Wave Systems Provides Corporate Update and Reviews Q1 2004 Results.Business Editors/High-Tech Writers RSA Conference The RSA Conference is a Cryptography-related conference held annually in the San Francisco Bay Area. The RSA Conference started in 1991 as a forum for cryptographers to gather and share the latest knowledge and advancements in the area of Internet security. 2004 Intel Developer Forum Intel Developer Forum (IDF), is a twice yearly gathering of technologists to discuss Intel products and products based around Intel products. The first IDF was in 1997. There is usually a Spring IDF and a Fall IDF. Spring 2004 LEE, Mass.--(BUSINESS WIRE)--May 13, 2004 Conference Call: Today, Thursday, May 13, 2004 at 4:30 P.M. E.D.T. Webcast / Replay URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.wave.com Dial-in numbers: 212-346-6599 and 415-908-6203 Wave Systems Corp. (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 : WAVX; www.wave.com) today reviewed recent corporate developments and reported results for its first quarter ended March 31, 2004. For the first quarter ended March 31, 2004, Wave Systems reported net revenue principally related to software license contracts of $50,000, compared to revenue of $16,000 in the first quarter ended March 31, 2003. Reflecting ongoing investments in sales, marketing and R&D, Wave reported a net loss to common stockholders of $3.4 million, or $0.05 per basic share, for the first quarter of 2004, compared to a net loss to common stock holders of $6.4 million, or $0.12 per basic share, in the first quarter ended March 31, 2003. The weighted average number of basic shares outstanding in the first quarters of 2004 and 2003, was 67,338,000 and 52,096,000, respectively. As of March 31, 2004, Wave had working capital of approximately $8.8 million with no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Steven Sprague, Wave's 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. , said, "We believe the enterprise market continues to develop and expand for trusted computing Trusted Computing (also abbreviated TC) is a technology developed and promoted by the Trusted Computing Group. The term is taken from the field of trusted systems and has a specialized meaning. solutions and Wave's EMBASSY(R) Trust Suite software. We are working with partners and resellers to promote our client and server products. During the past quarter our marketing efforts have significantly increased, and we expect to realize benefits from these investments through the rest of the year. "Wave continues to focus on establishing a leadership position in the emerging trusted computing market for more secure personal computing Refers to users working on their own computers rather than a terminal to a mainframe. Sometimes, the term refers to using computers at home for work and/or entertainment in contrast to business use only. See personal computer. . Based on our ongoing sales and marketing efforts with current and potential partners and customers, we are confident that Wave will be able to report on additional deployment progress this year." Recent Wave Systems developments (for more details, please visit www.wave.com): -- Microsoft Security Summit April through June 2004: Wave's EMBASSY Trust Suite software is being demonstrated at Microsoft Security Summit events across the U.S. The events represent a significant opportunity for security specialists, network database administrators, developers and other IT professionals to learn how Wave can help companies and organizations prepare for future potential security threats while using the Microsoft infrastructure. The list of remaining events, as well as registration information, is available at http://www.wave.com/news/press_archive/04/ 040406_summit_dates.html (Due to the length of this URL, it may be necessary to copy and paste To copy files from one location to another or to copy text and images from one document to another. All modern operating systems and applications have a copy and paste capability that is typically selected from an Edit menu. See cut and paste and Win Copy between windows. this hyperlink into your Internet browser's URL address field. You may also need to remove an extra space in the URL if one exists.) -- Microsoft Windows See Windows. (operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. Hardware Engineering Conference: In early May, Wave demonstrated its tools and solutions that hardware developers may use to address the trusted computing market. At this conference, attendees learned roadmaps and trends for innovation with Microsoft Windows platforms. -- Infosecurity Europe 2004: In April Wave demonstrated its EMBASSY Trust Suite software with Hewlett-Packard at this security trade show in London. -- TechScaler: In March Wave announced that TechScaler will resell Wave's EMBASSY Trust Suite software to enterprises. -- IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) PartnerWorld 2004: In February Wave demonstrated its EMBASSY Trust Suite software at this business partner conference in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . -- RSA Conference 2004: In February Wave showcased the newest enhancement to the EMBASSY Trust Suite portfolio - Key Transfer Manager - at its own booth and also with AMD (Advanced