XATA Amends Third Quarter Results.
XATA's Series B Preferred Stock pays an annual cumulative dividend of 4% of the original issue price, payable semi-annually. The dividend is payable in additional shares of Preferred Stock, rather than cash, at the option of the holders. In addition, each share of the Preferred Stock is convertible into one share of XATA's Common Stock.
In the fiscal third quarter, at the election of the holders of the Preferred Stock, XATA issued 30,401 shares of Preferred Stock for payment of accrued dividends. Based on the increased market value of its Common Stock on the date of the dividend payment, the payment of the dividend in additional shares of Preferred Stock resulted in a non-cash deemed dividend of $101,000. This amount does not affect the Net Loss previously reported. However, in conformance with Generally Accepted Accounting Principles (GAAP), this deemed dividend increases the Net Loss to Common Shareholders to $270,000, or $0.04 per share, from the previously reported $169,000, or $0.02 per share, for the fiscal quarter ended June 30, 2004.
A pioneer in onboard fleet management solutions since 1985, XATA revolutionized the trucking industry by being the first to introduce paperless driver logs, exception-based reporting and dynamically updated fleet standards. Today, XATA continues to lead the industry by seamlessly combining global positioning, wireless communication and fleet management software to help companies optimize the efficiency of their fleets. The Company's proven solutions enable its customers to reduce fuel costs, increase productivity, improve safety and enhance customer service. Today, XATA systems increase the productivity of more than 30,000 trucks at over 1,000 distribution centers across North America. For more information, visit http://www.xata.com/ or call 1-800-745-9282.
This announcement includes forward-looking statements based on current expectations. Actual results may differ materially. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, the possibility of continuing operating losses, the ability to adapt to rapid technological change, dependence on positioning systems and communication networks owned and controlled by others, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products, the ability to fund future research and development activities, and the ability to establish and maintain strategic partner relationships.
XATA CORPORATION CONDENSED STATEMENTS OF OPERATIONS - REVISED (Amounts in thousands, except per share amounts) Three Month Period Ended Nine Month Period Ended June 30, June 30, June 30, June 30, 2004 2003 2004 2003 (unaudited) (unaudited) (unaudited)(unaudited) Net sales $5,106 $3,062 $13,079 $7,778 Cost of sales 3,421 2,278 8,667 5,909 Selling, general and administrative 1,188 1,333 3,540 3,629 Research and development 620 469 1,588 1,445 Total costs and expenses 5,229 4,080 13,795 10,983 Loss from operations (123) (1,018) (716) (3,205) Interest and other expense, net (5) (11) (36) (31) Loss before income taxes (128) (1,029) (752) (3,236) Income tax expense - - - - Net loss (128) (1,029) (752) (3,236) Preferred stock dividends and deemed dividends (142) - (823) - Net loss to common shareholders $(270) $(1,029) $(1,575) $(3,236) Net loss per common share - basic and diluted Net loss $(0.02) $(0.15) $(0.12) $(0.47) Loss to common shareholders $(0.04) $(0.15) $(0.22) $(0.47) Weighted average common and common share equivalents Basic & Diluted 7,051 6,934 7,001 6,934 XATA CORPORATION CONDENSED BALANCE SHEETS - REVISED (Amounts in thousands) June 30, September 30, 2004 2003 (unaudited) (audited) Current assets Cash and cash equivalents $5,427 $608 Accounts receivable, net 3,408 3,759 Inventories 849 943 Deferred product costs 591 305 Prepaid expenses 195 124 Total current assets 10,470 5,739 Equipment and leasehold improvements, net 382 419 Capitalized software development costs, net 411 1,319 Total assets $11,263 $7,477 Current liabilities Bank line of credit $386 $792 Current maturities of long-term debt 228 176 Accounts payable 586 1,462 Accrued liabilities 1,349 1,016 Deferred revenue 2,514 1,525 Total current liabilities 5,063 4,971 Long-term debt 79 251 Deferred revenue, non-current 742 221 Total liabilities 5,884 5,443 Shareholders' equity Common stock 18,834 17,837 Preferred stock 3,923 - Accumulated deficit (17,378) (15,803) Total shareholders' equity 5,379 2,034 Total liabilities and shareholders' equity $11,263 $7,477
CONTACT: John G. Lewis, CFO of XATA Corporation, +1-952-707-5600, firstname.lastname@example.org
Web site: http://www.xata.com/
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|Date:||Aug 4, 2004|
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