الموضوع في 'السوق الأمريكي للأوراق الماليه' بواسطة جمال16, بتاريخ 29 ابريل 2004.
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ISCO International Reports Financial Results for the First Quarter 2004; Adds Michael Fenger to its Board of Directors
PR Newswire - April 29, 2004 11:58
MT. PROSPECT, Ill., Apr 29, 2004 /PRNewswire-FirstCall via COMTEX/ -- ISCO International, Inc. (Amex: ISO), a leading supplier of interference and other reverse link solutions for the wireless telecommunications industry, today reported financial results for the first quarter 2004. In separate news, Mr. Michael Fenger has joined the Board of Directors.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010321/CGW036LOGO )
ISCO reported consolidated net revenues of $422,000 for the quarter-ending March 31, 2004, versus $1,235,000 during the comparable period of 2003. Gross margin for these two periods went from 49% to 27%, due to lower fixed cost absorption during the recent quarter. Despite this reduction, the consolidated net loss was $1,958,000 for the quarter-ending March 31, 2004, versus $3,151,000 during the same period of 2003. The improvement in net loss was due in large part to decreased legal expenses associated with the patent litigation with Superconductor Technologies, Inc., which is now in the appeal process.
"During the first quarter we worked closely with customers and quoted more than $2 million in solutions based on their needs. We were disappointed to close on just $422,000 by the March 31 cutoff date," said Dr. Amr Abdelmonem, CEO of ISCO. "We look to close on our existing quotations and present new opportunities to customers as we continue to develop our business.
"We generated a comparable amount of revenue during the first few weeks of April to what we did during the entire first quarter. As expected, we received several purchase orders for the RF2 product during the second quarter for network enhancement, an application previously captured by HTS (High Temperature Superconductor front-end units). This was yet another piece of evidence that indicates the growing acceptance of our RF2 product as an alternative to HTS. Both have demonstrated comparable performance in head to head testing, with a significant price advantage going to RF2. Deployments of the RF2 product have expanded during the past six months and we look for that trend to continue."
Dr. Abdelmonem continued, "The one positive financial aspect of the first quarter was the continued improvement on the bottom line. Despite not realizing most of our expected revenue during the quarter, the efficiencies we have developed and the decrease in legal spending continue to show in our results, which were far better than the same quarter of 2003 despite lower revenue. We also recorded the last of the non-cash charges associated with the recently exercised warrants during the first quarter, in the amount of $250,000."
April has already begun with a favorable development, as Michael Fenger has joined ISCO's Board of Directors. Mr. Fenger is Corporate Vice President and Chief Quality Officer of Motorola, Inc. In this capacity he has helped Motorola in its effort to focus on the most promising initiatives and improve the return of those projects. Mike holds one patent and a degree in economics from Miami University in Ohio, and previously served in several executive and management positions during his 12 years at GE including the position of general manager of global supply chain operations for GE Lighting.
"We are excited to welcome this distinguished executive to our Board of Directors," said Dr. Abdelmonem.
Safe Harbor Statement
Because the Company wants to provide investors with meaningful and useful information, this news release contains, and incorporates by reference, certain "forward-looking statements" that reflect the Company's current expectations regarding the future results of operations, performance and achievements of the Company. The Company has tried, wherever possible, to identify these forward-looking statements by using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends" and similar expressions. These statements reflect the Company's current beliefs and are based on information currently available to it. Accordingly, these statements are subject to certain risks, uncertainties and contingencies, which could cause the Company's actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These factors include, among others, the following: market acceptance of the Company's technology; the spending patterns of wireless network operators in connection with the build out of 2.5G and 3G wireless systems; the Company's ability to obtain additional financing in the future; the Company's history of net losses and the lack of assurance that the Company's earnings will be sufficient to cover fixed charges in the future; uncertainty about the Company's ability to compete effectively against better capitalized competitors and to withstand downturns in its business or the economy generally; continued downward pressure on the prices charged for the Company's products due to the competition of rival manufacturers of front-end systems for the wireless telecommunications market; the timing and receipt of customer orders; the Company's ability to attract and retain key personnel; and the effects of legal proceedings. A more complete description of these risks, uncertainties and assumptions is included in the Company's filings with the Securities and Exchange Commission, including those described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K. You should not place undue reliance on any forward-looking statements. The Company undertakes no obligation to release publicly the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this Report or to reflect the occurrence of unanticipated events.
Three Months Ending
March 31, March 31,
Net sales $422,000 $1,235,000
Costs and expenses:
Cost of sales 309,000 629,000
Research and development 234,000 290,000
Selling and marketing 224,000 274,000
General and administrative 1,233,000 2,928,000
Total costs and expenses 2,000,000 4,121,000
Operating loss $(1,578,000) $(2,886,000)
Other income (expense):
Interest income 2,000 2,000
Non-cash interest expense (250,000) (213,000)
Other interest expense (131,000) (54,000)
Total other income (expense) $(380,000) $(265,000)
Net loss $(1,958,000) $(3,151,000)
Basic and diluted loss per common
share $(0.01) $(0.02)
Weighted average number of common
shares outstanding 154,233,000 147,957,000
Selected Balance Sheet Information: (unaudited)
March 31, December 31,
Cash and equivalents $1,179,000 $346,000
Working Capital excl. Debt $1,295,000 $736,000
Total Assets $17,638,000 $17,723,000
Debt, Long-term and Short-term $5,000,000 $5,000,000
Stockholders' Equity $11,323,000 $10,943,000
Web site: http://www.iscointl.com
SOURCE ISCO International, Inc.
Frank Cesario of ISCO International, Inc., +1-847-391-9492
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Copyright (C) 2004 PR Newswire. All rights reserved.
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