IDX reports three cent loss . . .
Business Wire - April 27, 1999 08:40
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 27, 1999--Identix Inc. (AMEX:IDX) Tuesday announced that its revenues for the fiscal third quarter and nine months ended March 31, 1999 were $19.4 million and $59.7 million, respectively.
On a year-to-year comparison, both product and service revenues were higher for the nine-month period. Additionally, service revenues increased over the same quarter last financial year. As stated in a preliminary release on April 13, 1999, the third-quarter results were strongly affected by seasonality, fluctuations in large-scale live-scan procurements by government agencies, and lower biometric security product sales related to Identix's preparation for introducing combined product offerings following the closing of the merger with San Bruno, Calif.-based Identicator Technology Inc.
The company reported a net loss of $839,000 or $0.03 loss per share for the third quarter of fiscal 1999, compared with a net loss of $874,000 or $0.03 loss per share in the same period of fiscal 1998. For the nine months, the company reported a net loss of $445,000 or $0.02 loss per share, compared with a net income of $77,000 in the
nine months of the previous year. According to Chairman and Chief Executive Officer Randall C. Fowler, the March 31 results do not include any results from Identicator Technology.
Fowler commented, "Late last week we completed a number of measures to reduce redundancies and take advantage of synergies between Identicator Technology and Identix. Those actions will, we believe, result in annual savings of approximately $2 million for the combined company. The restructuring steps, which included layoffs, will allow us to consolidate interests and take advantage of cost benefits."
"This is a very exciting and challenging time for Identix and for the biometrics industry," Fowler continued. "The integration of Identix and Identicator Technology products and customers brings together a broad range of state-of-the-art biometric technologies and products, and makes available a combined web of alliances with strategic
and distribution partners such as Oracle, Computer Associates, Keytronics, Compaq and MasterCard.
"During the quarter it was necessary for us to expend a great deal of management and staff time and energy on finalizing the merger with Identicator Technology, and to rationalizing the two companies' product lines. That had a negative effect on last quarter's biometric security sales, but now that two of the largest biometric companies in the world have joined forces, our sales teams are looking forward to increasing the awareness of the complete solutions that Identix has to offer."
At March 31, 1999, the current ratio was 2:1, working capital was $19.0 million, there was no long-term debt and shareholders' equity was $23.6 million.
Identix is a leader in designing, developing, manufacturing and marketing products for the capture and/or comparison of fingerprints for security, anti-fraud, law enforcement and other applications.
. . . .
IDENTIX INCORPORATED
SELECTED FINANCIAL DATA
Three Months Ended Nine Months Ended
March 31, March 31,
1999 1998 1999 1998
Revenues:
Net product
revenues $6,541,000 $7,695,000 $25,188,000 $24,691,000
Fingerprinting
services
revenues -- 364,000 -- 734,000
Services
revenues 12,883,000 10,943,000 34,559,000 32,180,000
Total
Revenues 19,424,000 19,002,000 59,747,000 57,605,000
Costs and
expenses:
Costs of
product
sales 3,439,000 3,861,000 12,641,000 11,971,000
Costs of
finger-
printing
services -- 347,000 -- 699,000
Costs of
services
provided 11,037,000 9,305,000 29,924,000 27,358,000
Research,
development
& engineering 1,339,000 1,466,000 4,143,000 3,630,000
Selling,
general &
administrative 4,505,000 4,184,000 13,117,000 13,103,000
Reorganization
and other
non-recurring
costs -- 717,000 -- 717,000
Total costs and
expenses 20,320,000 19,880,000 59,825,000 57,478,000
Income (loss)
from operations (896,000) (878,000) (78,000) 127,000
Interest and
other income
(expense) 72,000 8,000 (103,000) 28,000
Income (loss)
before taxes (824,000) (870,000) (181,000) 155,000
Income (tax)
benefit 69,000 -- (21,000) (45,000)
Income (loss)
before equity
interest in
joint venture (755,000) (870,000) (202,000) 110,000
Equity interest
in joint venture (84,000) (4,000) (243,000) (33,000)
Net income
(loss) $(839,000) $ (874,000) $ (445,000) $ 77,000
Basic net income
(loss) per
share $ (0.03) $ (0.03) $ (0.02) $ 0.00
Diluted
net income
(loss) per
share $ (0.03) $ (0.03) $ (0.02) $ 0.00
Weighted average
common shares
outstanding 25,437,000 25,151,000 25,359,000 25,057,000
Weighted average
common shares
assuming
dilution 25,437,000 25,151,000 25,359,000 25,704,000 |
