<<I see SAFS announced "record" results today. >>
Let's see, record what? Losses?(g)
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For the second quarter as well as for the first six months, sales were $206,000 as compared to $0 for the same period of 1998. Net loss for the quarter was $2,911,000 versus $1,373,000 for the comparable period in 1998. Basic and diluted net loss per share was $0.18, compared with $0.11 per share for the second quarter of 1998.
Net loss for the six months ended June 30, 1999 was $5,084,000, or $0.34 per share, as compared to $2,835,000, or $0.23 per share, for the comparable period in 1998.
"There are at least two important things to highlight in this quarter's report", stated Bradley J. Carver, President of SafeScience, Inc. "The first is that we reported our first revenues this quarter which exceeded analysts projections. The second thing is that while our net loss for the quarter was slightly over $2.9 million, or $0.18 per share, if non-cash compensation expenses were excluded from this calculation our loss would have been less than $2.0 million, or $0.12 per share. Since we are in the process of changing our compensation arrangements to minimize these non-cash compensation expenses, we are very pleased with this number."
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I like the mumbo jumbo about non-cash compensation. So they gave away $900,000 in stock to their employees. The loss was still $2 million, still an increase. If they are going to convert to actually paying their employees in legal tender, where is that going to come from? $200,000 in sales isn't going to cover $900,000 in salaries.
"...we reported our first revenues this quarter which exceeded analysts projections." What were analysts projecting, another quarter with zero sales? Honestly, this guy Carver is a piece of work. |
