JMAR news, earnings & updates>The Company made solid progress on new business initiatives since the first quarter of 2005, including:
* Received purchase orders for three READ units for a total price exceeding $900,000; expands original agreement
* Awarded an additional $7.5 million under two-year contract extension by NAVAIR for X-ray Mask Program
* Installed first VersaCAM(TM) new product at the University of Vermont for test and evaluation
* Entered into agreement with Hyde Marine for distribution of BioSentry(TM) into cruise ship market
* Reached agreement with major Mexican beverage producer on a test program and potential for installation of up to 17 BioSentry(TM) units
Revenues for the three-months ended June 30, 2005 were $2,714,680 compared to $1,867,331 for the three-months ended March 31, 2005 and $3,011,437 in the corresponding quarter of 2004. Revenue for the quarter was favorably impacted by an increase of $294,232 in revenues from the Company's mask contract with Naval Air Warfare Center (NAVAIR Contract) and $232,600 in revenue from the sale of a Britelight(TM) system to a Korean university. Revenues for the second quarter of 2005 also included $976,811 from the Company's subcontract with General Dynamics Advanced Information Systems related to the maintenance of a semiconductor wafer fabrication process installation (DMEA Contract), $798,372 from the NAVAIR Contract, $164,129 related to the READ contract with FemtoTrace and $428,303 from the Company's contract with the Defense Advanced Research Projects Agency for its beta CPL(TM) system (DARPA Contract). The decrease in year-over-year revenues was primarily due to a reduction of $861,270 in revenues related to lower funding of the DARPA Contract.
For the six-months ended June 30, 2005, JMAR reported revenue of $4,582,011, a decline from revenues of $6,046,813 in the comparable period in 2004. The net loss for the first six months of 2005 was $3,449,245, compared to a net loss for the six months ended June 30, 2004 of $1,741,578.
The net loss for the first six months of 2005 reflect the increased product development costs primarily associated with the BioSentry(TM), X-ray Microscope, X-ray Nano Probe and VersaCAM product lines of $1,397,477. Net loss for the first half of 2005 also includes asset write-downs of $99,218 and a non-cash interest charge of $130,188 related to the Company's line of credit. The net loss for the six months of 2004 included product development costs of $193,912, non-cash interest charges of $390,203 and asset write-downs of $49,576.
JMAR reported a net loss for the quarter ended June 30, 2005 of $1,757,796, compared to a net loss for the quarter ended June 30, 2004 of $786,903. The net loss in the second quarter of 2005 includes product development costs of $595,495, asset write-downs of $99,218, and a non-cash interest charge of $65,094. The net loss in the same quarter last year included product development costs of $139,815, asset write-downs of $49,576, a non-cash interest charge of $66,098 and a gain from discontinued operations of $74,546.
"During the second quarter, we continued to make steady progress in the development of our commercial business while continuing to build a backlog of government contract work for 2006," commented Ronald A. Walrod, CEO of JMAR. "With the recent installation of our first VersaCAM microscope, receipt of an expanded purchase order for three READ units, and continued sales of our Britelight laser system, we have made substantial progress in moving multiple product lines down the same rapid commercialization path established by our BioSentry line. In addition to the broad and measurable progress in product development, we have also taken several proactive measures, including the initial build-out of our photonics products sales and marketing team, to begin generating a backlog of commercial business and capitalize on near term market opportunities for our new products as they near commercial launch." |
