Lernout & Hauspie Speech Products Reports Profitability and Record Revenues for the Second Quarter Ended June 30, 1996.IEPER Ie·per also Y·pres A city of western Belgium near the French border south of Ostend. It was the site of three major World War I battles (1914, 1915, and 1917). Population: 35,200. , Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. and BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , Mass.--(BUSINESS WIRE)--Aug. 12, 1996--Lernout & Hauspie Speech Products N.V. (L&H) (Nasdaq:LHSPF) today announced results for the second quarter ended June June: see month. 30, 1996. For the second quarter of 1996, total revenues were $5.73 million, a 22 percent increase over the $4.66 million reported in the first quarter of 1996 and a three and a half fold increase over revenues of $1.52 million in the second quarter of 1995. License revenues were up 28 percent from the previous quarter, increasing to $5.42 million from $4.22 million in the first quarter of 1996 and up more than eleven times from $0.49 million in the second quarter of 1995. Revenues for the quarter included $4.5 million for an exclusive license from Keyware Technologies N.V. for speech enabled Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. systems in cooperation with Excalibur Excalibur (ĕkskăl`ĭbər), in Arthurian legend, sword given to King Arthur by the Lady of the Lake. At Arthur's death Sir Bedivere threw Excalibur into the lake; a hand rose from the water, caught the sword, and disappeared. Technologies Corporation and three exclusive territory licenses for voice paging services in cooperation with NDC NDC National Drug Code NDC NATO Defense College NDC National Documentation Centre (National Hellenic Research Foundation, Athens, Greece) NDC National Dairy Council NDC National Democratic Congress (National Dispatch A dispatch or dispatches can refer to:
L&H reached profitability in the second quarter for the first time in the company's history. Net income for the second quarter of 1996 was $223,000 compared with a net loss of ($691,000) in the first quarter of 1996 and a net loss of ($4.9) million in the second quarter of 1995. Earnings per share for the quarter were $0.02 on 14.6 million average shares outstanding versus a net loss per share of ($0.54) on 9.1 million average shares outstanding in the second quarter of 1995. During the quarter, the company signed 15 new contracts, increasing the total number of contracts secured for product development to 109. Currently, at least 40 products utilizing L&H technologies are on the market, an increase from 26 products shipping in the previous quarter. Commenting on the quarter, Jo Lernout, President and Managing Director of L&H, said, "We are very pleased to have passed the important milestone of 100 licenses and to have achieved our first profitable quarter. As we accumulate Accumulate Broker/analyst recommendation that could mean slightly different things depending on the broker/analyst. In general, it means to increase the number of shares of a particular security over the near term, but not to liquidate other parts of the portfolio to buy a security experience with our broad base of customers, we are encouraged by the large market opportunity for our automatic speech recognition, text-to-speech and speech compression Encoding digital speech to take up less storage space and transmission bandwidth. The PCM, ADPCM, CELP and LD-CELP methods are commonly used for speech compression. See speech codec and data compression. products. Furthermore, we are beginning to examine opportunities to develop other applications based on our extensive multilingual mul·ti·lin·gual adj. 1. Of, including, or expressed in several languages: a multilingual dictionary. 2. speech and linguistics linguistics, scientific study of language, covering the structure (morphology and syntax; see grammar), sounds (phonology), and meaning (semantics), as well as the history of the relations of languages to each other and the cultural place of language in human technology." The company also announced that Yacov Levy has resigned as a member of the office of the chief executive but will continue to provide consulting support to the company. Lernout & Hauspie Speech Products N.V. is an international leader in the development of speech technology for commercial products in four primary markets: telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , computers and multimedia, automotive electronics and consumer electronics. The company licenses core automatic speech recognition, text-to-speech, and digital speech compression technologies. Lernout & Hauspie's worldwide headquarters is in Ieper, Belgium, and its Asian sales offices are located in Taipei, Taiwan and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . 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. headquarters is located in Burlington, Massachusetts Burlington is a town in Middlesex County, Massachusetts, United States. The population was 22,876 at the 2000 census. History Burlington was first settled in 1641 and was officially incorporated on February 28, 1799. . The company's common stock is traded on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol LHSPF. Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risk and uncertainties, including the availability and market acceptance of new products and the management of growth. For further information, refer to the risk factors in the company's Registration Statement on Form S-1, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the public offering that occurred in May 1996 as filed with the Securities and Exchange Commission and the related prospectus dated May 24, 1996. For more information on Lernout & Hauspie at no cost, please call 800/PRO-INFO. -0-
LERNOUT & HAUSPIE SPEECH PRODUCTS N.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands)
At June 30, 1996 At Dec. 31, 1995
(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 20,834 $ 22,543
Accounts receivable 7,955 5,489
Due from L&H Holding 1,233 878
Prepaid expenses and other
current assets 395 391
TOTAL CURRENT ASSETS 30,417 29,301
Property and equipment, net 2,658 2,564 Investments 2,002 898 Software development costs, net - 29 TOTAL ASSETS $ 35,077 $ 32,792 LIABILITIES & SHAREHOLDERS' EQUITY CURRENT LIABILITIES Notes payable $ - $ 274 Current portion of long-term debt 1,244 1,282 Accounts payable 2,647 2,443 Accrued expenses 4,369 5,464 Deferred revenue 129 - Net liabilities of discontinued operations 679 1,230 TOTAL CURRENT LIABILITIES 9,068 10,693 Long-term debt, less current portion 1,980 3,210 TOTAL LIABILITIES 11,048 13,903 Common stock and additional paid-in capital 104,784 98,082 Accumulated deficit (75,215) (74,747) Cumulative currency translation adjustment (5,540) (4,446) SHAREHOLDERS' EQUITY 24,029 18,889 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 35,077 $ 32,792
LERNOUT & HAUSPIE SPEECH PRODUCTS N.V.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
1996 1995 1996 1995
Net Revenues:
License revenues $ 5,421 $ 496 $ 9,644 $ 1,076
Engineering revenues 313 1,025 756 1,000
Total net revenues 5,734 1,521 10,400 2,376
Cost of revenues:
Cost of license revenues 135 255 262 440
Cost of engineering revenues 228 395 496 690
Total cost of revenues 363 650 758 1,130
Gross profit 5,371 871 9,642 1,246
Operating expenses:
Sales and marketing 1,311 965 2,336 2,408
Research and development 1,825 1,070 3,783 2,026
General and administrative 2,038 2,692 3,954 3,652
Total operating expenses 5,174 4,727 10,073 8,086
Income from operations 197 (3,856) (431) (6,840) Other (income) expense (26) 1,065 38 1,880 Net income (loss) $ 223 $(4,921) $ (469) $(8,720) Net income (loss) per share $ 0.02 $ (0.54) $ (0.03) $ (1.10) Primary shares outstanding 14,648 9,099 14,493 7,906 CONTACT: L&H, US Vincent Vandenberghe, 617/221-8326 (US Press) or FRB See Federal Reserve Board. Sue Dooley or Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. Trunko, 415/986-1591 (US Investors) or L&H, Europe Jo Lernout or Pol Hauspie, 32-2-456-0520 (EU Press) Annemieke Blondeel, 32-2-456-0520 (EU Investors) |
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