NHancement Technologies Announces First Quarter 1997 Results.GOLDEN, Colo.--(BUSINESS WIRE)--May 5, 1997--NHancement Technologies Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :NHAN), today announced consolidated results of its two operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. -- Voice Plus, Inc. and BioFactors, Inc. -- for the three months ended March 31, 1997. In accordance with accounting requirements associated with NHancement's February 3, 1997 acquisition of Voice Plus, Inc., first quarter 1996 results solely reflect historical BioFactors operations, while first quarter 1997 results include February and March results of Voice Plus, Inc. Revenues for the first quarter increased to $1.4 million from $379,800 in the corresponding period of 1996. The rise in revenues is attributable to the acquisition of Voice Plus, which accounted for substantially all revenues in the first quarter of 1997. BioFactors is continuing development of its technology and market-development activities relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc employee impairment testing systems and had insignificant revenues during the first quarter of 1997. Net income during the period totaled $42,600 or $0.02 per share compared to a net loss of ($148,000) or ($0.15) per share in the first quarter of 1996, based on outstanding weighted average common and common equivalent shares totaling 2,875,339 and 1,024,615 in the respective period. Commenting on the quarter, Esmond T. Goei, Chairman, President and Chief Executive Officer, said, "We are pleased with our progress in the first quarter. In January, we successfully completed our initial public offering, which enables us to pursue our acquisition strategy. We continue to evaluate several acquisition opportunities in both 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. and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. ." "During the quarter, our Voice Plus subsidiary completed its acquisition of PhonetiCs phonetics (fōnĕt`ĭks, fə–), study of the sounds of languages from three basic points of view. Phonetics studies speech sounds according to their production in the vocal organs (articulatory phonetics), their physical properties , Inc., a Texas based value-added dealer and computer-telephony systems integrator serving the Southwestern United States. In addition, VoicePlus secured several key customers during the quarter, including the American Electronics Association The American Electronics Association (now known as AeA) is a nationwide non-profit trade association that represents all segments of the technology industry in the United States. , Wall Data, Inc., and Phoenix Technologies Limited. In securing the American Electronics Association, an industry trade group representing over 3,000 U.S. high-technology companies, Voice Plus unseated one of its larger competitors -- in this case, Octel," Goei added. About NHancement Technologies NHancement Technologies Inc., through its subsidiaries, sells a diverse mix of products and services that allow organizations to reduce corporate overhead and improve employee productivity. NHancement recently completed its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , raising approximately $7 million in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). after the exercise of the over-allotment. -0-
NHANCEMENT TECHNOLOGIES
STATEMENT OF OPERATIONS
(unaudited)
ACTUAL PRO FORMA
THREE MONTHS ENDED THREE MONTHS ENDED
March 31, March 31,
1997 1996 1997 1996
Revenues $1,431,900 $379,800 $2,283,000 $2,261,700
Operating income (loss) 159,700 (30,500) 166,400 (120,000)
Net income (loss) 42,600 (148,800) 4,400 (394,100)
Weighted average common
& common equivalent
shares outstanding 2,875,339 1,024,615 3,371,172 2,074,615
Net income (loss)
per share $0.02 ($0.15) $0.00 ($0.19)
Note: Unaudited pro forma statements Pro forma statement A financial statement showing the forecast or projected operating results and balance sheet, as in pro forma income statements, balance sheets, and statements of cash flows. of operations combine the results of operations of BioFactors and VoicePlus for the three months ended March 31, 1997 and 1996, as if the VoicePlus acquisition had occurred at the beginning of the respective periods. CONTACT: NHancement Technologies Inc. Esmond T. Goei, 510/490-6000 egoei@voiceplus.com or Investor Relations Investor relations The process by which the corporation communicates with its investors. : Lippert/Heilshorn & Assoc. Lillian Armstrong/Kris Otridge/Ward Deters, 415/433-3777 kris@lhai.com, ward@lhai.com |
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