Insignia Solutions Reports Preliminary Fourth Quarter 2002 Financial Results.Business Editors FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--Feb. 11, 2003 Insignia in·sig·ni·a also in·sig·ne n. pl. insignia or in·sig·ni·as 1. A badge of office, rank, membership, or nationality; an emblem. 2. A distinguishing sign. Solutions(R) (Nasdaq:INSG INSG International Nickel Study Group ), a leading provider of Java(TM) technology-based software for the mobile market, today reported preliminary financial results for the fourth quarter ended December December: see month. 31, 2002. Final results will be reported upon and subject to the closing of the transaction announced today between the company and esmertec. Revenues for the quarter were $807,000, which compares to $3.1 million reported for the fourth quarter of the previous year. Net loss for the fourth quarter of 2002 was $3.1 million, or a loss of $0.15 per share, which compares to a net loss of $2.1 million, or a loss of $0.11 per share, in the fourth quarter of 2001. At the end of the fourth quarter, the Company had cash, cash equivalents and restricted cash of $1.0 million, as compared to $3.6 million at the end of the immediately preceding quarter. For the year ended December 31, 2002, Insignia reported revenues of $7.3 million, which compares to $10.3 million reported in the previous year. Net loss for the year ended December 31, 2002 was $8.4 million, or a loss of $0.42 per share (including a tax benefit of $2.1 million, or $0.11 per share and a warrant expense of $544,000 related to the Fusion Capital financing reported last quarter, or a loss of $0.03 per share), versus a net loss of $11.0 million, or a loss of $0.57 per share, in the comparable period of 2001. Conference Call Insignia Solutions will host a conference call today at 6:00 a.m., Pacific Time. A live web cast will be available via a link on the Investor Relations Investor relations The process by which the corporation communicates with its investors. portion of Insignia's website at www.insignia.com. An on demand archive of the call will be available at the website following the call. Insignia Solutions Insignia Solutions is a leading provider of accelerated Java software solutions that dynamically optimize optimize - optimisation the use of available system resources (1) In a computer system, system resources are the components that provide its inherent capabilities and contribute to its overall performance. System memory, cache memory, hard disk space, IRQs and DMA channels are examples. . Insignia's patent-pending Jeode virtual machine technologies are licensed by such leading companies as BSQUARE, Compaq (Compaq Computer Corporation, Houston, TX, www.compaq.com) Compaq was the leading PC manufacturer when it was acquired by HP in 2002. Founded in 1982 by Rod Canion, Jim Harris and Bill Murto, one year later the company shipped 53,000 PC-compatible COMPAQ Portables, resulting in $111 , Echelon, Fujitsu (company) Fujitsu - A Japanese elecronics corporation. Fujitsu owns ICL, Amdahl Corporation, and DMR. Home USA, Japan. PC, Gemstar/TV Guide, Hand Held Products, Humax Humax is an electronics company. Founded in Korea in 1989, it manufactures set-top boxes, digital video recorders, televisions and other consumer electronics. It is publicly traded on KOSDAQ. Founded in 1989 and listed on the Korean stock exchange (KOSDAQ), Humax Co. , Lineo, Motorola, NCR (NCR Corporation, Dayton, OH, www.ncr.com) A technology company specializing in financial terminal transactions, retail systems and data warehousing. Until the late 1990s, NCR was heavily invested in the hardware side of the industry, known worldwide as a major manufacturer of computers , Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony , Olivetti, Philips Semiconductor, Phoenix Technologies, Quantum, Samsung, Sharp, Siemens AG Siemens AG German electrical-equipment manufacturer. The first Siemens company, Siemens & Halske, was founded in Berlin in 1847 to build telegraph installations. , Toshiba, Victor Data Systems (a subsidiary of JVC JVC Victor Company of Japan (or Japan's Victor Company) JVC Jewelers Vigilance Committee JVC Jesuit Volunteer Corps JVC Jet Vane Control (directs VLS-launched missiles) JVC Jonker-Volgenant-Castanon ), ViewSonic and Wind River Systems. Insignia Solutions is publicly-held with headquarters in Fremont, California For the unincorporated community in Yolo County, California, see . Fremont (IPA: /ˈfriːmɒnt/) is a city in California that was incorporated on January 23, 1956, from the merger of five smaller communities: , and its main R&D facilities in High Wycombe High Wycombe (wĭk`əm), city (1991 pop. 69,575), Buckinghamshire, S England. The city is well known for its furniture industry and also has paper mills, sawmills, and engineering works. , England. Sales and marketing departments are located in Fremont and High Wycombe. For additional information on Insignia and its products, call 800/848-7677 in 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. , +44 (0)1628 539 500 in Europe, +81 3 5404 3440 in Japan or visit the company's website at http://www.insignia.com. Note to Editors: Insignia, Insignia Solutions, the Insignia Solutions logo and the Jeode logo are registered trademarks and Jeode, EVM EVM Earned Value Management EVM Evaluation Module EVM Error Vector Magnitude EVM Electronic Voting Machine EVM Expert Group on Vitamins and Minerals EVM Economic Value Management EVM Extraneous Vegetable Matter EVM Extra-Value Meal EVM Electronic Voltmeter and DAC See D/A converter and discretionary access control. DAC - Digital to Analog Converter are trademarks of Insignia Solutions, Inc. Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , Sun, Java, EmbeddedJava, PersonalJava, and J2ME (Java 2 Platform, Micro Edition) A version of Java 2 for cellphones, PDAs and consumer appliances. J2ME uses the K Virtual Machine (KVM), a specialized Java interpreter for devices with limited memory. are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries. All other trademarks are the property of their respective holders.
