SCII.. was up a ton already on Monday, but 10 was a major breakout and the technology I had known from reading about I.T.E.S. in Globes, but I didn't understand the signficance until today. This could be another double bagger.
Tuesday November 9, 8:02 am Eastern Time
Company Press Release
SOURCE: Sensar Corporation
Sensar Corporation Announces Third Quarter 1999 Results
SALT LAKE CITY, Nov. 9 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII - news) announced today that it has filed its report on Form 10-Q for the quarter ended September 30, 1999. The following financial data for the three months ended September 30, 1999 and 1998 and as of September 30, 1999 and December 31, 1998 should be read in conjunction with the Company's reports on Form 10-Q and Form 10-K, which are available upon request.
Statement of Operations Data For the three months ended September 30
1999 1998
(unaudited) (unaudited)
Net sales $-- $--
General, and administrative 231,907 170,299
Compensation charge (credit) (308,424) --
Unusual charges -- 257,334
Operating income (loss) 76,517 (427,633)
Other income (expense), net 10,682 32,745
Gain (loss) from discontinued
operations 1,180,639 (3,929,259)
Income (loss) per common
share from continuing operations 0.03 (0.16)
Weighted average common shares 2,911,323 2,556,157
As of
Balance Sheet Data December 31, 1998
September 30, 1999 (restated for
(unaudited) discontinued
operations)
Cash and cash equivalents $3,172,175 694,959
Total current assets 4,787,948 4,310,715
Total assets 5,247,805 4,317,769
Total current liabilities 202,101 268,197
Total liabilities and
deferred gain 442,101 268,197
Total stockholders' equity 4,805,704 4,049,572
The results for the quarter reflect a gain of $1,446,955 on the sale of discontinued operations, which more than offset the operating losses of $266,316 from discontinued operations. The Company has recently entered into an agreement with I.T.E.S ltd, an Israeli-based developer of technology for use in the transmission of multi-media information to hand-held wireless devices. See the Company's 10-Q for additional information concerning this proposed transaction.
This press release contains certain forward-looking statements that are based on information currently available to the Company and certain assumptions made by management and are not meant to be actual descriptions of the future. The outcome of these statements is dependent on a number of factors. For a discussion of the contingencies and uncertainties to which the information concerning future events is subject, please refer to the Company's report on Form 10-K for September 30, 1999. |
