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SORICON ANNOUNCES INCREASED REVENUE FOR SECOND QUARTER AND SIX MONTH PERIOD

 BOULDER, Colo., Aug. 12 /PRNewswire/ -- Soricon Corp. (NASDAQ: SRCC, SRCCW), a leading provider of transaction automation products, today announced increased second quarter and six month results.
 Revenue for the quarter increased to $1,484,000, up 123 percent from revenue of $664,000 in the second quarter a year ago and up 15 percent from first quarter revenue. Revenue at the mid-year point advanced 146 percent to $2,777,000 as compared to $1,127,000 in the comparable period last year. Gross margins advanced to 39 percent in the first half as compared to 14 percent in the like period a year ago.
 Neville H. Vere Nicoll, chief executive officer, attributed the increases to growing market acceptance of Soricon's check reader products. He noted that revenue for the second quarter was lower than expected due to an order slated for June shipment being rescheduled to later in the year.
 Net loss in the second quarter was $636,000, or 36 cents per share, as compared to a loss of $604,000, or 91 cents per share in the like quarter last year. The second quarter loss was higher than the first quarter loss due to two items. First, the company incurred a $180,000 expense with the consulting firm of Pittiglio Rabin Todd and McGrath, which provided assistance in installing the systems for the company to become a high volume manufacturer. And second, the company incurred a $62,000 interest charge for issuance of warrants in conjunction with a bridge financing prior to the April 1993 private placement.
 "We're very pleased with Soricon's position entering the second half of the year," Vere Nicoll said. "In addition to increasing revenue in the first half, we accomplished some less visible but strategically important objectives. We now have in place the building blocks that will enable us to increase revenue on a quarter to quarter basis."
 Included in those accomplishments, Vere Nicoll said, were a strategic relationship with VeriFone Inc., the world's leading transaction automation company; receipt of a $3 million purchase order for a financial institution in the United Kingdom; and addition of several large new customers and growth in existing customer relationships.
 Check readers are automated point-of-sale devices that enable retailers and other merchants to detect high risk payments at the point of sale and reduce bad check losses. Soricon, whose flagship product is the CheckReader(TM), has a large base of retail and check authorization customers.
 SORICON CORP.
 Results Recap
 (Thousands except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net revenue $1,484 $664 $2,777 $1,127
 Cost of revenue 891 580 1,687 968
 Gross profit 593 84 1,090 159
 Research and development 225 190 424 359
 S, G & A 919 464 1,552 963
 Total operating expenses 1,144 654 1,976 1,322
 Operating loss (551) (570) (886) (1,163)
 Interest expense, net 85 34 96 29
 Income (loss) before taxes (636) (604) (982) (1,192)
 Provision for income taxes --- --- --- ---
 Net income (loss) $(636) $(604) $(982) $(1,192)
 Net income (loss) per share $(.36) $(.91) $(.55) $(2.06)
 Shs. used in per
 share calc. 1,775,555 666,784 1,775,555 578,356
 Balance Sheet Recap
 (Thousands)
 June 30, Dec. 31,
 1993 1992
 ASSETS
 Cash $648 $255
 Total current assets 3,607 2,280
 Total assets $5,556 $4,282
 LIABILITIES
 Current liabilities $1,635 $2,298
 Shareholders' equity $3,921 $1,967
 Long-term debt --- ---
 -0- 8/12/93
 /CONTACT: David A. Kempf of Soricon, 303-440-2800; or Beth Lawrence of Pfeiffer Public Relations, 303-393-7044/
 (SRCC)


CO: Soricon Corp. ST: Colorado IN: SU: ERN

BB -- DV001 -- 2034 08/12/93 10:00 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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