Here it is......guess sales have not yet started doing the exponential thing.
Good luck
drakes353
Thursday April 30, 8:00 am Eastern Time
Company Press Release
SOURCE: DATA RACE, Inc.
DATA RACE Announces Third Quarter Results
SAN ANTONIO, April 30 /PRNewswire/ -- DATA RACE, Inc. (Nasdaq: RACE -
news) reported a loss of $2,128,000 for its third quarter ended March
31, 1998 on $710,000 in revenue. The 82% decrease in revenue from the
comparable quarter of the prior year was primarily attributable to the
completion during the quarter ended June 30, 1997, of substantially all
shipments under existing custom modem contracts and the decline in
revenue from network multiplexers. The reported losses were primarily
due to expenditures for the Company's new Be There!(TM) personal
multiplexer product line and manufacturing variances attributable to
reduced production volumes.
Additional information concerning the Company's progress is contained in
a letter to the Company's shareholders, which can be obtained on the
Company's website or by calling Investor Relations.
About DATA RACE, Inc.
DATA RACE, Inc. (www.datarace.com) designs, manufactures, and markets a
line of communications products for remote access to the corporate
environment. Its unique client/server product, the Be There! remote
access system, gives teleworkers access to all elements of corporate
communications networks. Through Be There!, teleworkers reach the
corporate intranet, LAN and the Internet while sending and receiving
e-mail, faxes and phone calls simultaneously over a single phone line.
DATA RACE also designs and manufactures advanced communications
subsystems for makers of notebook computers and network multiplexers
that carry data, LAN, voice and fax traffic among a company's multiple
offices. DATA RACE and the DATA RACE logo are trademarks of DATA RACE,
Inc. registered in the U.S. Patent and Trademark Office. Be There! is a
trademark of DATA RACE, Inc.
DATA RACE, INC.
STATEMENTS OF OPERATIONS: Three Months Ended Nine Months Ended
(in thousands, except March 31 March 31
per share data) 1998 1997 1998 1997
Total Revenue $ 710 $ 3,902 $ 3,438 $ 16,271
Cost of Revenue 702 2,712 2,886 12,402
Gross Profit 8 1,190 552 3,869
Engineering and Product
Development 730 1,198 2,982 3,623
Sales & Marketing 933 1,330 3,146 3,008
General & Administrative 506 612 1,846 1,962
Total Operating Expenses 2,169 3,140 7,974 8,593
Operating Loss (2,161) (1,950) (7,422) (4,724)
Other Income/(Expense) 33 68 113 140
Loss Before Income Taxes (2,128) (1,882) (7,309) (4,584)
Income Tax (Expense)/Benefit --- --- --- ---
Net Loss $ (2,128) $ (1,882) $ (7,309) $ (4,584)
Per Share Data:
Net Loss $ (2,128) $ (1,882) $ (7,309) $ (4,584)
Effect of Beneficial
Conversion Feature of Convertible
Preferred Stock (144) (1,454) (394) (1,454)
Net Loss Attributable to
Common Shareholders (2,272) $ (3,336) (7,703) $ (6,038)
Net Loss Per Common
Share-Basic & Diluted $ (0.38) $ (0.68) $ (1.38) $ (1.25)
Weighted Average Shares
Outstanding 5,910 4,893 5,572 4,817
BALANCE SHEETS: March 31, 1998 June 30, 1997
(in thousands)
Cash and Short-term Investments $ 3,149 $ 4,536
Accounts Receivable, Net 244 1,879
Inventory, Net 707 1,057
Other Current Assets 3 23
Total Current Assets 4,103 7,495
Property and Equipment, Net 1,575 1,932
Other Assets, Net 42 43
Total Assets $ 5,720 $ 9,470
Current Liabilities $ 1,443 $ 2,607
Other Long-Term Liabilities --- ---
Shareholders' Equity 4,277 6,863
Total Liabilities &
Shareholders' Equity $ 5,720 $ 9,470 |
