Whom ever shorted IPIX at 27$,they are laughing to the bank.Actually they are at the bank already, as IPIX is $13 now, and with this ugly report just out, ahhhhh.IPIX Reports Results for First Quarter 2004
Thursday April 15, 5:52 pm ET
OAK RIDGE, Tenn. and SAN RAMON, Calif., April 15 /PRNewswire-FirstCall/ -- IPIX Corporation (Nasdaq: IPIX - News), a leader in mission-critical imaging solutions, today announced financial results for the quarter ended March 31, 2004. For the quarter, revenue was $0.7 million, net loss available for common shareholders was $3.6 million and fully diluted loss per common share was $0.41. A comparison of 2004 financial results to prior periods is not useful since prior periods reflect revenue from the Company's commercial agreement with eBay, which ended in 2003.
"During the first quarter, we focused on bringing new products to market and developing our sales channels. I am very pleased with the results," Don Strickland, IPIX(TM) president and CEO said. "At the end of March 2004 we launched IPIX Security with the introduction of the award winning CommandView(TM) family of video surveillance cameras."
IPIX finished the first quarter of 2004 with approximately $9 million in cash reserves (cash and cash equivalents, short-term restricted investments, long-term restricted cash and short-term investments) and began the second quarter by generating approximately $8 million in cash from the sale of its common stock (from previously disclosed April 5, 2004 private investments and from stock option exercises). The Company has three business units all at different stages in their development. Management expects to continue to make significant investments in the development, sale and marketing of new products for the security market and in the image management (Ad Technologies) business.
About IPIX
IPIX Corporation is a leader in mission-critical imaging solutions for three core markets: Full-360 degree government and commercial video security; 360-degree panoramic photography and movies; and self service on-line and off-line advertising. IPIX's extensive intellectual property covers patents for immersive imaging, video and surveillance applications. IPIX is headquartered in Oak Ridge, Tennessee, with co-headquarters in San Ramon, California. www.ipix.com
NOTE: IPIX and CommandView are trademarks and service marks of IPIX Corporation.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbors under those sections. In some cases, you can identify forward-looking statements by terminology such as "expect," "believe," "may," "will," "plans" and "anticipate," or the negative of such terms or comparable terminology. Forward-looking statements appearing herein include statements concerning operating and profitability plans and goals and restructuring efforts, and are based on current expectations.
Actual results may differ materially from those projected in the forward-looking statements based upon a number of factors including:
(i) our loss of existing, or an inability to attract new customers,
(ii) changes in the demand for our products and services,
(iii) our rate of revenue growth,
(iv) our ability to control or affect reductions in costs,
(v) our ability to design, manufacture and deliver high quality
products in a timely fashion,
(vi) uncertainty regarding our ability to continue as a going concern,
(vii) our third-party supplier's ability to deliver high quality
components to us in a timely fashion,
(viii) technological changes,
(ix) general economic, financial or market changes or developments and
(x) the conversion of our Series B Preferred Stock into common stock.
The matters discussed in this press release also involve risks and uncertainties described from time to time in documents filed with the Securities and Exchange Commission, including but not limited to Form 10-Ks, Form 10-K/As, Form 10-Qs and Form 8-Ks (www.sec.gov).
IPIX CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, March 31,
2003 2004
(1) (unaudited)
(In thousands)
ASSETS
Cash and cash equivalents $10,241 $6,981
Restricted short term investments 1,100 1,100
Short term investments 331 331
Accounts receivable, net 261 364
Inventory, net 398 503
Prepaid expenses and other current assets 1,523 1,760
Total current assets 13,854 11,039
Computer hardware, software and other, net 1,578 1,327
Restricted cash and other long term assets 852 718
Total assets $16,284 $13,084
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $612 $402
Accrued liabilities 3,342 3,279
Deferred revenue 76 69
Current portion of obligations
under capital leases 608 390
Total current liabilities 4,638 4,140
Other long term liabilities 181 70
Total liabilities 4,819 4,210
STOCKHOLDERS' EQUITY:
Preferred stock (Aggregate liquidation value:
$23,716 in 2003 and $24,116 in 2004) 1 1
Common stock 9 9
Class B common stock -- --
Additional paid-in capital 515,186 515,805
Accumulated deficit (503,731) (506,941)
Total stockholders' equity 11,465 8,874
Total liabilities and stockholders' equity $16,284 $13,084
(1) The December 31, 2003 balances were derived from the audited
financial statements.
IPIX CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
March 31,
2003 2004
(In thousands, except per share data) (unaudited)
Revenue:
Ad Technologies $5,602 $246
InfoMedia 784 474
Security 5 2
Total revenue 6,391 722
Cost of revenue:
Ad Technologies 1,782 678
InfoMedia 338 297
Security 4 1
Total cost of revenue 2,124 976
Gross profit (loss) 4,267 (254)
Operating expenses:
Sales and marketing 1,761 1,342
Research and development 1,260 925
General and administrative 829 693
Total operating expenses 3,850 2,960
Income (loss) from operations 417 (3,214)
Other (49) 4
Net income (loss) $368 $(3,210)
Preferred stock dividends (440) (400)
Net loss available to common stockholders $(72) $(3,610)
Loss per common share, basic and diluted $(0.01) $(0.41)
Weighted average common shares, basic and diluted 6,813 8,901 |
