Monday August 19 9:22 PM EDT
SIDT reports second quarter results and the completion of
its corporate restructuring
AUSTIN, Texas--(BUSINESS WIRE)--Aug. 19, 1996-- SI Diamond Technology Inc Monday reported its second quarter results and the completion of its corporate restructuring.
For the second quarter, SIDT reported revenues of $2,035,985, a 318 percent increase from the $639,127 in revenues during the 1995 second quarter. The net loss from continuing operations was $3,969,512. The loss per share of 44 cents included an additional charge of $923,128 related to below market conversions of the company's Series E Preferred stock.
The company had a net loss from continuing operations of $2,652,051, or 29 cents a share for the 1995 second quarter.
There were 11,169,930 weighted average shares outstanding for the quarter compared to 8,108,389 weighted average shares outstanding for the 1995 second quarter. The increase in shares was due to the issuance of shares of the company's common stock in private placement transactions and the conversion of Series E Preferred stock by some holders into the company's common stock.
"Our revenues have more than tripled over the same period last year as we continue to progress toward our goal of transforming SI Diamond from a research and development company to a company that is focused on increasing revenues in order to achieve profitability," said Marc Eller, SIDT's chairman and chief executive officer. "Except for some fine tuning, the restructuring is essentially complete and we expect to reap the benefits beginning in the current (third) quarter."
Currently the company has a contract research backlog of approximately $1.65 million compared with $3.6 million for the same period last year. The commercial backlog as of June 30, 1996, was
approximately $1,462,000 as compared to $896,000 for the same period.
"Interest continues in our Diamond Field Emission Lamps and we expect to have a demonstrable unit for large area signage completed by the end of September," stated Eller.
Austin based SI Diamond is an innovative developer of thin-film diamond technology with potential for a variety of applications including flat panel displays and high luminance lamps. Through its
Plasmatron subsidiary, the company also develops and installs industrial coating systems.
SIDT's Diamond Tech One subsidiary provides advanced packaging, assembly, and prototyping services for electronic components and systems. SI Diamond trades on NASDAQ under the symbol "SIDT." |
