Friday June 25, 8:10 am Eastern Time
Company Press Release
SOURCE: Microphonics Inc.
Microphonics Releases Comparative Income Statements, NationsBank Extends Line of Credit.
NASHVILLE, Tenn., June 25 /PRNewswire/ -- Microphonics (OTC Bulletin Board: MRPS - news) microphonics.com
Microphonics Inc. has completed comparative income statements showing income of $194,299, or just under .02 per share, on revenues of $365,260 for the first quarter of 1999 compared to a loss of $59,567 on revenues of $552,533 for all of 1998. There are 10,000,000 shares outstanding. First quarter 1999 revenue is considerably larger than previously announced due to the inclusion of late reported distributor sales.
Commenting on these numbers, Myles Izikoff, Vice President of Sales and Marketing stated, ''Our innovative products regularly receive glowing reviews from our customers. Our 111R and A07 Ultrasound Diagnostic devices are just beginning to get the recognition they deserve. The savings realized, the efficiency, and the accurate predictability of our proprietary technology allows the devices to sell themselves. As an example, on one recent sales call by Product Support International, a distributor of Microphonics' products, a significant natural gas leak was detected in a asphalt storage tank. Subsequently, Product Support International took immediate action to further solidify their distribution agreement.''
Microphonics is in the process of hiring an internationally recognized accounting firm to provide a full audit of both the 1998 financials and the first two quarters of 1999 as well as to revamp the company's accounting practices and procedures. This new accounting firm will also be responsible for the preparation of all necessary forms to be submitted to the SEC for fully reporting compliance. They expect to report the hiring of this firm shortly.
Microphonics is also pleased to announce a full service banking relationship with NationsBank, a part of Bank of America Corp. (NYSE: BAC - news) including the extension of a line of credit. There are no immediate plans for drawing on these funds. They will be used as reserve capital.
Richard Polka, Vice President of NationsBank, commented,'' When we initially approached Microphonics and sought their banking business, we were intrigued with their product line. After reviewing their business plan, we were convinced we were teaming with a real success story. NationsBank is extremely pleased to be doing business with a dynamic and fast growing company such as Microphonics.''
12 Mo. 12 Mo. Quarter End
12/31/97 12/31/98 3/31/99
Revenues: 299,138 552,533 365,260
Cost of Sales: 144,081 137,559 91,078
Gross Profit: 155,057 414,974 274,182
Expenses: 624,375 474,541 79,883
Income: (469,318) (59,567) 194,299
More information about Microphonics and complete income statements will be available at their new website: microphonics.com
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SAFE HARBOR DISCLAIMER: The matters described herein contain forward- looking statements that 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, uncertainties or other factors beyond the Company's control which could cause actual results to differ materially from historically results, performance or other expectations and from any opinions or statements expressed with respect to future periods
SOURCE: Microphonics Inc.
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