UVEW gapper-over sold and great increase in revs
Revenues for fiscal 1999 increase 361.8% from year ago period
DALLAS, Sept. 22 /PRNewswire/ -- uniView Technologies Corp. (Nasdaq: UVEW)
announced financial results for its fourth quarter 1999 and for its fiscal
year ended June 30, 1999. For fiscal 1999, uniView Technologies reported
revenues of $11,486,058 compared with revenues of $2,487,213 for fiscal 1998.
This represents year over year revenue growth of 361.8 percent.
uniView posted a net loss from continuing operations of $6,297,353 for
fiscal 1999 or $0.52 per share, which included a one-time gain on the sale of
subsidiaries of $1,660,217. Exclusive of the gain on the sale, the net loss
in 1999 represents a 55 percent reduction from the fiscal 1998 net loss of
$17,418,141 or $3.37 a share.
"uniView's growth in 1999 reflects the success of the early stages of our
strategic business model. It highlights our capabilities and the potential of
the broadband Internet markets that we are pursuing," said Patrick A. Custer,
President and CEO of uniView Technologies.
Fiscal 1999 revenue growth was complimented by a $2.89 million reduction
in operating expenses, equating to a 23 percent reduction from the
corresponding fiscal 1998 period. Expenses related to the uniView
Xpressway(R) Internet service were reduced by $1 million and overall marketing
and advertising expenses were reduced by $1.2 million. Public company
expenses, consisting of filing fees, brokerage fees and commissions were also
reduced by $436,000 as a result of fewer financing transactions made during
1999 than the year before. Compensation expense increased by $870,000 as a
result of the effect of a full year's reporting of the employees acquired with
Network America at the end of last year. During fiscal 1999, uniView also
reduced liabilities by 45 percent from $10,428,431 to $5,743,789.
"We believe that uniView is one of the most innovative Internet
integration and convergence companies. The company is poised to continue its
growth trend and capture a broader audience for uniView's leading
technologies," stated Patrick Custer.
Financial Table
Fiscal Year Ended June 30, 1999
1999 1998
Revenues $11,486,058 $ 2,487,213
Loss from continuing operations $(6,297,353) $(17,418,141)
Loss per share $ (0.52) $ (3.37)
Weighted average shares outstanding 12,402,179 5,282,511
Dallas based uniView Technologies Corp. offers the expertise and
innovative tools necessary to create fully customized video-on-demand,
interactive applications, e-commerce, and other interactive broadband
services. Building on a foundation of convergence technology, and the
understanding of end user requirements, uniView has merged its Internet access
technologies and existing applications with the technologies of its
development partners to deliver the future of interactive networking products
and services.
In 1997, uniView introduced its first revolutionary set top box and,
today, its Advanced Systems Group (ASG) uses convergence devices and
integration expertise to design custom broadband networks for clients in
multi-level marketing, hospitality, utilities, banking, medical facilities,
and telecommunications. In addition to complete network system design, ASG
also offers web site development, web site hosting and full international
Internet access, while uniView's Product Group focuses on research, product
development and customer service. More information on uniView is available at
uniview.net
NOTICE: Some of this information may contain "Forward-Looking Statements"
which are company plans, projections and uncertainties. For a discussion of
risk factors associated with some of these plans and projections, please refer
to the company's SEC filings, whichcontain additional discussion about those
factors which could cause actual results to differ from management's
expectations.
SOURCE uniView Technologies Corp.
-0- 09/22/1999
/CONTACT: Investors - Neal J. Katz, Director of Investor Relations of
uniView Technologies Corporation, (214) 503-8880, or e-mail,
nkatz@uniview.net; or Erik Knettel, 212-701-1963, or Media - Jacqueline
Franchetti 212-701-1949 both of Thomson Financial Investor Relations/
(UVEW)
CO: uniView Technologies Corp.
ST: Texas
IN: CPR
SU: ERN
MD
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