0.5 million for engineering services and $0.5 million for product shipments. This loss includes a $0.3 million charge to earnings for costs associated with the Cash Card Communications Corp. Ltd. ("C-4") transaction that did not close and a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. to earnings of $0.5 million for the write off of a technology license. The loss for the fourth quarter without these charges was $0.6 million. For the year ended December 31, 2001, the company reported net sales of $3.9 million and a net loss of $4.7 million or $0.40 per share. About Inprimis Inprimis Inc. provides product design services and the technology to help consumer electronics companies, cable operators, Internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. and telecommunications companies See telecom company. bring devices to market quickly and cost effectively. Headquartered in Boca Raton, Florida Boca Raton ("bōkə rə-tōn") is a city in Palm Beach County, Florida incorporated in May 1925. As of the 2000 census, the city had a total population of 74,764; the 2006 population recorded by the U.S. Census Bureau was 86,396. , the company develops products, customizes embedded system Any electronic system that uses a CPU chip, but that is not a general-purpose workstation, desktop or laptop computer. Such systems generally use microprocessors, or they may use custom-designed chips or both. software, and offers systems engineering and manufacturing consultation services for interactive-television, video-on-demand, Internet-access and other convergent-technology devices. Inprimis' television 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. designs are currently used by companies such as Philips Electronics for AOLTV (America OnLine TV) An Internet TV service from AOL that provides access via a phone line or through the DirecTV satellite from Hughes Electronics. Versions of the AOLTV set-top boxes also include the TiVo technology for digitally recording TV programs. (sm), LodgeNet Entertainment, Skylight skylight Roof opening covered with translucent or transparent glass or plastic designed to admit daylight. Skylights have found wide application admitting steady, even light in industrial, commercial, and residential buildings, especially those with a northern orientation. Systems, Get Well Network, and KoolConnect Interactive Media. The company maintains strategic relationships with Liberate (Liberate Technologies, San Mateo, CA) A software company that specialized in the information appliance field. Formerly Network Computer, Inc. (NCI), a spin-off from Oracle in 1996, it changed its name in 1999. Technologies, National Semiconductor, Conexant, Sigma SIGMA - A scientific visual programming environment from NASA. http://fi-www.arc.nasa.gov/fia/projects/sigma/. Designs, and others. For more information, visit the company's Web site at http://www.inprimis.com or call 561/997-6227. 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. within the meaning of the Federal Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward looking statements involve risks and uncertainties, including, but not necessarily limited to, the change in control of Inprimis and dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. to existing shareholders of Inprimis caused by Ener1's investment, the history of operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. incurred by Inprimis and its need for additional capital, the receipt of revenue from new contracts, the rate of development of the information appliance See Internet appliance. (hardware) Information Appliance - (IA) A consumer device that performs only a few targeted tasks and is controlled by a simple touch-screen interface or push buttons on the device's enclosure. market, the successful development and market acceptance of new products and services, the degree of competition in the market for such products and services, competitive pricing practices, dependencies upon key personnel, and low barriers of entry into the software development and services markets. Further, a significant portion of the company's sales is derived from a limited number of customers, the loss of one or more of which could adversely impact operating results. Some of these and other risks are detailed in Inprimis' annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001, as well as in the company's other filings with the Securities and Exchange Commission. Such risks and uncertainties could cause actual results or performance to differ materially from any future results or performance expressed or implied in the forward-looking statements included in this release.
INPRIMIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except share data)
December 31, December 31,
2001 2000
------------ ------------
ASSETS
Current assets:
Cash and equivalents $ 438 $ 5,454
Trade receivables, net 315 1,204
Inventories 90 --
Prepaid expenses and other
current assets 166 661
------- -------
Total current assets 1,009 7,319
Property and equipment, net 632 971
Other assets 36 795
------- -------
Total assets $ 1,677 $ 9,085
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY IN ASSETS)
Current liabilities:
Accounts payable $1,231 $ 1,259
Deferred revenue 245 161
Accrued expenses and other
current liabilities 429 3,277
------ -------
Total current liabilities 1,905 4,697
------ -------
Stockholders' equity (deficiency
in assets):
Preferred stock, par value $.01 per
share, 5,000,000 shares authorized;
none issued and outstanding at
December 31, 2001 and
December 31, 2000 -- --
Common stock, par value $.01 per
share, 25,000,000 shares
authorized; 11,781,604 issued and
outstanding at December 31, 2001,
11,608,788 issued and outstanding
at December 31, 2000 118 116
Additional paid-in capital 40,082 40,043
Accumulated deficit (40,427) (35,771)
------- -------
Total stockholders' equity
(deficiency in assets) (227) 4,388
------- -------
Total $ 1,677 $ 9,085
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INPRIMIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
Three months Twelve Months
Ended December 31, Ended December 31,
Unaudited Unaudited
2001 2000 2001 2000
---- ---- ---- ----
Net sales
Product sales $ 457 $ 834 $ 1,071 $ 10,237
Engineering services 534 1,298 2,787 4,160
------- ------- -------- --------
Total 991 2,132 3,858 14,397
Cost of goods sold 1,069 1,809 4,841 12,764
------- ------- -------- --------
Gross profit (loss) (78) 323 (983) 1,633
------- ------- -------- --------
Operating expenses:
Research and
development 44 409 547 2,412
Selling, general and
administrative 742 1,258 2,795 10,245
Asset impairment and
other charges 507 (175) 507 4,458
------- ------- -------- --------
Total operating
expenses 1,293 1,492 3,849 17,115
------- ------- -------- --------
Loss from operations (1,371) (1,169) (4,832) (15,482)
Non-operating income,
net 4 172 177 2,021
------- ------- -------- --------
Loss before income
taxes (1,367) (997) (4,655) (13,461)
Income taxes -- -- 2 2
------- ------- -------- --------
Net loss $ (1,367) $ (997) $ (4,657) $(13,463)
======== ====== ========= ========
Net loss per share
(basic and diluted) $ (0.12) $ (0.09) $ (0.40) $ (1.16)
======== ====== ========= ========
Weighted average
shares outstanding 11,760 11,609 11,660 11,586
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