MEMO- COMPANY HAS DONE 9 MILLION DOLLARS IN SALES THIS YEAR..
(BSNS WIRE) Voice It Worldwide, Inc. Announces Record Second Quarter and
Voice It Worldwide, Inc. Announces Record Second Quarter and First-half Results
Business Editors
FORT COLLINS, Colo.--(BUSINESS WIRE)--July 22, 1999--Voice It
Worldwide, Inc. (OTC BB: MEMO) today reported results for the second
quarter ended June 30, 1999.
Sales for the quarter were $4.1 Million, or over four times the
$894,000 in sales in the prior year quarter. Second quarter earnings
were $400,000 or nearly 6 cents per share versus a loss of $825,000 or
nearly 13 cents per share in the quarter ended June 30, 1998. First
half sales of $9.8 Million were over four times first-half prior year
sales, with earnings of nearly $1.0 Million versus a loss of $1.4
Million in the same year-ago period. Alex Kumar, Chief Executive
Officer, announced the results at the Board of Directors meeting in
Fort Collins today.
Voice It(TM) introduced its new Mobile Digital Recorder in
September 1998, which has allowed the Company to enter significant new
markets. The Company also entered into an agreement with Dragon
Systems, Inc. in June 1998, to supply Mobile Digital Recorders for
bundling with Dragon Systems' Naturally Speaking Mobile(TM) voice
recognition software. Voice It recently signed a new two-year supply
agreement with Dragon Systems which started in January 1999.
"Dragon Naturally Speaking Mobile continues to perform very well
in the market place," commented Mr. Kumar. "Our strong sales in the
past three quarters were a direct result of the success of this
product. Early in July 1999, Dragon Systems, Inc. introduced another
new product bundled with the Voice It Mobile Digital Recorder, Dragon
NaturallyOrganized(TM). This product interfaces with ACT Personal
Information Manager(TM) software to give users a voice-controlled time
and data management system.
In June 1999 the Company also released a new version of its Voice
It(TM) Link Software which makes the Mobile Digital Recorder
compatible with IBM voice-to-text software, allowing Via Voice(TM)
users to link the Voice It recorder with their software.
Mr. Kumar said that the company continues to focus on value added
resellers (VARs) and transcription companies who service
professionals. "These companies are becoming aware of the tremendous
cost and time saving potential of mobile dictation and automated
transcription," he commented.
In November, 1998, Voice It filed for protection under the
reorganization provisions of Chapter 11 of the Bankruptcy Code. The
Company filed its amended Plan of Reorganization on April 21, 1999.
The Company's application to the Court to consolidate all of its US
facilities in one location near San Diego has been approved, with
relocation expected to be completed by the end of the year.
Voice It Worldwide, Inc. designs, develops and markets a line of
portable electronic devices which digitally record, store and play
voice information using solid state memory. The Company uses a broad
range of silicon chip technology, including flash memory and digital
voice compression integrated circuits, and combines these technologies
with proprietary software which enables the Company to develop leading
edge voice recorder products. The Company protects its proprietary
technology through a combination of issued and pending patents and
copyrights.
*T
Voice It Worldwide, Inc.
('000 except E.P.S.)
Three months ended Six months ended
June 30 June 30
------- -------
1999 1998 1999 1998
---- ---- ---- ----
Net Sales 4,072 894 9,802 2,151
Net Earnings/(loss) 403 ( 825) 1,030 (1,396)
E.P.S. ((cent)/share) 6.2 (12.8) 15.9 ( 21.6)
Average Shares Outstanding 6,466 6,466 6,466 6,466
*T
This press release contains forward-looking statements relating
to future revenues and operating information and their impact on
future results. Actual results could differ materially from those
projected in the forward-looking statements as a result of risk
factors such as market conditions, product life cycles, customer
delays in purchasing products, technology shifts, potential
difficulties in introducing new products, competition, price
sensitivity and the uncertainty of continuing market acceptance of the
Company's products by distributors, retailers and consumers.
--30--MG/dx*
CONTACT: Voice It Worldwide, Inc.
Gil Ellerby, Investor Relations
970/221-1705
www.voiceit.com
KEYWORD: COLORADO
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS TELECOMMUNICATIONS
INTERACTIVE/MULTIMEDIA/INTERNET EARNINGS BANKING MEDICINE
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