JMAR sales/earnings have laid an egg, but there is a britelight at the other end of the tunnel...
Revenues for the year ended December 31, 2004 were $10,059,839 compared to $17,296,508 for 2003. Revenues for 2004 included $3,963,167 from the Company's contract with the Defense Advanced Research Projects Agency for its beta CPLTM system (DARPA Contract), $3,692,223 from the Company's subcontract with General Dynamics Advanced Information Systems related to the maintenance of a semiconductor wafer fabrication process installation (DMEA Contract), $1,252,796 from the Company's mask contract with Naval Air Warfare Center (NAVAIR Contract) and $617,233 related to the READ contract with FemtoTrace. The decrease in revenues was primarily due to a reduction of $3,608,489 in revenues related to the lower funding of the DARPA Contract and a reduction of $2,166,775 in revenues related to the previously announced delay in receipt of funding on the NAVAIR Contract. Revenues were further impacted by a reduction of $1,027,533 related to two contracts that were completed in 2004 and a reduction of $619,994 in revenues related to the DMEA Contract due to reduced equipment installations. For the three-months ended December 31, 2004, JMAR reported revenues of $1,755,289, a decline from revenues of $3,570,210 in the corresponding quarter in 2003.
The net loss for the year ended December 31, 2004 was $5,632,140, compared to a net loss for the year ended December 31, 2003 of $3,278,463. The net loss for 2004 includes product development costs associated with the BioSentry, X-ray Microscope and X-ray Nano Probe product lines of $1,722,329, a non-cash interest charge of $442,029 related to the Company's line of credit, a loss from discontinued operations of $214,893 and patent write-offs of $191,575. The net loss for 2003 included product development costs of $529,039, non-cash interest charges of $289,063, a loss from discontinued operations of $1,191,749 and asset write-downs of $346,060.
JMAR reported a net loss for the quarter ended December 31, 2004 of $2,194,704, compared to a net loss for the quarter ended December 31, 2003 of $410,461. The higher net loss in 2004 is primarily due to higher product development costs of $1,013,627 for 2004 compared to $131,107 in the corresponding quarter of 2003, the lower revenues in the fourth quarter of 2004, and a loss from discontinued operations of $174,793 in 2004 compared to a gain of $8,741 for the corresponding quarter of 2003.
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Advanced the BioSentry(TM), a new waterborne microorganism
early warning system, to beta model testing
Commenced installation of pre-production BioSentry(TM) units at
Olivenhain Municipal Water District for operational trials,
staged in conjunction with California Department of Health
Services
Negotiated agreements with PointSource Technologies and NASA
to consolidate microorganism detection technology for
BioSentry(TM) product line
Hired David L. McCarty, an executive experienced in the
commercialization of advanced water purification equipment, to
support BioSentry Business Development
Received $3 million U.S. Defense Department funding for
continued development of soft X-ray source
Assembled Scientific Advisory Board to advise JMAR's X-ray
microscope development program
Showcased modular Britelight(TM) system at Photonics West 2005 exhibition |
