(Applies to: GMGC)
General Magic Revises Expectations for Fiscal Year 2000
SUNNYVALE, Calif., Dec 19, 2000 (BUSINESS WIRE) -- General Magic, Inc.
(Nasdaq:GMGC), a leading voice application service provider, today announced
revised revenue expectations for the year ending December 31, 2000.
The company said it expects to report revenue of approximately $11 million for
the fiscal year 2000, about $1 million below previous estimates.
"While our results for the fiscal 2000 year fell short of our expectations, we
will have achieved in excess of a 500% increase over the 1999 fiscal year," said
Steve Markman, the company's president and chief executive officer.
The company learned today that one of its customers, Global Services Network,
Inc., did not secure additional funding previously expected in this quarter. In
addition, another of its potential customers faces a similar delay. As a result
of these funding delays, which are consistent with the general slowdown in the
availability of financing for emerging companies, revenue from these sources is
no longer expected in the current quarter.
"We are optimistic that we will continue to win new business opportunities,"
continued Markman. "We are building industry leading voice applications in an
emerging market. We believe strongly that our products and services will enable
the company to be a leader in this space."
General Magic is reviewing its 2001 growth targets and expects to give guidance
early in the new year.
About General Magic
General Magic is a voice application service provider dedicated to delivering
customized voice applications, hosting, and professional services to leading
telecommunications, enterprise, and Internet companies. With its award-winning
VoiceXML-based magicTalk communications platform and years of experience,
General Magic offers the premier voice user interface that combines language,
personality, and logic, creating a conversation between people and information.
General Magic creates value for its customers by building voice solutions that
strengthen customer relations, deliver value-added services, and provide access
to content anytime, anywhere. General Magic is headquartered in Sunnyvale,
Calif. For additional information about General Magic, visit the company's web
site at generalmagic.com.
General Magic notes that any forward-looking statements in this press release
involve known and unknown risks, uncertainties and other factors that may cause
industry trends, or actual results, performance or achievement to be materially
different from any future trends, results, performance or achievements expressed
or implied by these statements. These risks and uncertainties are detailed in
General Magic's Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on November 14, 2000.
Note to Editors: General Magic and magicTalk are trademarks of General Magic,
Inc., which may be registered in some jurisdictions. Other trademarks are owned
by their respective companies.
CONTACT: General Magic, Inc.
Laura Crowley, 408/774-4457
Gina Tetreault, 408/774-4420
ir@generalmagic.com
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