This is beginning to look promising. They have the loss less than the
the revenue now.....................!!!!
Thursday November 11, 3:18 pm Eastern Time
Company Press Release
SOURCE: LanguageWare.net
LanguageWare.net Reports Third Quarter Financial Results
COLORADO SPRINGS, Colo., Nov. 11 /PRNewswire/ -- LanguageWare.net (OTC Bulletin Board: LWNTF - news, LWNUF -
news) today announced that revenue for the third quarter, ending September 30, 1999, was $550,000, a 2% improvement from the
previous quarter and up 7% from the third quarter of 1998.
The company continues to improve the bottom line, showing a 98% improvement in the net loss during the comparable nine-month period
of the prior year. For the nine-month period ending on September 30, 1999, the company's net loss was $119,000 ($0.01 per share), on
revenue of $1,561,000, compared to the same nine-month period in
1998 that showed a net loss of $5,137,000 ($0.20 per share) on
revenue of $1,709,000.
''Fortunately, we have been able to realize a small increase in revenue as we refocus the company on global e-business solutions,''
stated Todd Oseth, president and CEO. ''To have this growth while changing our market focus shows the real opportunity that exists in
our e-business strategy. We will continue to increase our public relations and marketing efforts to expand the awareness of our unique
products and services that allow corporations to conduct all e-business communications with their customers in their native
languages.''
This press release contains historical information and forward-looking statements. Statements looking forward in time are included pursuant
to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks and
the Company's actual results in future periods may be materially different from any future performance suggested herein.
LANGUAGEWARE.NET (COMPANY) LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars and shares in thousands (except per share information)
Three months ended Nine months ended
September 30, September 30,
1999 1998 1999 1998
Net Sales $550 $514 $1,561 $1,709
Operating costs and expenses
Cost of sales 432 326 980 701
Product development costs 83 498 137 2,341
Marketing expenses 201 351 479 1,140
General and
administrative expenses 288 541 1,177 1,944
Restructuring charge -- 568 -- 568
Total operating costs
and expenses 1,004 2,284 2,773 6,694
Operating loss (454) (1,770) (1,212) (4,985)
Other Income (Expense) -- (61) (24) (152)
Net loss before
extraordinary Item (454) (1,831) (1,236) (5,137)
Extraordinary gain from
debt extinguishment
(less income taxes of $0) -- -- 1,117 --
Net Income (loss) $(454) $(1,831) $(119) $(5,137)
Net Income (loss)
per share:
Before extraordinary
gain $(0.01) $(0.07) $(0.04) $(0.20)
Extraordinary gain -- -- 0.04 --
Net Income (loss)
per share $(0.01) $(0.07) $(0.01) $(0.20)
Weighted average number
of shares outstanding 31,336 28,155 29,980 25,359
About LanguageWare.net: The company, founded in 1988, provides global e-business solutions that allow customers, vendors, suppliers and employees around the world to communicate with each other in their native languages. LanguageWare.net is the only source for integrated language solutions over the Internet that enable successful worldwide e-business. For additional information visit the company's Web site at languageware.net.
SOURCE: LanguageWare.net |
