COGNITIVE SYSTEMS REPORTS FISCAL YEAR-END RESULTS
COGNITIVE SYSTEMS REPORTS FISCAL YEAR-END RESULTS NEW HAVEN, Conn., March 4 /PRNewswire/ -- Cognitive Systems, Inc.
(OTC Bulletin Board: CSAI) announced financial results for the company's fiscal year ended Nov. 30, 1991. During that period, operating revenue was $2,655,000 versus $3,421,000 for the fiscal year ended Nov. 30, 1990, and the company's operating loss in fiscal year 1991 was $315,000 as compared to an operating loss of $671,000 for the prior fiscal year. Cognitive Systems, Inc., reported a net loss of $254,000 or $.08 per share, for the fiscal year ended Nov. 30, 1991. Reimbursable expenses to subcontractors related to the company's contract with Defense Advanced Research Projects Agency in the amount of $588,000 had the effect of increasing both revenues and expenses during fiscal year 1991 by the same amount.
"The loss for this fiscal year come from both reduced consulting revenues and increased and unfunded development costs in the fourth quarter, related to our transition to a product company capable of supporting ReMind," said Steve Mott, president and chief executive officer. "We have made considerable progress in completing the product, and look forward to its introduction in the spring. Fortunately, we have been able to raise additional capital to fund this product development and introduction." Cognitive Systems, Inc., specializes in building and marketing software applications and tools for intelligent database extraction and information processing. COGNITIVE SYSTEMS, INC. (amounts in thousands except per share) Three months ended Nov. 30 1991 1990 Operating revenues $461 $882 Operating earnings (loss) (236) (172) Interest income (expense), net (7) (8) Net earnings (243) (129) Earnings (loss) per share $(.08) $(.05) Fiscal year ended Nov. 30 1991 1990 Operating revenues $2,655 $3,421 Operating loss (315) (671) Interest income (expense), net 62 (18) Net earnings (loss) (254) (589) Earnings (loss) per share $(.08) $(.22) -0- 3/4/92 /CONTACT: Steve Mott of Cognitive Systems, 203-773-0726/ (CSAI) CO: Cognitive Systems Inc. ST: Connecticut IN: CPR SU: ERN
SH-KD -- NY028 -- 4898 03/04/92 11:09 EST
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|Date:||Mar 4, 1992|
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