NEWS: Augment Systems, Inc. Reports Year End Results
Note:
[ After the Bell on Friday...] "we expect a favorable trend in first quarter 1998 revenues, and a further ramp up of revenues in the subsequent quarters."
WESTFORD, MA--(BUSINESS WIRE)--April 17, 1998--Augment Systems, Inc. (NASDAQ: AUGS) today reported operating results for the year ended December 31, 1997 (see table). -0- *T
Six
Year Ended Months Ended
Dec. 31, 1997 Dec. 31, 1996 (1)
Sales $ 989,609 $ -- Cost of Sales 597,924 -- Gross Margin 391,685 -- Operating Expenses 8,519,443 3,100,386 Operating Loss (8,127,758) (3,100,386) Interest Expense (835,815) (115,899) Other Expense (429,805) -- Net Loss ($9,380,055) ($3,216,285) Net Loss Per Common Share
Basic ($2.31) ($1.09) Diluted ($1.67) ($.71) Weighted Average Shares Outstanding
Basic 4,060,629 2,950,720
Diluted 5,616,799 4,529,979
-0- *T (1) The Company changed its fiscal year end from June 30th to December 31st, and as such, only six month audited figures are available.
Duane Mayo, Augment Systems' Chief Financial Officer, commented, "Importantly, recent events have favorably positioned the Company for improvement in 1998. First, in January 1998, we completed an initial closing of $6.2 million private placement of equity that significantly strengthened the Company's balance sheet and allows us to carry out our near-term operating plans. Second, the rate of orders for our AFX 410 Storage Servers are increasing."
Mr. Mayo continued, "As a result, we expect a favorable trend in first quarter 1998 revenues, and a further ramp up of revenues in the subsequent quarters. Correspondingly, we anticipate a decline in quarterly operating losses, and, assuming revenues continue to grow, losses should continue to decrease as the year progresses."
Augment Systems, Inc. is a leader in the development of Storage Area Networking solutions for the management of large image and data files. Founded in 1990, the company pioneered the development and integration of cross platform, high performance file serving with Fibre Channel- Arbitrated Loop technology, resulting in a new paradigm for the storage and transfer of large files. The company's initial target markets are electronic publishing, digital photography editing and geographic information systems (GIS). Additional information is available from Augment's Web site at augment-systems.com. -0- 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. Augment is a trademark of Augment Systems, Inc.
CONTACT:
Duane Mayo, CFO / Augment Systems
978-392-8626
or
Augment's Investor Relations Counsel:
Loren Goldstein / The Equity Group
212-836-9604 |
