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Diversinet Corp. Announces First Quarter Results
TORONTO, Ontario--Diversinet Corp. (NASDAQ Small Cap: DVNT; CDN:
DVNT) announced today its financial results for the three months ended
January 31, 1999.
-0-
*T
In Canadian Dollars
Three Months Ending
January 31
1999 1998
Interest income $41,581 $98,366
Net income (loss) from continuing
operations $(835,866) $5,236
Net loss from discontinued operations $0 $(114,411)
Net loss $(835,866) $(109,175)
Net loss per share from continuing
operations $(0.05) $0.00
Net loss per share $(0.05) $(0.01)
*T
The Company reported a net loss from continuing operations of
$(835,866), or $(0.05) per share for the three months ended January
31, 1999 compared to income of $5,236, or $0.00 per share for the
comparable quarter in fiscal 1998. The net loss for the first quarter
of fiscal 1999 of $(835,866), or $(0.05) per share compares to
$(109,175), or $(0.01) per share for the first quarter of 1998.
The first quarter of fiscal 1998 effectively was the start-up
period of the software security operations of the Company, after
having restructured and divested itself of the IPS 950 division. The
increased net loss from continuing operations in fiscal 1999
represents the Company's current product development and introduction
efforts, as well as, increased sales and marketing activity. The
Company's cash position as at January 31, 1999 was $3,428,000. In the
future unaudited interim financial statements will be available on the
company's website.
"We completed four important steps during the first quarter of
1999. First, we formed a relationship with Gemplus Corporation that is
intended to jointly target companies looking to secure on-line
communications and e-commerce transactions for digital and cable TV
providers over the Internet. Secondly, we added Tony Werner, a senior
executive at TCI Communications, Inc. to our Board of Directors, which
we believe will greatly assist our efforts to provide e-commerce
security solutions for the cable TV industry. Thirdly, we added Vince
Ramoutar, as Vice President, Sales to lead the Company's efforts to
commence generating revenue. Last but not least, we received a patent
for the foundation of our suite of digital certificate management
software for the U.S. Patent and Trademark Office," said Ralph
Philipps, Vice President and Chief Financial Officer.
"We are confident that recent deals will proceed to the next
stage in the process, as several of our signed partnerships are in the
product integration phase. Our recent progress with Research in Motion
and Prasara Technologies confirms our belief that Diversinet is poised
to capture a significant portion of market share in its chosen
niches," said Nagy Moustafa, President and CEO. |
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