Ravisent Announcement on 2/18/2000
Malvern, Pennsylvania--Feb. 18, 2000-Ravisent Technologies Inc. (Nasdaq:RVST) announced
today that its fourth quarter and year end earnings release, originally scheduled for today, has
been delayed due to delays in finalizing the Company's year end audit.
The delay is in no way related to the Company's ongoing business, but to accounting work
surrounding its first audit as a public company. Specifically, the Company is engaged in
unresolved discussions with its auditors involving revenue recognition on certain of its contracts.
Management expects the audit to be completed within the SEC time limits for year end
reporting. Upon completion of the audit the Company will promptly release its earnings.
About RAVISENT Technologies, Inc.
RAVISENT is driving the digital entertainment revolution with an integrated suite of digital video
and audio products for PC and CE manufacturers. RAVISENT enables the convergence of
personal computer and consumer electronics devices through software and hardware products
designed around a unique, modular software architecture that provides a consistent look and feel
across technology platforms.
Combining outstanding on-screen quality with high overall system performance and integration,
RAVISENT provides flexible and cost-effective solutions to a spectrum of partners in the
PC-OEM, CE-OEM and semiconductor markets, including Compaq, Dell Computer, Gateway,
Fujitsu, Hewlett-Packard, Packard Bell/NEC, Yamaha, Sanyo, Intel and ST Microelectronics.
Founded in 1994, RAVISENT completed an initial public offering in July 1999. The company is
headquartered in Pennsylvania and has offices in the Silicon Valley, Seattle, Germany and
Japan.
RAVISENT Safe Harbor
This press release may contain certain forward-looking statements that relate to RAVISENT's
future business and financial performance. Such statements are subject to a number of risks
and uncertainties that may cause the actual events of future results to differ from those
discussed herein. Such factors include, among others: RAVISENT's recent change in its
business model, its limited operating history, fluctuating quarterly operating results, expectation
of future losses, anticipated price declines in products, dependence on its CineMaster products,
dependence on a small number of customers, lack of long-term commitments with customers,
dependence on manufacturers and strategic relationships, product delays, the difficulty of
protecting proprietary rights, the ability to manage growth and attract and retain additional
personnel, the potential for defects in its products, risks from international operations, its ability
to raise capital in the future, its dependence on the personal computer and consumer
electronics industries, competition, its ability to manage technological change and respond to
evolving industry standards, government regulation and Year 2000 software issues.
Contact:
Idalia Rodriguez, 610/407-7280
irodriguez@ravisent.com
ravisent.com
Lori Crenny
Manager, Public Relations
610-408-7494
lcrenny@ravisent.com
messages.yahoo.com
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I spoke w/ Idalia on Wed.(2/16) to confirm Thursday's(2/17) earnings, a date I had seen on Yahoo! profile for rvst, and she said it was on said date. Then they dropped this bomb. Any type of uncertainity sends investors running to the exit and with good cause.
Having your auditor question your revenue recognition so late into reporting could have been handled much better. Sometimes the newly public companies have to learn some hard lessons. Now I can start fishing under 20, will wait a bit for some basing. It depends on what exactly is at stake. If they just have to defer some revenue this past Q to the next upcoming ones this will blow over. A poor job overall managing this situation by rvst.
Ex- Black Friday, the company seems to have alot going for it.
What do you think the ATI license?
tgif,cheers,
dkg |
