Scangraphics Reports 1998 Results
Limerick, PA - March 31, 1999 -- Scangraphics, Inc. (NASDAQ: SCNG), today announced financial results for the year ended December 31, 1998.
The Company reported revenues for the twelve months ended December 31, 1998 of $6.178 million, with a net loss of $7.135 million, or $0.37 per share, resulting. For the same period ended a year ago, the Company reported a net loss of $7.999 million, or $0.49 per share, on revenues of $4.827 million. Included in 1998 results is a non-cash expense of $0.917 million, associated with a the accounting treatment for private placements of convertible securities. The Company will file its Form 10-K on or before April 15, 1999. This is purely an administrative delay, no significant changes are anticipated.
Larry Osterwise, the President and CEO of Scangraphics, Inc., has indicated that, "While I am disappointed that our financial performance in 1998 was not stronger, I am very pleased to be able to report that we are in full transition to becoming a major participant in the world of desktop, laptop, net-enabled, business intelligence software through our Sedona SpatialVision software offerings. We are making real progress in the realization of our vision to be a leader in spatial information management and imaging software."
Mr. Osterwise indicated further that, "It is time that our Company broke from the past and put together a new image of itself for all the world to see. The next news release that you will see from our Company will demonstrate our commitment to change, our commitment to establishing a new identity that is in line with where we are going as business. We intend to vigorously pursue our stated mission, to grow our Company as a provider of superior software products and to establish the SpatialVision family of software products as a new standard for spatial query and visualization in the rapidly emerging field of spatial information management."
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