Monday May 19 2:46 PM EDT
Company Press Release
MSU Corporation: 3Q Revenues up 600%
MILTON KEYNES, UK--(BUSINESS WIRE)--May 19, 1997--MSU Corp. (OTC:MUCP) announced today that the company reported
revenues for the three months and nine months periods ended March 31, 1997 increased over the same periods of 1996 by $67,623
and $990,702 or approximately 87% and 600% respectively, primarily due to chip sales, license and development fees and royalty fees
paid in connection with the sale of customized Internet Access Devices. For the three months and nine months periods ended March
31, 1997, the company reported losses before taxes of $683,448 and $1,455,047 respectively, compared with $409,858 and
$1,153,806 over the same periods in 1996.
In commenting on the nine month results, Wyn Holloway, chairman of the board said, ``MSU Corporation is pleased with the
progress it has made in developing both its Slipstream(TM) and Envoy chipsets. Our strategy has been and continues to be to increase
cash flows from operations through further development, upgrade and marketing of MSU's proprietary chips and products
incorporating our technology,'' Holloway continued. ``While the marketplace for our products is still in its infancy, we are confident
that our efforts, in conjunction with those of our joint venture partners and clients, will continue creating more opportunities for our
products and services.''
The company reported a net loss of $683,448 or four cents per share for the three months ended March 31, 1997 compared with a
net loss of $409,858 or three cents per share for the same period in 1996 and, for the nine months ended March 31, 1997, a net loss
of $1,455,047 or nine cents per share compared with a net loss of $1,153,806 or eight cents per share for the same period in 1996.
``MSU has shipped over 10,000 Slipstream(TM) units to date. Current Slipstream(TM) orders are being fulfilled with MSU's recent
software upgrade version 1.0 of the Slipstream(TM) which combines browser and email features and has NTSC and PAL formats,''
stated Holloway.
``MSU has shipped over 150 Slipstream(TM) samples over the past few months to companies in 20 countries including 20 samples to
Internet Service Providers in the United States as a result of the inquiries received from the Las Vegas Comdex Show.'' added
Holloway. ``Next week, we anticipate shipping an additional 50 samples to the United States alone for beta testing. As previously
announced, a London-based hotel group has already been beta testing the Slipstream(TM) version 1.0 for commercial applications in
the hotel industry.''
``As previously announced, Zilog intends to begin shipping, this June, customer samples of its TV Internet Access Appliance which
incorporates the Z90602 iSP chip and is manufactured under a licensing agreement with MSU Corporation. This is the first open
architecture product available to OEM manufacturers and Internet Service Providers and it allows existing ISP accounts to continue
their existing service on a television platform.''
``Regarding its proprietary Envoy(TM) technology, MSU is currently in negotiations with two major companies,'' stated Holloway,
``and will announce developments as they take place.''
The Envoy(TM) is the first of a new family of products with applications in new and emerging consumer electronic markets
including modem, video decompression, set-top boxes and (Digital Versatile Disk) DVD players. It is a single chip integrated CD
controller and decoder solution which can operate all different versions of CDs including CD-audio, CD-ROM and Karaoke and
eliminates the need for individual chips for each of those functions. With MPEG enhancements, either an external MPEG chip or
additional MPEG logic, the Envoy(TM) can play DVD (Digital Versatile Disk) disks as well. The Envoy's on-chip memory controller
can drive up to 15 megabytes of external DRAM and static RAM directly. MSU knows of no comparative competition which
integrates the multiple functions of the Envoy(TM) chip.
This release contains forward-looking statements within the meaning of the ``safe harbor'' provisions of the private Securities
Litigation Reform Act of 1995 that involve various risks and uncertainties, including, without limitation, statements with respect to the
Company's strategy, proposed sales of the Company's products, markets for the Company's products, and the development of the
Company's products, including integrated circuits and integrated circuit products. The Company's actual results may differ materially
from those described in those forward-looking statements due to a number of factors, including, but not limited to the uncertainty of
market acceptance of Internet Access Devices, Video CD players and components, planned rapid growth of the Company's business,
conducting business in foreign countries and the competitive market for the Company's products as described in the Company's Form
10K dated June 30, 1996 or its Form 10Q dated March 31, 1997.
The MSU Internet service processor technology and the reference design technology for the Slipstream(TM) Internet and Envoy(TM)
technology are available for licensing to interested third parties. MSU Corp. designs, licenses and sells proprietary computer chips,
chipsets and other products for use by OEM manufacturers of multimedia consumer and computer products.
MSU CORPORATION
Consolidated Statements of Income
(unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
March 31, March 31,
1997 1996 %Chg 1997 1996 %Chg
Revenues $ 145,508 $ 77,885 87% 1,156,050 165,349 599%
Total Expenses 828,956 487,743 70% 2,613,682 1,321,926 98%
Operating Loss (683,448) (409,858) 67% (1,457,632)(1,156,577) 26%
Net Income
(Loss) before
taxes (683,448) (409,858) 67% (1,455,047)(1,153,806) 26%
Net (loss)
income per
share (0.04) (0.03) (0.09) (0.08)
Weighted average
shares
outstanding 16,759,723 14,991,000 15,662,000 14,144,000
More news for referenced ticker symbols: MUCP, and related industries: computer, internet. |
