MobiNetix Systems, Inc. Revenues Rise by 476%.SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--Feb. 13, 1998--MobiNetix Systems, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:NETX), a leader in interactive transaction terminals and solutions, today reported financial results for the second quarter of fiscal 1998 and six months ended December December: see month. 31, 1997. Revenues for the second quarter were $2,281,001, a 476% increase compared to the second quarter of fiscal 1997. For the first six months of fiscal 1998, revenues rose to $3,899,283, a 503% increase compared to the same period in fiscal 1997. The company attributed the revenue growth to shipments to IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Corp. under a U.S. Postal Service The U.S. Postal Service (USPS) processes and delivers mail to individuals and businesses within the United States. The service seeks to improve its performance through the development of efficient mail-handling systems and operates its own planning and engineering programs. subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts and other OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers. Cost of sales increased from the second quarter of fiscal 1997 to the second quarter of fiscal 1998 due to higher volumes and costs related to the company's production ramp. MobiNetix also incurred higher expenses for personnel, particularly engineering, administrative and production talent, and new-product development programs in fiscal 1998. As a result of these factors, MobiNetix recorded a net loss of $0.42 per share for the second quarter of fiscal 1998, compared to a loss of $0.58 per share for the second quarter of fiscal 1997. "Our strong revenue growth reflects the accelerating market acceptance of PenWare(R) brand transaction terminals," said Aziz
Except for historical information contained herein, the matters set forth in this press release are forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially, including price and product competition, design acceptance by customers, financing constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. , the ability to manufacture new products in sufficient volume, general economic conditions, and other risks as detailed from time to time in SEC reports and filings by MobiNetix. About MobiNetix Systems, Inc. MobiNetix Systems, Inc. (OTC BB:NETX) manufacturer of the PenWare line of products, specializes in providing state-of-the-art transaction terminals and software applications to the retail, hospitality, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , insurance and identification/security industries. PenWare brand products are the most technologically advanced terminals on the market today, offering touch-screen touch-screen n (COMPUT) → touch-screen m inv; schermo sensibile payment, communication and data collection. The company focuses on transaction solutions with clear migration paths to emerging technologies. In addition, MobiNetix offers OEM solutions that enable signature capture capabilities to be incorporated in hand-held computers Noun 1. hand-held computer - a portable battery-powered computer small enough to be carried in your pocket hand-held microcomputer portable computer - a personal computer that can easily be carried by hand and other devices. PenWare brand products are sold through a direct sales force, OEMs, systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. and VARs. Additional information is available at www.mobinetix.com, by sending e-mail to penware@penware.com or by calling 408/524-4200. -0-
MOBINETIX SYSTEMS, INC.
STATEMENT OF OPERATIONS
Three Months Ended Six Months Ended
Dec 31, Dec 31, Dec 31, Dec 31,
1997 1996 1997 1996
Net revenues $2,281,001 $ 396,093 $3,899,283 $ 647,167
Cost of revenues 1,339,367 191,111 2,300,651 334,639
Gross margin 941,634 204,982 1,598,632 312,528
Research & development 762,521 446,575 1,433,575 827,383
Selling, general &
administrative 819,885 569,890 1,492,104 1,038,661
Total operating
expenses 1,582,406 1,016,465 2,925,679 1,866,044
Operating loss (640,772) (811,483) (1,327,047) (1,553,516)
Interest & other, net (9,458) 35,452 20,972 76,305
Loss before income
taxes (650,230) (776,031) (1,306,075) (1,477,211)
Income taxes -- 1,600 -- 2,400
Net loss $ (650,230)$ (777,631) $(1,306,075)$(1,479,611)
Net loss per share $ (0.42)$ (0.58) $ (0.91)$ (1.11)
Weighted average
common shares
outstanding 1,537,120 1,336,538 1,439,086 1,336,448
CONDENSED BALANCE SHEET Dec 31, June 30,
1997 1997
ASSETS
Cash $2,547,888 $3,421,489
Accounts receivable 273,861 296,934
Inventories 1,892,838 1,357,857
Other current assets 202,587 116,106
Total current assets 4,917,174 5,192,386
Property & equipment, net 271,400 261,238
Total assets $5,188,574 $5,453,624
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable & accruals $1,497,062 $1,309,754
Deferred revenues 1,660,209 3,692,260
Notes payable, current 2,320,195 --
Total current liabilities 5,477,466 5,002,014
Capital stock 2,451 2,262
Additional paid-in capital 7,904,518 7,339,134
Accumulated deficit (8,195,861) (6,889,786)
Total stockholders' equity (deficit) (288,892) 451,610
Total liabilities &
stockholders' equity $5,188,574 $5,453,624
CONTACT: MobiNetix Systems, Inc. David M. Licurse Sr., 408/524-4200 dlicurse@penware.com |
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