VCST and VCSTW report much better than expected numbers-
(BSNS WIRE) ViewCast.com Announces Fourth Quarter and 1999 Year End Resu
ViewCast.com Announces Fourth Quarter and 1999 Year End Results; Company
Produces Improved Quarterly Revenue Results Sequentially
Business Editors & High-Tech Writers
DALLAS--(BUSINESS WIRE)--Feb. 24, 2000--ViewCast.com, Inc.
(Nasdaq:VCST), a leading provider of Internet and networked video
solutions, today reported its financial results for its fourth quarter
and year ended December 31, 1999.
Fourth quarter revenues were $1.99 million, up 90% sequentially
from $1.05 million reported in the third quarter of 1999, and up from
$1 million reported during the fourth quarter of 1998. Net loss for
the fourth quarter was $2.0 million, compared to a net loss of $2.6
million reported in the previous quarter and a loss of $4.1 million
reported during the fourth quarter of 1998. Basic and diluted net loss
per share for the fourth quarter was ($0.15) compared to ($0.21) for
the quarter ended September 30, 1999 and ($0.39) for the quarter ended
December 31, 1998.
Annual revenues were $7.3 million compared to $8.0 million in the
year-ago period. Net loss for the year was $8.5 million compared to a
net loss of $9.4 million in 1998. Basic and diluted loss per share
improved year over year to ($0.71) compared to ($1.02) reported in
1998.
"We are pleased to report improved revenue results on a
quarterly basis," said George C. Platt, ViewCast.com's president and
CEO. "This quarter we focused our efforts, with all employees
contributing, to return sales and revenues to previous levels. In
addition, we defined strategies for all our product lines and
investigated other areas in the video communications and Internet
streaming media markets where we could leverage our expertise and
product breadth."
"ViewCast.com made some notable accomplishments during 1999
despite experiencing a few set backs that were not anticipated at the
onset of the year. To this team's credit, we improved our strategic
alliances and partnerships with industry leaders. We announced "Your
Video on the Web"(TM), the first consumer-oriented product for video
streaming over the Internet. And, we continued to show significant
growth in our Osprey(R) product line in both sales and product
development. We cleared the obstacles we encountered in 1999, hired
key personnel and have positioned ourselves to pursue a variety of
opportunities in this dynamic marketplace."
"Industry analysts predict the video server market will almost
double in the year 2000," Mr. Platt continued. "As the quantity and
quality of video content continues to proliferate, we expect the use
of streaming media over the Internet and corporate intranets to
accelerate rapidly. ViewCast.com established itself as a leader early
in the inception of this industry. We expect that our efforts will be
recognized and, with continued hard work, the year 2000 will produce
improved results for the company, it's employees and shareholders."
About ViewCast.com
ViewCast.com enables video communication over the Internet and
corporate networks through its components, systems, and turnkey
solution products. The company is known around the world as a leading
provider of enterprise-wide, digital video communications solutions
for both real-time and on-demand applications. Osprey(R) video capture
cards and codecs, ViewCast(R) Streaming Video Solutions and Viewpoint
VBX System(TM) products deliver a wide array of video solutions for
both analog and digital video communication systems. ViewCast.com's
"Your Video on the Web(TM)" was the first consumer product and hosting
service that brings streaming media capabilities to home users and
allows small businesses to easily add video to their Web sites.
ViewCast.com has the ability to deliver cutting edge networked video
solutions while delivering systems to transition legacy video
communication equipment. ViewCast.com products are available either
directly from the company, or from leading OEMs, system integrators,
leading resellers and application developers worldwide. 6 Visit the
company's Web site (http://www.viewcast.com) for more information.
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which reflect the Company's current judgment on certain issues.
Because such statements apply to future events, they are subject to
risks and uncertainties that could cause the actual results to differ
materially. Important factors which could cause actual results to
differ materially are described in the Company's reports on Form
10-KSB and 10-QSB on file with the Securities and Exchange Commission.
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VIEWCAST.COM
OPERATING HIGHLIGHTS
(Unaudited)
(In thousands - except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
1999 1998 1999 1998
--------- --------- --------- ---------
Net sales $ 1,990 $ 979 $ 7,270 $ 8,028
Cost of goods sold $ (1,064) $ (567) $ (3,948) $ (4,181)
--------- --------- --------- ---------
Gross profit $ 926 $ 412 $ 3,322 $ 3,847
Total operating expenses $ 2,899 $ 4,175/a $ 11,091 $ 12,370
--------- --------- --------- ---------
Operating loss $ (1,973) $ (3,763) $ (7,769) $ (8,523)
Total other income
(expense) $ (38) $ (298) $ (704) $ (844)
--------- --------- --------- ---------
Net loss $ (2,011) $ (4,061)/a $ (8,473) $ (9,367)
--------- --------- --------- ---------
--------- --------- --------- ---------
Net loss per
common share:
Basic and diluted $ (0.15) $ (0.39) $ (0.71) $ (1.02)
--------- --------- --------- ---------
--------- --------- --------- ---------
Weighted average number
of common shares
outstanding: 14,088 10,663 13,106 9,368
/a The company incurred a one-time bad debt debt charge and
restructuring charge totaling $1.013 million in the fourth
quarter of 1998.
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--30--lr/da* na/da
CONTACT: ViewCast.com, Dallas
Laurie Latham, 972/488-7200
or
Investor Relations
Shelton Communications Group, Dallas
Cathy Grittner, 972/239-5119
Fax: 972/239-2292
KEYWORD: TEXAS
INDUSTRY KEYWORD: INTERNET EARNINGS
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