Zi More Than Doubles Revenue in Second Quarter
BUSINESS WIRE - August 15, 2002 07:01
CALGARY, Alberta, Aug 15, 2002 (BUSINESS WIRE) -- Zi Corporation (NASDAQ: ZICA) (TSX: ZIC), a leading provider of intelligent interface solutions today announced its financial results for the three months ended June 30, 2002.
Highlights -- Increased revenues to $3.2 million, an increase of nearly two and a half times revenue a year earlier. -- Introduced 13 new eZiText enabled device models to market. Total Zi enabled devices in worldwide market now total more than 100. -- Reached definitive agreement to sell Magic Lantern group of companies to JKC Group Inc., subject to regulatory approval. -- Entered into a letter of intent to divest Zi Services, the company's Hong Kong based telecom engineering operation.
Total revenue for the three months ended June 30, 2002 was $3.2 million, an increase of 137 per cent or $1.8 million over second quarter 2001. Revenue from Zi Technology, representing licensing of eZiText was over $2.0 million for the quarter, an increase of nearly 60% from last year. Included in revenue for the three months is a full quarter of revenue from the Magic Lantern group of companies, acquired in March of this year.
Loss from continuing operations was $4.3 million, a reduction of $1.5 million compared to a year earlier. Loss from discontinued operations, which reflects Zi Services results and accrued disposition costs was $2.7 million in the quarter.
"The second quarter of 2002 reflects the success of our focussed strategy to penetrate our core markets by going deeper with our customers, monetize our e-Learning and telecom investments, and accelerate into the new opportunities in front of us," said Michael E. Lobsinger, Chairman and Chief Executive Officer of Zi Corporation. "We continue to have a positive outlook for strong revenue growth."
Zi Corporation will host a teleconference and web cast to discuss its second quarter results on August 15, 2002 at 9 am eastern time. To participate, please make your connection 10 minutes prior to the start of the call.
Conference call: Toll Free 1-877-888-4120 International: 1-416-695-5261 Web cast: A web cast of the call can be accessed on the Internet at: zicorp.com Recording: A recording will be available shortly following the conference call until 11:55 pm eastern time (9:55 pm mountain time) on Friday, August 23, 2002 Toll Free in North America 1-888-509-0081 International: 1-416-695-9731 |