Micro Devices, Inc., Sunnyvale, CA, www.amd.com) A major manufacturer of semiconductor devices including x86-compatible CPUs, embedded processors, flash memories, programmable logic devices and networking chips. , Atmel, HP and Intel within the Trusted Computing Group's (TCG (Trusted Computing Group, Beaverton, OR, www.trustedcomputinggroup.org) The successor to the Trusted Computer Platform Alliance (TCPA), announced in 2003 by founding members AMD, HP, IBM, Intel and Microsoft. ) community exhibition area. -- Intel Developer's Forum: In February Wave demonstrated its EMBASSY Trust Suite software at this event in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . -- NTRU NTRU Native Title Research Unit (AIATSIS) NTRU Number Theorists R Us NTRU N-Th Degree Truncated Polynomial Ring : In February Wave teamed with NTRU to announce a cross-platform software solution for trusted personal computers. The TCG software stack (1) A stack that is implemented in memory rather than in hardware registers. See stack. (2) A generic reference to a set of system programs or a set of application programs that form a complete system. See stack. from NTRU and Wave's EMBASSY Trust Suite software are designed to work on Trusted Platform Modules (TPM (1) See TP monitor. (2) (Transactions Per Minute) The number of transactions processed within one minute. See TPS. (3) (Trusted Platform M ) compatible with TCG hardware specification version 1.1b and next generation TPMs compliant with specification 1.2. Recent Wavexpress Developments: -- In April, Wavexpress announced its TVTonic(R) broadband software is now compatible with Microsoft's Windows XP The previous client version of Windows. XP was a major upgrade to the client version of Windows 2000 with numerous changes to the user interface. XP improved support for gaming, digital photography, instant messaging, wireless networking and sharing connections to the Internet. Media Center Edition, the home entertainment version of Windows. -- NCTA NCTA National Cable & Telecommunications Association (fka National Cable Television Association) NCTA National Cable Television Association (now the National Cable & Telecommunications Association) 2004: In May Wavexpress participated at the National Show as part of the CableNET(R) educational exhibit, demonstrating a vertically integrated suite of products designed to offer cable operators optimum distribution of digital programming via the cable modem cable modem Modem used to convert analog data signals to digital form and vise versa, for transmission or receipt over cable television lines, especially for connecting to the Internet. . About Wave Systems Consumers and businesses are demanding a computing environment that is more trusted, private, safe and secure. Wave is a leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms from a variety of vendors. Wave holds a portfolio of significant fundamental patents in security and e-commerce applications and employs some of the world's leading security systems architects and engineers. For more information about Wave, visit http://www.wave.com. 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. for 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. Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements. All brands are the property of their respective owners. This press release shall not constitute an offer to sell or a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of an offer to buy any securities. No securities are being offered at this time.
Wave Systems Corp. and Subsidiaries
(a development stage company)
Consolidated Balance Sheets
(in thousands)
March 31, Dec. 31,
2004 2003
----------- --------
(unaudited)
Assets
Current Assets
Cash and cash equivalents $5,207 $8,818
Cash collected on behalf of charities - 212
Marketable securities 5,877 6,325
Prepaid expenses and other receivables 197 205
----------- --------
Total current assets 11,281 15,561
Property & equipment, net 2,242 2,287
Other assets 308 313
----------- --------
Total assets 13,831 18,160
Liabilities and Stockholders' equity
Current Liabilities
Accounts payable and accrued expenses 2,403 2,837
Due to charities - 243
Deferred revenue 68 74
----------- --------
Total current liabilities 2,471 3,154
Liability for warrants containing net cash
settlement provisions 545 992
----------- --------
Total liabilities 3,016 4,146
Total stockholders' equity 10,815 14,014
----------- --------
Total liabilities and stockholders' equity $13,831 $18,160
Wave Systems Corp. and Subsidiaries
(a development stage corporation)
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
-------------------
2004 2003
--------- ---------
Revenues $ 50 $ 16
Cost of Sales 27 4
--------- ---------
Gross Margin 23 12
Operating Expenses:
Selling, general and administrative 3,305 3,844
Research and development 1,756 2,635
--------- ---------
5,061 6,479
Net interest income 7 24
Other income - 50
Realized gain on sales of marketable securities 1,175 -
Unrealized gain on decrease in value of warrant
liability 447 -
--------- ---------
1,629 74
Net loss ($3,409) ($6,394)
========= =========
Net loss per share - basic ($0.05) ($0.12)
========= =========
Weighted average of basic shares outstanding 67,338 52,096
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