Viseon Posts Fourth Quarter and Fiscal Year 2001 Results.Business Editors DALLAS--(BUSINESS WIRE)--Oct. 12, 2001 Viseon, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :VSNI) announced financial results for the fourth quarter and year ended June 30, 2001. For fiscal year 2001 ended June 30, 2001, 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 were $3,409,000, down from $4,576,000 in fiscal year 2000. The Company's net loss was $(1,743,000) or $(.18) per share in fiscal year 2001, compared with $(2,482,000) or $(.33) per share last year. Average shares outstanding were 9,561,495 versus 7,443,507 for the prior year. Net sales for the fourth quarter were $702,000 compared to $1,086,000 for the fourth quarter of fiscal year 2000. The Company reported a net loss of $(924,000) or $(.08) per share in the fourth quarter, which included one time charges related to restructuring of approximately $(503,000), compared to a net loss of $(354,000) or $(.05) per share for the same period a year ago. "The Company has undergone dramatic changes during the second half of fiscal year 2001," stated John Harris John Harris may refer to: Dr. John Harris Internationlly Known Educator, Speaker, Philosopher, Theologian, and HomileticianItalic text http://www.thehistorymakers.com/biography/biography. , the Company's 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. . "Since February 2001, the Company has completely restructured its operations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Asia, and developed new relationships with Sony, Genesys Conferencing  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . and Polycom. These changes, coupled with our targeted sales and marketing campaigns, should continue to show improved results in the coming quarters," said Harris. About Viseon, Inc. Viseon designs, manufactures and distributes a family of high performance, affordable video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. equipment. The Company's lightweight and portable MediaPro 384(R) video conferencing products offer life-like quality video and enhanced audio along with full interoperability between all popular brand H.320 standards-based video conferencing systems. The company also offers the full line of Sony (Nasdaq:SNE SNe Supernovae (astronomy) SNE Sony Corporation (stock symbol) SNE Syndicat National de l'edition (French Publisher's Association) SNE Society for Nutrition Education ) E-Conference products and Polycom (Nasdaq: PLCM PLCM Product Life-Cycle Management PLCM public long code mask PLCM Public Land Code Mask ) audio, video and network products. In addition, Viseon offers U.S. 384k ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. network at prices as low as $29 per hour. Viseon recently launched its own line of peripherals with the acquisition of the Automatic Line Routing Switch (ALRS ALRS Admiralty List of Radio Signals ALRS Alerting Service (aviation) ALRS Apache Leap Research Site ALRS Alternate Launch & Recovery Surface ALRS Automated Logistics Retrieval System ALRS Automatic Line Router Switch ) technology. The ALRS allows a video conferencing user to move a video conferencing system from room to room without requiring duplicate network or manual re-routing of network connections. The ALRS acts as an electronic patch panel A group of sockets used to connect incoming and outgoing lines in communications and electronic systems. Patch panels allow for manually wiring the connections with small cables (patch cords), rather than automatic switching. , which will automatically re-route ISDN (BRI/PRI), IP, and POTS network connections to the new pre-wired location of a video conferencing system. Viseon has been one of the leading manufacturers of video conferencing technology for Phillips, Gentner and VTEL VTEL Video Teleconferencing (now Forgent), as well as, marketed the MediaPro under the RSI (Repetitive Strain Injury) Ailments of the hands, neck, back and eyes due to computer use. The remedy for RSI is frequent breaks which should include stretching or yoga postures. label. Viseon currently holds the U.S. patents for video conferencing technology No.5,802,281 and No.6,073,192. FORWARD LOOKING INFORMATION Information in this news release includes forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All such forward-looking statements involve risks and uncertainties including, without limitation, adverse business or market conditions, the ability to secure and satisfy customers, the availability and cost of materials from suppliers, adverse competitive developments, change in or cancellation of customer requirements, and other risks detailed from time to time as set forth in applicable SEC filings. For more information on Viseon, Inc. visit www.viseonvideo.com.
VISEON, INC.
(Formerly RSI Systems, Inc.)
STATEMENTS OF OPERATIONS
Three Months and Twelve Months Ended June 30, 2001 and 2000
Three months ended Twelve months ended
June 30, June 30,
(Unaudited)
2001 2000 2001 2000
----- ----- ---- ----
Net sales $ 700,601 $1,086,289 $3,409,352 $4,576,277
Cost of goods sold 386,339 581,918 1,746,768 2,346,015
Inventory writedown
to lower of cost or
market 28,537 21,846 28,537 341,846
---------- ---------- ---------- ----------
Gross profit 285,725 482,525 1,634,047 1,888,416
Research and
development 130,781 169,515 551,356 819,733
Selling, general and
Administrative 1,037,788 599,063 2,621,291 3,327,248
---------- ---------- ---------- ----------
Operating loss (882,844) (286,053) (1,538,600) (2,258,565)
Other expense, net (41,486) (67,908) (204,820) (223,647)
---------- ---------- ---------- ----------
Net loss $ (924,330) $ (353,961) $(1,743,420)$(2,482,212)
========== ========== ========== ===========
Net loss per common share-
Basic $ (.08) $ (.05) $ (.18) $ (.33)
========== ========== ========== ===========
Diluted $ (.08) $ (.05) $ (.18) $ (.33)
========== ========== ========== ===========
Weighted average shares
outstanding-
Basic 11,218,431 7,775,258 9,561,495 7,443,507
========== ========== ========== ===========
Diluted 11,218,431 7,775,258 9,561,495 7,443,507
========== ========== ========== ===========
VISEON, INC.
SELECTED BALANCE SHEET DATA
As of June 30, 2001 and June 30, 2000
June 30, 2001 June 30,2000
-------------- ------------
Total current assets $1,488,166 $1,755,728
Net property and equipment 803,540 462,061
Intangible assets 124,036 0
-------------- ------------
Total assets $2,415,742 $2,217,789
============== ============
Total current liabilities $1,985,917 $1,845,473
Total long-term liabilities 290,330 72,053
Total stockholders' equity 139,495 300,263
-------------- ------------
Total liabilities and
stockholders' equity $2,415,742 $2,217,789
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