Vol Fri of 138,000 is highest one day vol in over 2 months. Stock closed at 1 7/8...here is last press release for the 2nd qtr:
Digital Biometrics Announces First Quarterly Profit
in Company's History on Record Revenues
MINNETONKA, Minn., April 14 /PRNewswire/ -- Digital Biometrics, Inc. (Nasdaq: DBII - news), a Minnetonka,
Minn.-based supplier of identification systems and related systems integration services, announced today that it has recorded
the first quarterly profit in the company's history for the fiscal 1999 second quarter, ended March 31, 1999.
Earnings totaled nearly $90,000, or $0.01 per share, versus a loss in the same period last year of $1.56 million, or $(0.12) per
share. DBI's first-ever profit was achieved on record quarterly revenues of $5.19 million, more than double last year's second
quarter revenues of $2.03 million.
James C. Granger, president and chief executive officer, commented, ''We are very pleased with our record revenue
performance and breakthrough to profitability. It is important to note that we achieved record revenues without a significant
contribution from the recently reported sale to the Immigration and Naturalization Service (INS), which means we still have a
sizable firm order backlog extending into fiscal 2000. Our results were achieved by excellent performance in our traditional
live-scan business, complemented by growth in our systems-level server-based products and services. In addition, we are
seeing great interest and market acceptance for our new desktop fingerprinting system, especially in emerging civil and
commercial uses.''
Granger also noted, ''Becoming profitable is not only due to the increased sales volume, but to the ongoing business
restructuring which began when the new management team was put in place a little under two years ago. The entire team at
DBI is dedicated to producing a quality product and overall margin improvement. The results of these efforts are clearly paying
off.''
For the six months of fiscal 1999 ended March 31, revenues rose to $7.56 million, up 76% from $4.30 million in the same
period last year. The loss for the first six months of 1999 was $1.10 million, or $(0.08) per share, versus a loss of $2.89
million, or $(0.23) per share, in the same prior-year period.
In a separate development, the company announced that TRAK 21 Development LLC, the joint venture between DBI and
Lakes Gaming, Inc. (formerly Grand Casinos, Inc.), has received formal notification of approval from the Mississippi Gaming
Commission for the deployment of its player tracking system on the floor of Grand Casinos Tunica. The testing period should
begin within two weeks and is anticipated to last approximately 90 days.
Digital Biometrics is a provider of biometric identification systems and related server-based systems and systems integration
services. DBI is a leading supplier of computer-based fingerprint capture products for law enforcement and commercial
applications. The company is also a partner in a joint venture with Lakes Gaming, Inc. for the commercialization of player
wager tracking technology for the gaming industry.
This news release contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual
results to differ materially from those projected. Among the most significant of these risks and uncertainties are the ability of the
company to maintain operating profitability; to develop, introduce and build revenue and profit streams based on new product
and services in existing and emerging markets; to execute on customer delivery and installation schedules; to maintain adequate
liquidity and working capital resources; and to manage the concentration of accounts receivable and other credit risks in large
customers. For a more complete description of these and other risk factors which may affect the company's future
performance, see ''Risk Factors'' under Item 7 of the company's Annual Report on Form 10-K for the fiscal year ended
September 30, 1998.
DIGITAL BIOMETRICS, INC.
CONSOLIDATED STATEMENTS OF OPERATION
(Unaudited)
Three Months Ended Six Months Ended
March 31, March 31,
1999 1998 1999 1998
Revenues:
Identification
systems $4,242,322 $1,299,000 $5,588,441 $2,989,249
Maintenance 879,644 617,649 1,711,433 1,199,540
Systems integration
services 68,960 111,156 258,720 111,156
Total revenues 5,190,926 2,027,805 7,558,594 4,299,945
Cost of revenues:
Identification
systems 2,677,292 1,106,440 3,579,145 2,536,988
Maintenance 645,958 550,920 1,332,871 935,421
Systems integration
services 42,263 73,032 142,767 73,032
Total cost of
revenues 3,365,513 1,730,392 5,054,783 3,545,441
Gross margin 1,825,413 297,413 2,503,811 754,504
Selling, general and
administrative expenses:
Sales and marketing 462,570 380,092 888,595 896,593
Engineering and
development 507,823 824,380 1,142,767 1,524,672
General and
administrative 723,972 455,201 1,375,452 932,767
Total expenses 1,694,365 1,659,673 3,406,814 3,354,032
Operating income (loss) 131,048 (1,362,260) (903,003) (2,599,528)
Other income (expense):
Interest income 6,532 8,142 12,807 20,147
Interest expense (47,720) (190,095) (212,367) (284,165)
Other expense -- (18,129) -- (22,796)
Total other income
(expense) (41,188) (200,082) (199,560) (286,814)
Net income (loss) $89,860 $(1,562,342) $(1,102,563) $(2,886,342)
Net income (loss)
per common share $0.01 $(0.12) $(0.08) $(0.23)
Net income (loss)
per common share
-- assuming dilution
$0.01 $(0.12) $(0.08) $(0.23)
Weighted average common
shares outstanding
14,727,788 12,551,141 14,269,266 12,455,352
Weighted average common
shares outstanding
-- assuming dilution
14,775,549 12,551,141* 14,269,266* 12,455,352*
* All dilutive potential common shares outstanding are anti-dilutive due to net loss.
DIGITAL BIOMETRICS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, September 30,
1999 1998
Current assets:
Cash and cash equivalents $676,930 $840,616
Accounts receivable, net 5,335,911 4,352,197
Inventory 2,498,780 2,848,421
Prepaid expenses and
other costs 273,397 214,559
Total current assets 8,785,018 8,255,793
Property and equipment 2,618,698 2,410,172
Less accumulated
depreciation and
amortization (1,607,307) (1,355,161)
1,011,391 1,055,011
Patents, trademarks,
copyrights and licenses, net 29,547 35,785
Deferred issuance costs on
convertible debentures, net 56,682 71,872
$9,882,638 $9,418,461
Current liabilities:
Accounts payable $1,197,559 $1,783,086
Line of credit advances 353,194 111,962
Deferred revenue 1,104,538 918,291
Other accrued expenses 1,620,098 1,624,433
Current installments of
capital lease obligations 57,015 34,620
Total current liabilities 4,332,404 4,472,392
Capital lease obligations,
less current installments 133,289 113,117
Convertible debentures 736,383 884,840
Total liabilities 5,202,076 5,470,349
Stockholders' equity:
Common Stock, $.01 par
value. Authorized,
40,000,000 shares;
issued and outstanding
15,130,682 and 13,661,832
shares, respectively 151,307 136,618
Additional paid-in capital 45,960,049 44,114,225
Deferred compensation (117,000) (91,500)
Accumulated deficit (41,313,794) (40,211,231)
Total stockholders'
equity 4,680,562 3,948,112
$9,882,638 $9,418,461
SOURCE: Digital Biometrics, Inc.
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