BTWS started to move yesterday and is presently at 1 1/8 on 15k this am as of 10.10a...look closely at the second half of this release:
Bitwise Designs Announces Third Quarter Results
and New Product Developments
SCHENECTADY, N.Y., May 14 /PRNewswire/ -- Bitwise Designs, Inc. (''Bitwise'') (Nasdaq: BTWS - news) announced
that revenues for the nine months ended March 31, 1999 totaled $15,147,286 compared to revenues of $28,047,632
reported for the nine months ended March 31, 1998. Net loss, however, for the current nine month reporting period was
$956,785, or $.13 per share, which was a 50% improvement over a loss of $1,924,314, or $.26 per share, posted for the
same period in 1998.
For the three months ended March 31, 1999, the Company reported revenues of $4,681,783, a decrease from revenues of
$9,650,976 reported for the three months ended March 31, 1998. The net loss decreased to $610,270, or $.08 per share,
compared to a net loss of $886,176, or $.12 per share, during the three month reporting period in 1998.
Even though sales declined during the period, operating results improved. The revenue decline is substantially due to the June
1998 sale of System Solutions Technology, Inc., a subsidiary. This was a transaction, which is enabling the Company to
concentrate its resources on the growth of the Imaging Division.
Bitwise also announced an exciting new product known as Authentidate.Com. According to CEO John Botti, ''this new
technology will allow users to create an authentic and tamper-proof digital image. There will no longer be any reason for people
to have serious concerns about the authenticity of digital documents such as contracts, wills or medical records, for example.''
The Company filed a patent on this innovative technology during the third quarter. Botti continued, ''We expect to commence
marketing of this product to Internet users within a few months, at very affordable prices. Authentidate.Com will be a
complementary product to the DocStar product line and is not expected to contribute any additional overhead cost to the
Company, which should significantly bolster profit margins. It is management's belief that new products, such as
Authentidate.Com., will allow the Company to achieve profitability in the near future.''
In addition to manufacturing the DocStar product line, Bitwise through its subsidiary DJS Marketing Group/Computer
Professionals International, distributes a broad line of personal computers, peripheral equipment, software and computer
services.
Period Ended March 31,
1999 1998
3 months 9 months 3 months 9 months
Sales $4,681,783 $15,147,286 $9,650,976 $28,047,632
Gross profit 1,572,354 5,480,131 2,444,698 7,574,597
Income/(loss) from
operations (442,746) (562,217) (688,522) (1,391,326)
Net income/(loss) (610,270) (956,785) (886,176) (1,924,314)
Per share (.08) (.13) (.12) (.26)
This press release contains forward-looking statements that involve risks and uncertainties. Bitwise's actual results could differ
materially from the results discussed herein as a result of factors which include, but are not limited to, that there is no assurance
that: (i) the Company will be successful in implementing its DocStar(TM) business plan (ii) the Company will not be adversely
affected by continued intense competition in the computer industry or (iii) other risks set forth from time to time in the Bitwise
filings with the Securities and Exchange Commission.
SOURCE: Bitwise Designs, Inc.
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