A little over 3 months of cash left at last Q's burn rate.
Monday October 1, 6:10 pm Eastern Time
Press Release
SOURCE: Lumenon Innovative Lightwave Technology, Inc.
Lumenon Innovative Lightwave Technology, Inc. Reports Fiscal 2001 Fourth Quarter and Year End Results
Webcast Scheduled for October 4, 2001
ST-LAURENT, Quebec--(BUSINESS WIRE)--Oct. 1, 2001--Lumenon Innovative Lightwave Technology, Inc. (NASDAQ NM: LUMM - news), a manufacturer of high-quality optical devices for the global telecommunications, data communications and cable markets, announced today its results for the fiscal fourth quarter and year ended June 30, 2001.
Lumenon's loss for the fiscal fourth quarter ending June 30, 2001 totaled CDN $15.2M (US$ 10.0M), or CDN $0.39 (US $0.26) per share, compared with CDN $50.7M (US$34.3M), or CDN $1.58 (US $1.07) per share for the same period in 2000.
As of June 30, 2001, Lumenon had a cash position of CDN $22.3M (US $14.7M), compared with CDN $5.4M (US $3.7M) as of June 30, 2000. For the fiscal year ended June 30, 2001, the loss was CDN $58.4M (US $38.6M), or CDN $1.58 (US $1.04) per share, compared with CDN $223.6M (US $151.2M), or CDN $8.80 (US $5.95) per share for the fiscal year 2000.
Commenting on the current status of Lumenon, Gary Moskovitz, President and Chief Executive Officer, stated, ``Since my arrival as the Company's Chief Executive Officer in May, we have devoted considerable time in examining the Company and its technology. We are more convinced than ever of the viability of our business model, the competitiveness of our products, and the advantages of our PHASIC(TM) design process and manufacturing methodology.''
Mr. Moskovitz continued, ``Our research and engineering teams have continued to work hard and with increasing teamwork over the past few months, and have achieved numerous positive results, including base-lining their processes and methodologies with an aim towards an efficient and successful launch into volume manufacturing.
We believe the Company is now poised to complete its product development and continue its transition from a development stage company to volume manufacturer. In addition, we believe our cash position remains strong with approximately CDN$18.5M (US$11.7M) as of September 30.``
He concluded, ``We have emerged from the year with more focus, strength and integration as a Company. We believe that our developing record of achievements, unique materials expertise and PHASIC(TM) design process and manufacturing methodology, will be well received by the market as we work towards our target of having selected products being sampled out in the fourth quarter of calendar 2001.''
In conjunction with today's release, Lumenon will broadcast live, via the Internet, its fiscal fourth quarter conference call Thursday, October 4, 2001, at 10:00 a.m. Eastern Time. Investors interested in listening to the live Webcast, should log on to www.kcsa.com approximately twenty minutes before the conference call is scheduled to begin. You will need to register as well as download and install any necessary audio software. The Webcast will be available for replay for 7 days following the call.
About Lumenon Innovative Lightwave Technology, Inc.:
Lumenon Innovative Lightwave Technology, Inc. designs, develops and builds optical components and integrated optical devices in the form of packaged compact hybrid glass and polymer circuits on silicon chips. These photonic devices - based upon Lumenon's patented PHASIC(TM) design process and manufacturing methodology - offer communications providers the ability to dramatically boost bandwidth for today's burgeoning telecommunication, data communication and cable industries.
For more information about Lumenon Innovative Lightwave Technology, Inc., visit the Company's Web site at lumenon.com.
Any statements in this press release about future expectations, plans and prospects for the Company, including statements containing the words ``believes,'' ``anticipates,'' ``plans,'' ``expects,'' ``will,'' and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: that we are a development stage company with no experience in manufacturing and marketing our products; that we have a significant number of outstanding convertible notes, warrants and options, the exercise or conversion of which could decrease the price of our common stock, which would lead to additional shares of our common stock becoming issuable upon the conversion of any remaining outstanding convertible notes, making it difficult to evaluate our business; several of our agreements will reduce the amount of revenues that we will receive upon the sale of our products and this may decrease our profitability; that we may be unable to obtain funding to meet our future capital needs, which could cause us to delay or abandon some or all of our anticipated spending, cut back our operations, sell assets or license our technologies to third parties; that there are significant risks associated with the manufacture of our products; that the markets in which we compete are highly competitive and subject to rapid technological change; we may not be able to compete successfully if we are unable to adapt to new technologies and successfully develop new and evolving products which may lead to reduced sales of our products, reduced revenues and reduced market share; and other factors discussed in our most recent quarterly report filed with the Securities and Exchange Commission.
You may register to receive Lumenon's future press releases or to download a complete Digital Investor Kit(TM) including press releases, regulatory filings and corporate materials by clicking on the ``Digital Investor Kit(TM)'' icon at www.kcsa.com.
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Contact:
KCSA, New York
Joseph A. Mansi / Sarah Shepard
212/896-1205 / 212/896-1236
jmansi@kcsa.com / sshepard@kcs.com
www.kcsa.com |
