Here's the complete release with tables:
Adaptive Solutions Continues to Improve Financial Performance
BusinessWire, Tuesday, July 22, 1997 at 13:35
BEAVERTON, Ore.--(BUSINESS WIRE)--July 22, 1997--Adaptive
Solutions Inc. (NASDAQ:ADSO) today announced results for the second
quarter ended June 30, 1997 which continues the company's recent
trend of lower losses based on controlled expenses and rebuilding
revenue, as the company pursues its new corporate strategy.
The net loss for the 1997 second quarter was $171,000 or $0.02
per share, compared to a net loss of $2,905,000 or $0.43 per share
for the 1996 second quarter and a net loss of $278,000 or $0.04 per
share for the 1997 first quarter. Total revenue for the 1997 second
quarter was $839,000, compared with $1,483,000 for the 1996 second
quarter and $725,000 for the 1997 first quarter. Total operating
expenses in the latest quarter were $1,040,000, down from $4,420,000
for the second quarter a year ago.
"This quarter marks the fourth consecutive quarter of reduced
losses, in line with the financial plans we put in place with our new
strategy last year," commented Dan Meub, president and chief
executive officer of Adaptive Solutions. "Revenue from our
technology agreement with Motorola contributed to the latest
quarter's results, as well as our previously announced contract with
Northrop Grumman, which will have an even greater impact in the third
quarter. These agreements are helping to fund the transition to our
new automated data entry product line and application-specific
products, as well as accelerating development of the PowIR (Power
Image Recognition) architecture. Our near-term financial goal is to
continue the trend of improved results as we move toward sustained
profitability based on our new strategy.
"Our long run mission is to make image information useful to
business," Meub added. "We plan to do that with both image-based
automated data entry products aimed at selected vertical markets, and
with broad-based image recognition engines that will serve a wide
range of applications through value added resellers and original
equipment manufacturers. This quarter's results keep us on track
with those plans."
This press release contains forward-looking statements which
involve risks and uncertainties that could cause actual results to
differ materially from those anticipated in the forward-looking
statements, including, without limitation, changes in the forms
processing solutions markets, successful implementation of the
company's new strategy, successful completion of expected contracts,
continued expansion and maintenance of partnerships and availability
of necessary hardware. These risks and uncertainties are discussed
in greater detail in the company's Form 10-K and Form 10-Q reports to
the S.E.C.
Adaptive Solutions, headquartered in Beaverton, Oregon, was
founded in 1988 and pioneered data parallel processing for advanced
pattern recognition, image processing, and intelligent character
recognition applications. Adaptive Solutions designs and markets
high performance image recognition solutions targeted at the
transportation, finance, and health care industries.
*T
ADAPTIVE SOLUTIONS
INCOME STATEMENT
(000, except per share data)
Quarter Ended Six Months Ended
6/30/97 6/30/96 6/30/97 6/30/96
Net Product Revenue $ 606 $ 976 $ 1,282 $ 4,327
R & D Revenue 233 507 282 987
TOTAL REVENUE 839 1,483 1,564 5,314
Cost of Product Revenue 167 1,262 407 3,396
Research & Development 370 880 654 1,811
Sales & Marketing 246 538 448 1,350
General & Administrative 257 1,740 542 2,227
TOTAL OPERATING
EXPENSES 1,040 4,420 2,051 8,784
OPERATING LOSS (201) (2,937) (487) (3,470)
Interest Income 32 53 66 80
Interest (Expense)/Other
Income (2) (21) (19) (62)
Gain (Loss) on Sale of Asset - - (9) -
LOSS BEFORE
INCOME TAXES (171) (2,905) (449) (3,452)
Income Tax Expense - - - -
NET LOSS $ (171) $ (2,905) $ (449) $ (3,452)
NET LOSS PER SHARE $(0.02) $ (0.43) $ (0.06) $ (0.53)
Weighted Average
Shares Outstanding 6,988 6,763 6,980 6,519
ADAPTIVE SOLUTIONS
BALANCE SHEETS
(000)
6/30/97 12/31/96
Cash and Cash Equivalents $ 2,752 $ 3,612
Short-term Investments 337 -
Trade Accounts Receivable 990 1,084
Inventory 762 1,007
Prepaid Expenses 20 33
TOTAL CURRENT ASSETS 4,861 5,736
Property and Equipment - Net 415 1,337
Other Assets 148 139
TOTAL ASSETS $ 5,424 $ 7,212
Accounts Payable $ 80 $ 115
Accrued Expenses 1,035 1,626
Current Portion - Capital Leases 361 447
Deferred Revenue 3 720
TOTAL CURRENT LIABILITIES 1,479 2,908
Capital Leases, less
Current Portion 90 259
Notes Payable 247 -
Common Stock 31,117 31,104
Accumulated Deficit (27,509) (27,059)
TOTAL STOCKHOLDERS' EQUITY 3,608 4,045
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 5,424 $ 7,212
*T
CONTACT: Adaptive Solutions, Inc. or Harris Massey Herinckx
Daniel J. Meub Fletcher Chamberlin
503/690-1236 503/295-1922
KEYWORD: OREGON
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED EARNINGS
INTERACTIVE/MULTIMEDIA/INTERNET MEDICINE
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