Symplex Announces Preliminary Fourth Quarter and Year End Results.Business Editors & High-Tech Writers ANN ARBOR Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , Mich.--(BUSINESS WIRE)--Feb. 2, 2001 Symplex(R) Communications Corporation (CDNX CDNX See Canadian Venture Exchange (CDNX). :SYC SYC Seychelles (ISO Country code) SYC Sierra Youth Coalition (Ottawa, ON, Canada) SYC Safaris Y Cacerias (Argentina) SYC Senior Youth Challenge SYC Systems Concept SYC Serve Your Country .U.), a worldwide provider of custom Internet solutions, reported today preliminary fourth quarter and year end results ended December 31, 2000. Preliminary unaudited gross revenues for the fourth quarter of 2000 approximated $183,000 before sales returns of $4,000, for unaudited net fourth quarter net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $179,000. This represents a decrease in net sales of $323,000 or 64% from the fourth quarter of 1999 net sales of $502,000. The Company expects the fourth quarter of 2000 to reflect a pretax loss pretax loss A loss reported before tax benefits are considered. of $92,000, or $0.01 per share as compared to a loss of $192,000, or $0.02 per share for the fourth quarter of 1999. For the year ended December 31, 2000, preliminary unaudited gross revenues approximated $1,996,000 before sales returns of $57,000, for 2000 unaudited net sales of $1,939,000. This compares to net sales of $1,545,000 for 1999. The Company anticipates posting a pretax loss of $167,000 or $0.02 per share in 2000 as compared to a loss of $2,761,000 or $0.33 per share in 1999. The Company attributes the improved results on significant efforts to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and on revenue recognized from a licensing agreement. Cash constraints have and will continue to adversely impacted the Company's ability to promote product lines, continue product development, generate revenue and maintain operations. During the fourth quarter of 2000, a private investor provided $15,000 of interim bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. for operating expenses. Additional commitments may be required in the first quarter of 2001 to meet future operating expenses. Efforts continue to be focused on the sale, in whole or in parts, of the assets of the company or a merger. Although discussions continue with interested parties, no offer of consequence has yet to be received.
Statements of Operations
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Three Months Ended December 31, Year End December 31,
2000 1999 2000 1999
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(unaudited) (unaudited)
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Net sales and
revenues $ 179,000 $ 502,000 $1,939,000 $1,545,000
Total costs and
expenses 245,000 668,000 1,900,000 4,194,000
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Operating income
(loss) (66,000) (166,000) 39,000 (2,648,000)
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Total other income
and expenses (26,000) (26,000) (206,000) (113,000)
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Net income (loss) $ (92,000) $(192,000) $(167,000) $(2,761,000)
--------- --------- --------- ---------
--------- --------- --------- ---------
About Symplex Communications Symplex, headquartered in Whitmore Lake, Michigan Whitmore Lake is an unincorporated community in the U.S. state of Michigan. The community spans the boundary between Green Oak Township in Livingston County and Northfield Township in Washtenaw County. , manufactures network enhancement devices that provide cost savings, improved throughput performance, and reliability for enterprise networks. Symplex is best known for the Datamizer(R) line of data compressors that optimize leased lines, satellite links, and frame relay A high-speed packet switching protocol used in wide area networks (WANs). Providing a granular service of up to DS3 speed (45 Mbps), it has become popular for LAN to LAN connections across remote distances, and services are offered by most major carriers. circuits. In addition to Datamizers, Symplex also manufactures the DirectRoute(R) line of switching access systems designed specifically for cost-effective high-speed Internet See broadband. and intranet access. Founded in 1981, Symplex is the most long-standing internetworking solutions provider with a 19-year record of technological innovation. Symplex is a SEC registered and publicly held company, traded on the Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors SYC.U. The statements contained in this press release which are not historical in nature are forward-looking statements based on current expectations that involve risks and uncertainties. Symplex's actual results may differ materially from the results or expectations discussed in the forward-looking statements. Factors that might cause such a difference include risks associated with the effectiveness of the Company's sales and marketing strategies to reengage with its Datamizer installed based, its ability to raise additional capital, the appeal of the Company's family of products, and the ability of the Company to enter into strategic alliances and collaborate with others in the industry. These and other risks are detailed from time to time in the Company's reports filed with the SEC, including its Form 10-KSB for the year ended December 31, 1999 and its Form 10-QSB for the quarter ended September 30, 2000. For more information, contact Symplex Communications at 734/449-9370 or on the Web at www.symplex.com. Signed By: Tom Mayer Interim President and 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. Symplex Communications Corporation The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. |
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