Submitted for your (dis)approval, one unbelieveable POS <CCSI>:
Excerpts from various docs, including the financials released early this week:
NEW YORK, May 18 /PRNewswire/ -- Chromatics Color Sciences International, Inc. (Nasdaq: CCSI - news) announced its first quarter 1999 results today. Revenues for the quarter ended March 31, 1999 were $31,100, representing an $89,800 decrease from the same period in 1998. Chromatics incurred a net loss of $2,078,600 (net loss of $0.13 per share) for the quarter, compared to a net loss of $1,770,800 (net loss of $0.12 per share) during the first quarter of 1998.
The increase in such losses is primarily attributable to increased expenses relating to the Company's continuing implementation of its long-range business plan to seek commercial applications of its intellectual properties and technologies in the medical field. The change in loss per share was favorably impacted by an increase of 1,193,312 weighted average number of shares outstanding attributable to the exercise of options and warrants.
The Company also announced that it had raised gross proceeds of $5 million from the private placement of 14% Senior Convertible Debentures due April 15, 2002, the proceeds of which the Company intends to use to support its marketing efforts and obligations under the arrangements with the marketing and distribution partner selected.
Need for Additional Financing; Cessation of Operations. The Company has limited resources and has not been able to finance its activities with cash flow from operations since fiscal 1989. There can be no assurance that proceeds from the Debentures or remaining proceeds from the previous exercise of its Placement Agent Warrants and Warrants, together with sales revenues, if any, future distributor payments, if any, and/or additional financing, if any, will be sufficient to fund operations until April 2000, that sufficient sales levels, if any, will be achieved thereafter to fund operations or that the Company will not incur additional unanticipated expenses.
Default under the Debentures. Following the occurrence of any Event of Default under the Debentures or at any time thereafter (see "Recent Events") which is not waived by the Debenture holders, the holders may accelerate the maturity of the Debentures, whereupon all principal and interest thereunder shall be immediately due and payable. In the event the Company becomes obligated to effect such payment, and does not have sufficient funds to make such payment, the Company may be forced to cease operations and seek protection from its liabilities under applicable bankruptcy laws.
Other relevant information:
Statistics at a Glance -- CCSI Last Updated: May 25, 1999
52-Week Low $ 2.375
Recent Price $11.188
52-Week High $17.00
Beta 3.40
Daily Volume (3-month avg) 226.3K
Capitalization $173.2M
Shares Outstanding 15.5M
Float 11.0M
Value (mrq )$0.42
Earnings (ttm) - $0.49
Sales (ttm) $0.02
Cash (mrq) $0.25
Price/Earnings N/A
Price/Sales (ttm) 532.76
After-Tax Income (*ttm) -$7.28M
Sales (ttm) $329.0K
Profit Margin (ttm) -1738
Short Interest 3.3MM
SS this morning at 11.
Mike |
