SpatiaLight, Inc. Reports 1st Quarter Results; Company Moves Into New Facility.NOVATO, Calif.--(BUSINESS WIRE)--May 20, 1999-- SpatiaLight, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:HDTV (High Definition TV) A set of digital television (DTV) standards that offer the highest resolution and sharpest picture. Although some HDTV sets are available in standard (rather square) screen sizes, the overwhelming majority of sets are wide screen, which eliminates ), a leading developer of liquid crystal on silicon Liquid crystal on silicon (LCOS or LCoS) is a "micro-projection" or "micro-display" technology typically applied in projection televisions. It is a reflective technology similar to DLP projectors; however, it uses liquid crystals instead of individual mirrors. (LCOS (Liquid Crystal on Silicon) A technology used to make microdisplays for rear-projection TVs and head-mounted displays (HMDs). Each LCoS chip hosts a grayscale LCD shutter sandwiched between a cover glass and a mirror. ) micro display devices, today reported revenues for the 3 months ended March 31, 1999 of $31,500, with a net loss of $917,558, or a loss per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share of $0.08. 1999 first quarter revenues compare with no revenues for the 1998 first quarter with a net loss of $988,683, or a loss per basic and diluted share of $0.10. Revenues in the 1999 first quarter were comprised of sales of developer kits of the company's displays. Also in the 1999 first quarter, SpatiaLight completed its move into a new and upgraded facility. The larger space, equipped with increased development capabilities, will allow the company to consolidate operations and further enhance its growth. "We are very excited about what we've accomplished in the first quarter, and what we intend to accomplish in the remainder of the year," said SpatiaLight CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael H. Burney. "SpatiaLight has a bright future." About SpatiaLight SpatiaLight, Inc. (OTC BB:HDTV) is a leading developer and supplier of high-resolution, miniature reflective liquid crystal displays liquid crystal display (LCD) Optoelectronic device used in displays for watches, calculators, notebook computers, and other electronic devices. Current passed through specific portions of the liquid crystal solution causes the crystals to align, blocking the passage of light. (LCDs) for use in large screen computer monitors, home theatre projection systems, video projectors A video projector takes a video signal and projects the corresponding image on a projection screen using a lens system. All video projectors use a very bright light to project the image, and most modern ones can correct any curves, blurriness, and other inconsistencies through and other display applications. The company has its headquarters at 9 Commercial Blvd., Suite 200, Novato, CA, 94949-6125. Telephone: 415/883-1693. Fax: 415/883-3363. Web site: www.spatialight.com. This document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including without limitation statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's operating results, that involve certain risks and uncertainties. Actual results may differ significantly from the expectations contained in the forward-looking statements. These and other significant risks are discussed in more detail in the company's 1999 Quarterly Report on Form 10-QSB, as filed with the Securities and Exchange Commission on March 31, 1999. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . -0-
SpatiaLight, Inc. and Subsidiary
Consolidated Statements of Operations
Three Months Ended
March 31,
1999 1998
Revenues:
Sales $ 31,500 $ 0
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Total revenues 31,500 0
Cost of sales 4,104 0
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Gross profit 27,396 0
Selling, general and
administrative expenses 538,277 463,248
Research and development expenses 360,070 506,089
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Total operating expenses 898,347 969,337
Operating loss (870,951) (969,337)
Other income (expense):
Interest income 3,291 3,683
Interest and other expenses (49,898) (23,029)
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Total other expense (46,607) (19,346)
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Loss from operations before income taxes (917,558) (988,683)
Income taxes 0 0
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Net loss $ (917,558) $ (988,683)
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Net loss per share - basic and diluted ($0.08) ($ 0.10)
Weighted Average shares used in
computing net loss per share 11,488,099 9,640,554
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