Cognitronics Reports Third Quarter Results
16 11월 2005 - 4:15AM
PR Newswire (US)
DANBURY, Conn., Nov. 15 /PRNewswire-FirstCall/ -- Cognitronics
Corporation (AMEX:CGN) today reported a loss from continuing
operations of $1.1 million, or $.19 per share on a diluted basis,
for the quarter ended September 30, 2005 compared to a loss of $1.2
million, or $.21 per share on a diluted basis, a year ago. Revenues
from continuing operations for the third quarter were $1 million in
2005 and $.8 million in 2004. The company said that the $.2 million
increase in third quarter sales was attributable to increased sales
volume to a cable operator; also, during the third quarter, the
company delivered approximately $2 million of equipment to a major
telecommunications service provider which is expected to be
recorded as sales in the fourth quarter of 2005. "Over the past
three months, the company, with Board approval, has initiated a
strategic plan to focus on its core business -- media server
solutions to the telecommunications industry," said Brian J.
Kelley, president and chief executive officer of Cognitronics. "In
this connection, the company has entered into a definitive
agreement to acquire ThinkEngine Networks, Inc. and has entered
into negotiations to divest its European distributorship
operations, Dacon Electronics Plc. Both transactions are expected
to be completed during the current quarter. "From a market
perspective, ThinkEngine represents diversification for
Cognitronics. With ThinkEngine's VSR1000, we now have a broader
product offering which leverages our core AIN expertise with a
purpose-built, SIP- based, VoIP solution. We intend to market the
VSR1000 to our existing customers and, as importantly, diversify
into new markets with new channel partners. We are confident that
the VSR1000's total cost of ownership is unparalleled in the
industry and will present exciting opportunities for service
providers as they continue to build their VoIP networks." The loss
from discontinued operations was $.3 million, or $.05 per share on
a diluted basis; additionally, an impairment charge to goodwill of
$.3 million, or $.06 per share on a diluted basis, related to these
operations was recorded in the quarter. In 2004, income from
discontinued operations was $.1 million, or $.02 per share on a
diluted basis. The net loss for the three months ended September
30, 2005 was $1.7 million, or $.29 per share on a diluted basis,
compared to $1.3 million, or $.24 per share on a diluted basis in
the comparable 2004 quarter. For the nine months ended September
30: (a) the loss from continuing operations was $2.8 million, or
$.49 per share on a diluted basis, on revenues of $3.8 million
compared to $2.4 million, or $.44 per share on a diluted basis, in
2004; (b) the loss from discontinued operations was $1 million, or
$.17 per share on a diluted basis, in 2005 versus income of $.1
million, or $.02 per share on a diluted basis, in 2004; (c) an
impairment charge of $.3 million, or $.06 per share on a diluted
basis, was recorded and (d) the net loss was $4.1 million, or $.72
per share on a diluted basis, in 2005 and $2.3 million, or $.42 per
share on a diluted basis, in 2004. "During the fourth quarter of
2005, sales activity has increased and the company expects
substantive orders for its CX Media Servers from customers, the
timing of which continues to be dependent on the customers'
decisions as to when to introduce new services to its subscribers.
Further, the company entered the fourth quarter with a strong cash,
cash equivalents and marketable securities aggregating over $10
million," concluded Mr. Kelley. Cognitronics is a leading supplier
of media server solutions to the telecommunications industry. The
company's Cognitronics Exchange Network Media Servers (CX Series)
are a cost-effective and highly scalable family of carrier class
media server platforms, delivering advanced network media solutions
in VoIP networks as well as in traditional AIN and TDM circuit
switched environments. For more information, visit the company's
website at http://www.cognitronics.com/. Statements contained
herein which are not historical facts are forward- looking
statements. The forward-looking statements in this release are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve a
number of risks and uncertainties including, but not limited to,
the continuance of reduced capital expenditures throughout the
telecommunications market, variability of sales volume from quarter
to quarter, product demand, market acceptance, litigation, risk of
dependence on significant customers, third party suppliers and
intellectual property rights, risks in product and technology
development and other risk factors detailed in the company's
Securities and Exchange Commission filings. COGNITRONICS
CORPORATION SUMMARY OF RESULTS Three Months Ended September 30,
2005 2004 Net revenues $986,000 $771,000 Loss from continuing
operations ($1,065,000) ($1,192,000) Income/Loss from discontinued
operations ($266,000) ($156,000) Impairment of goodwill ($319,000)
Net loss ($1,650,000) ($1,348,000) Loss per basic and diluted
share: Continuing operations ($.19) ($.21) Discontinued operations
($.05) ($.03) Impairment of goodwill ($.06) Net loss ($.29) ($.24)
Weighted average number of basic and diluted shares outstanding
5,685,997 5,585,293 Nine Months Ended September 30, 2005 2004 Net
sales $3,761,000 $3,770,000 Loss from continuing operations
($2,804,000) ($2,446,000) Income/Loss from discontinued operations
($977,000) $123,000 Impairment of goodwill ($319,000) Net loss
($4,100,000) ($2,323,000) Income/Loss per basic and diluted share:
Continuing operations ($.49) ($.44) Discontinued operations ($.17)
$.02 Impairment of goodwill ($.06) Net loss ($.72) ($.42) Weighted
average number of basic and diluted shares outstanding 5,657,993
5,554,861 SUMMARY OF FINANCIAL POSITION September 30, December 31,
2005 2004 Cash, cash equivalents and marketable securities
$10,172,000 $8,069,000 Working capital $9,304,000 $13,132,000 Total
assets $17,631,000 $18,956,000 Total stockholders' equity
$11,205,000 $15,015,000 DATASOURCE: Cognitronics Corporation
CONTACT: Harold F. Mayer of Cognitronics Corporation,
+1-203-830-3494 Web site: http://www.cognitronics.com/
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