NEWS: Augment Reports Third Quarter and Nine Month Results
WESTFORD, Mass.--(BUSINESS WIRE)--November 19, 1997--Augment
Systems, Inc. (NASDAQ: AUGS) today reported operating results for
the three and nine-month periods ended September 30, 1997
(see table).
*T
Three Months Ended Nine Months Ended
Sept. 30, 1997(1,2) Sept. 30, 1997(1,2)
Sales $776,387 $1,343,610
Cost of Sales 325,341 572,822
Gross Margin 451,046 770,788
Operating Expenses 2,832,223 6,270,528
Loss from Operations (2,381,177) (5,499,740)
Net Interest (Income) Expense (3,533) 140,369
Net Loss ($2,377,644) ($5,640,109)
Net Loss Per Common Share ($.50) ($1.47)
Weighted Average Common
and Equivalent
Shares Outstanding 4,713,319 3,849,583
*T
(1) Commercial product shipments commenced and initial revenues were
recognized in April, 1997; therefore, prior year results of
operations do not provide a meaningful basis for comparison.
(2) The Company completed its initial public offering on May 16,
1997.
Colin Murphy, Augment's Vice President of Sales and Marketing,
commented, "We are delighted to see the revenue ramp which highlights
the acceptance of our AFX File Server Systems since shipments began
in April, 1997. We exited the third quarter with approximately
$650,000 in new orders, with expectations of shipping that backlog in
the fourth quarter."
Lorrin Gale, President and CEO of Augment, commented, "In September,
we introduced a Windows NT-based client for our file server systems,
and plan to provide UNIX client support and introduce a Windows
NT-based super server in 1998. However, our growth plans are
contingent on raising additional capital, which we are seeking to
accomplish."
Augment Systems, Inc., headquartered in Westford, Massachusetts,
designs, develops and markets high-end Fibre Channel file server
systems for moving large image and data files rapidly and efficiently
over computer networks. The Company's initial target markets are the
electronic publishing industry, medical imaging and the
Internet/Intranet markets.
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This release contains forward-looking statements that describe the
Company's business prospects. These statements involve risks and
uncertainties which may cause actual results to vary. These risks
and uncertainties are listed in the Company's SEC filings,
particularly in form 10-Q filed on November 14, 1997 and the initial
public offering prospectus dated May 12, 1997. Augment is a
trademark of Augment Systems, Inc. All other brand names,
trademarks, and registered trademarks are the property of their
respective owners.
CONTACT:
Augment Systems
Colin Murphy
978-392-8626
or
Augment's Investor Relations Counsel:
Chris Garland/The Equity Group
212-836-9610 |
