Hi all,
Traded narrowly on news announcements. It may be just apples being shaken from tree. It may mean that a serious announcement will have greater support.
What is Weird is that SACM which also got certification today traded as much as $12.50. It closed at 101/4 up 1/2. In actual dollar volume it exceeded NRID by about 7 to 1.
Now take a look at its Annual Report.
SAC Technologies Reports Fourth Quarter and 1997 Results
MINNEAPOLIS, April 1 /PRNewswire/ -- SAC Technologies, Inc. (Nasdaq: SACM)
today reported operating results for the three and twelve month periods ended
December 31, 1997.
For the fourth quarter of 1997, SAC reported revenues of $114,400 versus
$32,000 a year ago. Approximately 30% of fourth quarter revenues consisted of
product sales and 70% for technical support and other services. Net loss for
the fourth quarter was $911,900 or $0.12 per share, compared with a net loss
of $306,100, or $0.06 per share, a year ago.
For the year, SAC reported total revenues of $464,200 versus $32,000 in
1996. Approximately 33% of 1997 revenues were for product sales, 59% were for
technical support and other services, and the remainder were for reimbursed
research and development. Net loss for the year was $2,593,800, or $0.37 per
share, compared with a net loss of $823,500, or $0.18 per share. Included in
the 1997 net loss was a write off of receivables from Jasper and Inter-Con-
P/C, of $141,600, or $0.02 per share, and $250,000, or $0.04 per share,
severance for the former Chief Operating Officer.
Commenting on the year, Barry Wendt, Chief Executive Officer, said, "We
have made significant progress over the past year in securing strategic
relationships with leading biometrics and software application providers which
we anticipate will provide for a complete mass market product solution
utilizing our core technology. Our alliances with Keyware Technologies, Inc.,
Miros, Inc., Baraka IntraCom, Inc., Certicom Corp. and Pinnacle Technology,
Inc. should help facilitate the acceptance of biometrics technology to a
larger audience, specifically our target markets of commercial and consumer
applications. The timing of biometrics acceptance depends on our continued
ability to educate these untapped markets and to help users understand the
potential benefits of biometrics in their daily lives."
About SAC Technologies, Inc.
SAC Technologies, Inc. provides technology for network and computer
security without the use of pin numbers, passwords or tokens. The Company
offers SACcat(TM), a System's Administrator Controlled Computer Access
Terminal, designed to be a simple and cost-effective biometrics security tool
for individual computer workstations and networks. SACcat(TM) supports
Windows, Novell and UNIX environments. It also includes bundled applications
consisting of: Workstation-Logon, which controls who can boot and operate a
computer; Screen-Saver-Lockout, which secures a workstation when a user is
away from his or her desk; Local-Network-Logon and Remote-Network-Logon, which
restricts who has access to a specific network and what applications can be
run. All of these applications utilize a user's unique fingerprint based Bio-
Key(TM).
Product options (anticipated availability 1998) are currently expected to
provide for the ability to selectively encrypt program and data files on a
workstation along with node-to-node network communications utilizing a
person's unique Bio-Key(TM).
The Company's SAC-Remote(TM) product is designed to provide for a variety
of facility and system access control applications through Bio-Key(TM)
identification. Present development includes the integration of layered
biometrics and encryption technologies.
The Company offers its products through distributors, VARs, ISOs and
System Integrators. OEM arrangements and technology licensing is also
available. To find out more about SAC Technologies, Inc. check out its
website at www.sacman.com/.
Safe Harbor Statement
Statements contained herein, other than historical data, may be forward-
looking and are subject to risks and uncertainties including, but not limited
to the Company's ability to successfully integrate its technology with other
technologies, and its ability to achieve its sales and marketing plans while
effectively managing costs and expenses, as well as those risks set forth in
the Company's 10KSB, 10QSB and other SEC filings.
SAC Technologies, Inc.
(a Corporation in the Development Stage)
STATEMENTS OF OPERATIONS
Twelve months ended
December 31,
1996 1997
Revenues
Product sales $-- $152,784
Reimbursed research and development -- 36,000
Technical support and other
services 32,000 275,384
32,000 464,168
Cost and other expenses
Cost of product sales -- 231,839
Cost of technical support and
other services 14,875 158,404
Selling, general and
administrative 422,681 2,297,148
Research and development 386,683 563,045
824,169 3,250,436
Operating loss (792,169) (2,786,268)
Other income (expense)
Interest and other income 4,288 196,351
Interest expense (35,607) (3,897)
(31,319) 192,454
NET LOSS $(823,488) $(2,593,814)
Loss per common share
Basic $(0.18) $(0.37)
Diluted $(0.18) $(0.37)
Weighted average number of
shares outstanding 4,565,206 7,047,190
BALANCE SHEETS SUMMARY
December 31, December 31,
1996 1997
Cash and cash equivalents $89,133 $3,351,753
Working capital (deficit) $(355,585) $3,460,199
Total assets $405,263 $4,165,694
Stockholders' equity $(156,171) $3,641,683
SOURCE SAC Technologies, Inc.
CO: SAC Technologies, Inc.
ST: Minnesota
IN: CPR
SU: ERN
04/01/98 08:06 EST prnewswire.com
IN OCTOBER, THEY FIRED THE COO. THE STOCK IS UP ABOUT 3 POINTS THIS WEEK. THEIR PR MADE IT LOOK LIKE THEY WERE THE FIRST (perhaps only) CERTIFIED COMPANY.
I WISH WE HAD THEIR BROKERS.
SC |
