Tuesday June 1, 8:22 am Eastern Time
Company Press Release
C-Phone Corporation Reports Fiscal Year End Results
WILMINGTON, N.C.--(BUSINESS WIRE)--June 1, 1999--C-Phone Corporation (NASDAQ:CFON - news) today announced results from operations for the fiscal quarter and year ended February 28, 1999 (Fiscal 1999).
For Fiscal 1999, revenues totaled $1,621,196, compared with $1,890,666 for the fiscal year ended February 28, 1998 (Fiscal 1998). The Company reported a net loss of $(4,478,725), or $(0.63) per share for Fiscal 1999, compared with a net loss of $(5,974,828), or $(1.49) per share, for Fiscal 1998.
For the fourth quarter of Fiscal 1999 (1999 Quarter), revenues were $274,420, compared with revenues for the fourth quarter of Fiscal 1998 (1998 Quarter) of $667,235. The Company reported a net loss for the 1999 Quarter of $(1,502,969), or $(0.19) per share compared with a loss of $(1,529,064), or $(0.63) per share reported in the 1998 Quarter.
The decline in revenues for Fiscal 1999 reflect the shift in the Company's emphasis to products for the business market from products for the consumer market.
In announcing the results, Daniel P. Flohr, President and Chief Executive Officer of C-Phone, said, ''In 1999, the Company shifted its focus from home consumer related products to products aimed at business and special application markets such as the security industry. To succeed in this competitive market, we embarked on an intensive engineering and development program designed to create the right products for these markets. As we approached the final phase of this program, during the fourth quarter of Fiscal 1999 we concentrated our efforts on assembling a sales and marketing staff focused on the business and special applications markets.'' Mr. Flohr added, ''We now have an experienced field sales staff and marketing team in place, and are undertaking a comprehensive marketing campaign to promote our existing as well as our new products. We believe that these efforts will result in increased revenues in fiscal year 2000.''
C-Phone Corporation is a North Carolina-based video communications designer and manufacturer. The Company has gained recognition as an innovator and provider of affordable, state-of-the-art and easy-to-use video communications products to a broad range of industries. |
