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FOR IMMEDIATE RELEASE:
fonix Reports Revenue Estimates for the End of 1998 and 1999
Salt Lake City, Utah - November 13, 1998 - fonix corporation, (NASDAQ: FONX) the innovation leader in human computer interaction technology, announced revenue projections for fourth quarter of this year and fiscal1999, in conjunction with the annual American Electronic Association Classic held earlier this week in San Diego, California. The AEA Classic provides a venue in which executives from leading technology innovation companies present information about their companies and markets to more than 1,300 financial analysts from brokerage, money management, investment banking and independent research firms. In a presentation given at AEA, fonix executives reported it expects fourth quarter1998 revenue to exceed $2 million and fiscal 1999 revenue to exceed $27 million.
Third quarter 1998 saw the completion of fonix' acquisition of Articulate Systems, Inc., a provider of innovative speech recognition systems for the health care industry. Also completed in October 1998 was the acquisition of the Papyrus companies. These acquisitions gave fonix award-winning printing and cursive handwriting recognition software for PDA's, mobile phones and pen tablets. These acquisitions continue an aggressive strategy of acquisitions designed to give fonix immediate revenue from a comprehensive range of advanced human computer interaction solutions in profitable and growing markets.
"We anticipate the investments we have made this year will produce a healthy and sustained revenue stream for fonix in the coming year, and a strong value for shareowners by building franchise value of the fonix brand," said Stephen M. Studdert, chairman and CEO. "Through acquisitions and proprietary technologies, we have added a number of high-end products and solutions, producing revenue through application pull. In addition, we are continuing an aggressive licensing strategy, with companies like Siemens, to leverage our proprietary technology, and are rapidly moving forward on various sales contracts for all of our products."
fonix reported approximately $2.4 million in aggregate revenue from Siemens in the first three quarters of 1998 and expects additional revenue from other agreements with Siemens over the next several quarters. The acquisition of Articulate is estimated to produce more than $12 million in revenue for fonix in 1999. In addition, revenue from the Allegro handwriting and AcuVoice text-to-speech products has been projected to increase rapidly in 1999.
About fonix corporation
fonix corporation, based in Salt Lake City, Utah, with offices in Boston and Silicon Valley, provides solutions to make human interaction with computers and other intelligent appliances more simple and convenient. The fonix suite of products and services, including speech recognition, speech synthesis, handwriting recognition, text-to-speech and intelligent Internet agents, provides natural, intuitive solutions that allow people and their technological tools to speak to and interact with each other in human terms. fonix technology produces and enhances products offered by fonix and its OEM partners and is included in computer and Internet based systems and devices for consumer, professional and industrial markets.
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Note: The statements released by fonix corporation that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectation, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the Company's business prospects and performance. It is important to note that the Company's actual results could differ materially from those in such forward-looking statements. Risk factors specific to this release include the Company's estimate of revenues during the fourth quarter of 1998 and fiscal 1999. Such estimates have been made based upon product and solution sales and licenses which have been concluded and which the Company anticipates will be concluded during the applicable periods. Some of the anticipated sales and licenses may not occur, in which case revenues may be less than projected. The ability of the company to conclude additional sales and licenses depends upon, other factors, market acceptance of existing and anticipated solutions and products, the Company's ability to produce, install and service its products and support its technology solutions, the availability and functionality of competing products and solutions and the Company's ability to competitively price its products and solutions. Other risk factors including general economic, competitive, governmental, and technological factors are discussed in the Company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The Company does not undertake any responsibility to update the forward-looking statements contained in this release.
Contacts: Investor Relations
Al Waddill
invrel@fonix.com
(801) 553-6600Media Relations
Anji DowDell
adowdell@fonix.com
(801) 553-6600 |
