Cycomm International Reports Record First Quarter Revenue, Up 46%
- PCMobile Computing Division Achieves Profitability -
MCLEAN, Va., April 28 /PRNewswire/ -- Cycomm International Inc. (Amex: CYI) announced today record revenue for its first quarter ended March 31, 1998, gaining 46% over revenue in 1997's first quarter.
Cycomm reported its highest revenue quarter in the Company's history, with revenues rising to approximately $5.28 million for the 1998 period from $3.62 million a year ago. The Company attributed the rise to increased sales for its PCMobile computers. Cycomm also reported that its first-quarter loss narrowed to $1.09 million, or $0.11 per basic share, from $1.15 million, or $0.14 per basic share, for the corresponding quarter a year ago.
The mobile computing and secure services subsidiaries were profitable while the secure computing division incurred approximately $900,000 of the loss, the Company said.
President and CEO Albert I. Hawk said, "We are truly excited that the mobile computing subsidiary has achieved profitability. Cycomm's mobile products have been well received in the marketplace and will be our revenue and profitability leader this year."
Hawk added: "The secure computing subsidiary, which recently underwent a management change, shows signs of turning the corner. I expect that this division will become profitable again and allow the Company to report profitability on a consolidated basis."
Selected Financial Data
Quarter Ended March 31,
1998 1997
Sales $5,275,569 $3,624,707
Net Loss $(1,092,464) $(1,152,315)
Net Loss per basic share $(0.11) $(0.14)
Weighted Average Common
Shares Outstanding 9,987,588 8,438,141
Summary Balance Sheet
March 31, 1998 December 31, 1997
Cash & Cash Equivalents $760,071 $617,636
Total Current Assets 11,937,583 11,259,578
Total Assets 16,455,424 15,951,276
Total Current Liabilities 11,740,812 8,258,924
Notes Payable &
Convertible Debt 6,393,220 6,437,308
Total Stockholders' Equity 4,316,806 4,243,633
Total Liabilities &
Stockholders' Equity 16,455,424 15,951,276
Cycomm International Inc., headquartered in McLean, Virginia, has subsidiaries in Sebastian, Florida; Portland, Oregon; Montreal, Quebec and Albuquerque, New Mexico, which develop and manufacture a variety of information technology products, including rugged and secure computers and computing systems, wireless and cellular devices, secure communications products and various other telecommunications services. It also specializes in secure products and services for state, federal and international governments.
Certain information presented in this release constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements, including those set forth in the Company's Annual Report on Form 10-KSB.
Investors are invited to participate in a conference call on April 28, at 2:00 p.m. (EDT) with Albert I. Hawk, Cycomm's President and Chief Executive Officer. Please dial 800-633-8761, and mention Cycomm to participate.
SOURCE Cycomm International Inc.
CO: Cycomm International Inc. |
