Hopefully all like the earnings!
BuckfaCompany Press Release
InnovaCom Inc. Announces 1999 4th Quarter and Year-End Revenue Results
SANTA CLARA, Calif.--(BUSINESS WIRE)--Feb. 24, 2000--InnovaCom Inc. (OTC BB:MPEG - news), a leader in MPEG video compression technology, Thursday announced its financial results for the fourth quarter and 12 months ended Dec. 31, 1999.
Net revenues for the fourth quarter increased to $335,000 as compared with $31,000 during the fourth quarter of 1998, marking a 980 percent increase in revenue over last year's comparable quarter. Net revenues for the year, ended Dec. 31, 1999, increased to $507,000 as compared with $108,000 for the prior year ended Dec. 31, 1998, marking a 369 percent increase in revenue.
``InnovaCom's annual revenue increase is clearly concentrated in the fourth quarter,' asserted Frank Alioto, president and chief executive officer at InnovaCom. ``During this period, we began our first significant shipments of MPEG-2 TransPEG(TM) transmission systems to fulfill contracts in the United States and Asia.
``Furthermore, our systems are being installed for use in advanced broadband `Internet 2' digital video data applications.'
For the three months ended Dec. 31, 1999, the company's net loss was $1,346,000, compared with $1,279,000 for the same period in 1998. This slight change reflects increases in research and development costs during the fourth quarter of 1999, as well as increases related to moving InnovaCom to a manufacturing company, according to Jim Casey, InnovaCom's chief financial officer.
The net loss for the 12 months ended Dec. 31, 1999, was $7,140,000 vs. a net loss of $16,466,000 in 1998, marking a 57 percent improvement over the previous fiscal year. Loss per diluted share was reduced to $0.28 per share in 1999 vs. $0.71 in 1998, representing a 61 percent improvement.
``The fourth quarter of 1999 confirms InnovaCom's continued commitment to deliver its MPEG-2 video transmission systems and DVD pre-mastering systems to broadband video data environments,' concluded Alioto. ``We also strengthened our sales team during the final quarter of 1999, in addition to expanding marketing and sales channels.
``We are pleased to see the rapid growth of broadband networks and look forward to making significant market penetration.'
InnovaCom is a Silicon Valley manufacturer of TransPEG, its video transmission systems and DVDimpact(TM) Pre-Mastering Systems. The company's MPEG-2 based product line targets digital television, communications and industrial DVD marketplaces. InnovaCom is located at 3400 Garrett Drive, Santa Clara, Calif. 95054.
For more information, call 408/727-2447 or visit the company's Web site at www.transpeg.com or www.dvdimpact.com. For Investor Relations, call 888/464-6734 or e-mail investorinfo@transpeg.com. |
