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This stock took off like a rocket this week. Up 56% on Friday with close to 1 million shares traded in the last two days. Here is the most recent company profile. Anyone notice this one yet? Where do you think it can go?
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Voice It Worldwide, Inc. (`Memo')
Industry: Consumer Electronics Year End: December 31, 1996
Area: Digital Recorders Recent Price: $0.50-$1.00
Symbol: MEMO Shares Outstanding: 5 million
Listed: NASDAQ Small Cap Float: 3 million shares
Business Summary
Voice It Worldwide, Inc. designs, develops and markets personal consumer
electronic products which allow people to verbalize reminders and messages for
themselves and others without the need for pencil and paper. Voice It's
products utilize computer chip technology to capture ideas, thoughts,
reminders and messages. The Company is expanding its product lines and has
recently introduced several models with recording capacity extending to 90
minutes and enhanced features compatible with advanced telecommunications
technology. New products include longer length note recorders the dictation
length Voice It Manager, which also has LCD and organizer features, as well as
voice recognition travel alarm clock. The Company is also developing
technology to download its voice data directly to Personal Computers, as well
as developing a new line of solid state recorders, enabling Voice It to
compete directly with the tape recorder segment of the market.
Significant Developments
1993 Voice It incorporates, raises over $1.5 million in capital via a
private placement, and launches its first Voice It(R) Note recorder
in Sharper Image's direct mail catalog.
1994 Voice It expands sales to retail outlets, successfully distributing
its products in more than 2,000 retail stores in the U.S. In
addition, the Company begins marketing its products internationally
in 12 countries. The Voice It product line expands to three
products with recording capacities ranging to 2 minutes. Voice
It(R) Personal Note Recorder wins an Innovations Award. Sales
increase to $5.9 million. The Company funds its growth through an
additional private placement and a merger with Lander Energy Co.,
which combined provide $2.5 million in working capital.
1995 The Company continues to expand distribution in all its markets.
Products are now available in 15 countries worldwide and in
approximately 5,000 domestic retail outlets. Sales increase to
$15.6 million through increased consumer demand, expanded retail
distribution and the introduction of new products. The Company
raises $3.9 million in equity and debt capital primarily from
institutional investors. Independent market analysis identifies
Voice It as the leader in the digital recorder category with over
50% share of the market.
1996 Due to a weak retail consumer electronics market, sales declined
modestly to $12.2 million during 1996. In the third and fourth
quarter, Voice It introduced several new models with longer
recording duration and expanded features. The new Voice It Manager
line, with up to 90 minutes in time duration, was a popular
Christmas item. Brookstone began selling a, "voice recognition"
travel alarm clock. Gross margins improved quarter by quarter to
the mid 40's by year end. In the third quarter, the Company
recorded a non-cash charge relating to the write down of inventory
on the Message Center product line and related costs of $1.4
million. The management team was expanded in December with the
appointment of Dennis W. Altbrandt as CEO of the Company. Michelle
L. Morgan remains as the president and directly oversees the sales
and marketing functions.
Expansion and Growth Strategies
Voice It pioneered a new product category of digital note recorders, and
has become the leader within this category. On a dollar basis, Voice It has
achieved a market share exceeding 50%. New product development has enabled
the Company to remain on the cutting edge with its recording products because
the Company provides customers with the widest selection of recording
capacities, the most advanced product features and the broadest price range.
Moreover, the development of revolutionary new product lines (solid state
models with recording capacities extending to 45 minutes, and features
compatible with advanced telecommunications technology) are expected to fuel
expansion and growth beginning in the second half of 1997. Additionally, the
new Voice It Recorder products to be introduced in late Summer of 1997, will
offer up to 50 minutes of internal solid state recording capacity combined
with removable memory of 50 minutes, effectively competing with the tape
recorder market.
Voice It's marketing strategy is to significantly expand retail
distribution during the next three years and to increase consumer demand. The
Company has only begun to penetrate the potential worldwide market for
personal note recorders, and has impressive future growth opportunities,
including: (i) additional retail distribution; (ii) new channels of
distribution, such as the computer markets; (iii) new product development and
line extensions; (iv) distribution of OEM products; (v) international markets
-- worldwide the Company has substantial distribution opportunities, and
expects strong future growth rates abroad; and (vi) merger and acquisition
activities. All of this adds up to solid future growth for 1997 and beyond.
SOURCE Voice It Worldwide, Inc.
-0- 05/08/97
/CONTACT: Alan Stone of Alan Stone & Company, 310-444-3940; or Dennis W.
Altbrandt, CEO, or Michelle L. Morgan, President, both of Voice It Worldwide,
Inc., 970-221-1705/ |
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