INSIGNIA SOLUTIONS PLC
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(amounts in thousands, except per share amounts)
(preliminary, unaudited)
Three months ended Twelve months ended
December 31, December 31,
----------------- -------------------
2002 2001 2002 2001
-------- -------- --------- ---------
Net revenues:
License $ 443 $ 2,576 $ 5,714 $ 8,224
Service 364 555 1,542 2,049
-------- -------- --------- ---------
Total net revenues 807 3,131 7,256 10,273
-------- -------- --------- ---------
Cost of net revenues:
License 91 976 1,943 3,768
Service 92 158 641 507
-------- -------- --------- ---------
Total cost of net
revenues 183 1,134 2,584 4,275
-------- -------- --------- ---------
Gross margin 624 1,997 4,672 5,998
-------- -------- --------- ---------
77% 64% 64% 58%
Operating expenses:
Sales and marketing 1,083 1,721 5,558 7,058
Research and development 1,382 1,469 5,640 6,220
General and administrative 785 947 3,356 4,155
Restructuring 83 292 296 292
-------- -------- --------- ---------
Total operating
expenses 3,333 4,429 14,850 17,725
-------- -------- --------- ---------
Operating loss (2,709) (2,432) (10,178) (11,727)
Interest income, net 10 36 75 455
Other income (expense), net (534) 63 (431) 112
-------- -------- --------- ---------
Loss before income
taxes (3,233) (2,333) (10,534) (11,160)
Provision (benefit) for
income taxes (150) (215) (2,114) (152)
-------- -------- --------- ---------
Net loss $(3,083) $(2,118) $ (8,420) $(11,008)
======== ======== ========= =========
Basic and diluted net loss
per share: $ (0.15) $ (0.11) $ (0.42) $ (0.57)
======== ======== ========= =========
Weighted average equivalent
shares:
Basic and diluted 20,084 19,500 19,937 19,248
-------- -------- --------- ---------
INSIGNIA SOLUTIONS PLC
CONDENSED CONSOLIDATED BALANCE SHEET
(amounts in thousands)
(preliminary, unaudited)
Dec. 31, Dec. 31,
2002 2001
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 726 $ 8,643
Restricted cash 250 -
Accounts receivable, net of allowances 931 6,015
of $50 and $488, respectively
Tax receivable 702 -
Prepaid royalties 2,381 1,139
Prepaid expenses 845 851
Other current assets 438 418
--------- ---------
Total current assets 6,273 17,066
Property and equipment, net 230 352
Restricted cash - 250
Other noncurrent assets 100 100
--------- ---------
$ 6,603 $ 17,768
========= =========
LIABILITIES,
MANDATORY REDEEMABLE
AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 815 $ 1,011
Accrued liabilities 950 1,179
Deferred revenue 534 4,054
Income taxes payable 191 189
--------- ---------
Total current liabilities 2,490 6,433
--------- ---------
Mandatorily redeemable warrants 1,984 1,440
--------- ---------
Shareholders' equity:
Ordinary shares 6,444 6,278
Additional paid-in capital 59,357 58,869
Accumulated deficit (63,211) (54,791)
Other accumulated comprehensive loss (461) (461)
--------- ---------
Total shareholders' equity 2,129 9,895
--------- ---------
$ 6,603 $ 17,768
========= =========
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