News - 1997 Fiscal Results
NEW YORK--(BUSINESS WIRE)--April 1, 1998--Chromatics Color Sciences International Inc. (NASDAQ:CCSI) announced its 1997 fiscal year results today. Revenues for the fiscal year ended December 31, 1997 was $250,400 (a $37,000 decrease from 1996 revenues).
Chromatics incurred net losses of $5,303,500 (net loss of $0.40 per share) and $4,442,300 (net loss of $0.51 per share) for the fiscal years 1997 and 1996, respectively. Loss per share for 1997 reflects, and loss per share for 1996 was restated to reflect, the company's 1997 three-for-two stock split.
The $610,800 increase in such losses in 1997 as compared to 1996 is primarily attributable to expenses incurred in 1997 in respect of increased patent application costs, write-offs of certain inventory, non-cash expenses relating to the grant of options to consultants and increased research and development expenses.
The 1997 loss was mitigated by the capitalization of $124,000 of software development cost, decreased FDA medical application costs and a decrease in other expenses.
The Company is engaged in the business of color science.........
Certain of the matters discussed in this announcement contain forward-looking statements......... |
