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Technology Stocks : Research Frontiers (REFR)

REFR 1.749

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3:46 PM EST

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To: Kevin Podsiadlik who wrote (2996)	8/20/2002 11:35:20 AM
From: N. Dixon	Read Replies (1) of 50038

Mass production of film began this year. Results of Operations for the Three-Month Periods Ended June 30, 2002 and 2001 The Company's fee income from licensing activities for the second quarter of 2002 was $28,125 as compared to $12,500 for the second quarter of 2001. Although sales of licensed products under some of the Company's license agreements have occurred during the second quarter of 2002, the earned royalties on such sales have not yet exceeded the minimum annual royalties payable by certain licensees under their license agreements, and/or are included as a royalty receivable on the Company's balance sheet since the license agreements in effect with the Company's licensees typically do not require the licensee to make payment of earned royalties on the sale of licensed products until 45 days after the end of the quarter in which such sales occurred. According to Saxe profitability is reasonable for 2003 based on sales forecasts. ND

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