Xybernaut Corporation Announces Second Quarter and Six Month
Results
PR Newswire - August 14, 1998 17:19
Completes Above Market Financing of More than $4 Million with Institutional Investors
FAIRFAX, Va., Aug. 14 /PRNewswire/ -- Xybernaut Corporation (Nasdaq: XYBR), a leader in wearable computers, today reported revenues for the six months ended June 30, 1998 of $358,700 up 43%, compared to $250,458 for the comparable period in 1997, and a 19% reduction in net loss to $3,792,505 for the six months ended June 30, 1998, or $0.22 per share, compared to a net loss of $4,680,931, or $0.38 per share for the comparable period in 1997. Revenues for the second quarter
ended June 30, 1998 were $231,473, compared to $140,032 for the comparable period in 1997. In the second quarter, the Company had a net loss of $2,303,184 or $0.12 per share, compared to a net loss of $2,298,280 or $0.18 per share for the comparable period in 1997.
Edward G. Newman, Xybernaut Corporation's Chairman and Chief Executive Officer stated: "We are beginning to see an increase in revenues and a decrease in our operating cost structure. Management's year to date efforts, as demonstrated by a 43% increase in revenues and a 17% decrease in operating expenses, reflect the implementation of both our business strategy and restructuring plans. We expect these trends to continue. We are performing and meeting our internal objectives, and
continue to expect significant revenues in the fourth quarter as our new Mobile Assistant. IV is launched into the marketplace."
During the second quarter the Company additionally completed private financing in excess of $4 million in separate transactions with institutional investors. Each investor purchased restricted common stock at share prices well above current market.
"By paying significantly above market prices for common stock, and agreeing that the stock be restricted for periods of up to a year and longer, these institutions have clearly displayed confidence in the management and personnel of Xybernaut. and the direction in which we are bringing the Company," said Dr. Steven A. Newman, Vice Chairman of Xybernaut." He continued with: "This along with the fact that we eliminated significant market overhang reflects our commitment and focus on increasing shareholder value."
Xybernaut Corporation is a leader in providing hardware, software and service solutions to the wearable computing industry. The Company's patented wearable computer systems feature speech-activation, flat panel and head-mounted displays that allow users hands-free access to information in the computer's internal storage, in local area networks, and on the Internet on an as-needed, where-needed basis. Xybernaut's software is designed to provide users with the right information needed for the task at hand using consistent navigation techniques and screen presentations. Xybernaut's customers include leading corporations and government agencies for many mobile knowledge delivery system applications, including maintenance and
repair, inspection, inventory control, manufacturing and data collection.
XYBERNAUT CORPORATION Condensed Statement of Operations
Unaudited Unaudited Unaudited Unaudited
3 Months Ended3 Months Ended6 Months Ended 6 Months Ended
June 30, 1998 June 30, 1997 June 30, 1998 June 30, 1997
Total Revenues $231,473 $140,032 $358,700 $250,458
Net Loss $(2,303,184) $(2,298,280) $(3,792,505) $(4,680,931)
Net Loss per Share $(0.12) $(0.18) $(0.22) $(0.38)
Avg. Shares
Outstanding 18,843,590 12,459,112 17,016,067 12,459,112
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995 (the "Act"). In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," or
"intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties, and actual
results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but
are not limited to, market conditions, the availability of components for, and delays in the start of, production of the next
generations of the Mobile Assistant, general acceptance of the Company's products and technologies, competitive factors, the
ability to successfully complete additional financings, and other risks described in the Company's SEC reports and filings.
Mobile Assistant, Voice User Interface, and Xybernaut are registered trademarks of Xybernaut Corporation (Nasdaq:
XYBR).
SOURCE Xybernaut Corporation
/CONTACT: Investor Relations, Ron Stabiner of The Wall Street Group,
Inc., 212-888-4848; or Company, Steve Newman of Xybernaut Corporation,
703-631-6925/ |
