NESTOR REPORTS RESULTS
NESTOR REPORTS RESULTS PROVIDENCE, R.I., Nov. 15 /PRNewswire/ -- Nestor, Inc.
(NASDAQ: NEST) today announced operating results for the first quarter of fiscal year 1992, ended Sept. 30.
Dr. David Fox, president and chief executive officer of Nestor, stated, "Nestor did not realize the revenue growth in the quarter that we had expected. In the pen-PC field, there have been delayed product introductions by our licensees. In the financial-services field, a general retrenchment has postponed the installation of production systems despite the success of our prototypes. Revenues of our NestorEurope subsidiary were also far less than we had hoped for. "Expenses have continued at a high level as we invested in development of licensed products on which we expect to receive future royalties. Because revenues continue to lag behind expenses, we have taken steps to reduce our cash outflow. However, these steps will not be enough to enable us to continue our product-development and marketing efforts without additional capital. We are working to raise that capital from a number of sources, but we cannot give any assurance at this time that such efforts will succeed." NESTOR, INC. Selected Operating Results (Unaudited) Three months ended Sept. 30 1991 1990 Total revenues $482,493 $423,873 Net income (loss) (612,190) (231,408) Net income (loss) per share ($0.09) ($0.03) Weighted average number of shares outstanding 6,747,228 6,689,227 -0- 11/15/91 /CONTACT: David Fox, president and CEO of Nestor, 401-331-9640, or Burton Arkin of Arkin Associates, 212-949-7640, for Nestor/ (NEST) CO: Nestor, Inc. ST: Rhode Island IN: SU: ERN CK -- NY084 -- 1679 11/15/91 15:51 EST
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|Date:||Nov 15, 1991|
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