Tuesday November 18, 1:30 pm Eastern Time
Company Press Release
SOURCE: Projectavision, Inc.
Projectavision Says Third Quarter Revenue Was $359,000 on Sales of
Digital Home Theater(TM)
NEW YORK, Nov. 18 /PRNewswire/ -- Projectavision, Inc. (Nasdaq: PJTV -
news) today reported revenue of $359,000 for the quarter ended September
30, 1997 as the company began shipping its new Digital Home Theater(TM).
The company said the net loss for the quarter was $1.75 million or $.12
per share versus a net loss of $934,134 or $.15 per share in the
comparable quarter of 1996. Revenues in the third quarter of 1997 were
attributed to sales of its Digital Home Theater (DHT) and growth in
expenses were attributed to initial marketing and product startup
expenses of the DHT.
Martin J. Holleran, Projectavision's president and CEO, said, ''This
initial revenue from sales of the Digital Home Theater marks an
important turning point in the history of Projectavision. Sales in
October were in excess of $300,000. Projectavision and its alliance
partner, Texas Instruments (NYSE: TXN - news), continue their efforts to
ramp up production to meet the growing demand for the unique all
digital, front/rear screen television and SVGA computer monitor.
Playboy Magazine recently selected Projectavision's Digital Home Theater
to lead their Christmas Gift Guide published in their December issue.
FI, The Magazine of Music & Sound, featured Projectavision's new product
in its ''Best New Product Releases.'' ''Market reaction and interest in
our Digital Home Theater has been strong, thanks in part to the exposure
we've been receiving in national magazines,'' Holleran said.
The Digital Home Theater, representing an alliance of technologies owned
by Texas Instruments and Projectavision, is one of the world's first
100% digital large screen electronic displays. It is an interchangeable
front and rear projection TV and SVGA computer display, capable of
displaying critically sharp full color Internet and TV pictures in sizes
up to 20 feet within a home environment. It also has business-use
application in boardrooms and offices.
Projectavision is a New York-based company in the business of developing
and marketing technological innovations in the electronics display and
information industries. Projectavision has developed patented and patent
pending technologies which significantly enhance projected television
images. Projectavision has also developed patented and patent pending
technologies for interchangeable front and rear screen Home Theater
Television systems. Copies of Projectavision's press releases, SEC
filings, current price quotes and other corporate information may be
found on the website hawkassociates.com .
The foregoing press release contains forward-looking statements,
including statements regarding, among other things, revenue projections
and the company's expectation of its future business. These
forward-looking statements are based largely on the Company's
expectations and subject to a number of risks and uncertainties, certain
of which are beyond the Company's control. Actual results could differ
materially from these forwarding-looking statements as a result of a
variety of factors including, among others, the production schedules of
unaffiliated third parties, availability of component parts, the
ultimate outcome of litigation, consumer acceptance of the company's
product and prevailing economic conditions as they affect the consumer
electronics industry in general. In light of these risks and
uncertainties there can be no assurance that the forward-looking
statements contained in this press release will in fact transpire or
prove to be accurate.
SOURCE: Projectavision, Inc. |
