Visage "reorganizes" to focus on biometrics in face of loss .19/share this qtr..
Their 52 week high is 20, currently they are at 2 22/32. Thud.
Here's the Press release:
Viisage Technology, Inc. Announces Reorganization and
Preliminary Second Quarter Results
PR Newswire - July 08, 1998 17:20
LITTLETON, Mass., July 8 /PRNewswire/ -- Viisage Technology, Inc. (Nasdaq: VISG), a
leading provider of biometric identification systems and solutions, today announced that it has
reorganized the Company to create a separate biometrics division to respond to the growing
market interest in biometric solutions. The biometrics division will concentrate on product,
market and channel development activities for Viisage's facial recognition and other biometric
technologies. The Company's systems integration and identification card business will be
operated as a separate division and profit center under the direction of the Company's Chief
Operating Officer, Tom Colatosti, and also serve as a market channel to the public sector for
Viisage's biometric products.
The Company also announced that financial results for the three months ended June 28, 1998
will be below analysts' estimates for the quarter due primarily to continuing procurement delays
and slowness in the Company's targeted public sector markets. The Company will release
second quarter results on July 23, 1998 and expects to report revenues of approximately $3.0
million and a net loss of approximately $1.5 million, or $0.19 per diluted share.
Bob Hughes, President and Chief Executive Officer, said, "We are seeing increasing interest in
biometrics and plan to raise capital, as needed, to increase our activities and focus in this area.
With the appointment of Tom Colatosti as Chief Operating Officer, management will be able to
increase its focus on developing the biometrics market. Although continued slow public sector
market conditions and product, market and channel development spending in the biometrics area
could result in continued losses for the Company, we expect our business to be cash flow
positive and our systems integration and identification card business to be profitable. We are
confident that we will have the resources available to continue to execute our strategy and meet
customer needs as they develop."
Viisage develops and implements turnkey digital identification systems and solutions intended to
improve personal convenience and security, deter fraud and reduce customers' identification
program costs. The Company combines its systems integration and software design capabilities
with its proprietary software and hardware products and other best-in-class products to create
complete customized solutions.
Viisage products are currently operating at more than 800 locations. Applications can include
systems and cards for national IDs, driver's licenses, law enforcement, voter registration, social
services, access control and information, healthcare, financial services and retail. Viisage is also
commercializing patented facial recognition technology for the real-time identification and
verification of individuals. Viisage is on the World Wide Web at viisage.com.
This news release may contain forward-looking statements that involve risks and uncertainties.
Forward-looking statements in this document and those made from time to time by the Company
through its senior management are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements concerning future plans
or results are necessarily only estimates and actual results could differ materially from
expectations. Certain factors that could cause or contribute to such differences include, among
other things, potential fluctuations in quarterly results, the size and timing of award and
performance on contracts, dependence on large contracts and a limited number of customers,
lengthy sales and implementation cycles, changes in management estimates incident to accounting
for contracts, availability and cost of key components, market acceptance of new or enhanced
products and services, proprietary technology and changing technology, competitive conditions,
system performance, management of growth, dependence on key personnel and general
economic and political conditions and other factors affecting spending by customers.
SOURCE Viisage Technology, Inc. |
