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Microcap & Penny Stocks : LSGT/NASDAQ/Lasergate: Virtual Concert Tickets.... -- Ignore unavailable to you. Want to Upgrade?

To: Frank Rader who wrote (181)	5/11/1998 11:08:00 AM
From: Pikeaholic	Read Replies (1) \| Respond to of 194

LSi Reports Fourth-Quarter and Full-Year 1997 Results CLEARWATER, Fla., May 11 /PRNewswire/ -- Lasergate Systems, Inc. (LSi) (Nasdaq: LSGT - news), a software and systems design and development company for general admission and reserved seating facilities, today announced its financial results for the fourth quarter and full year ended December 31, 1997. Revenues for the year ended December 31, 1997 were $4.9 million, up from $4.2 million for 1996. The net loss for the year was $2.9 million compared with a net loss of $5.0 million in 1996. Discounts on preferred stock sold totaled $0.5 million in 1997 and $2.8 million in 1996. These discounts were accounted for as preferred stock dividends resulting in a net loss available to common shareholders of $3.4 million for 1997 compared to $7.8 million for 1996. On a per share basis, the net loss available to common shareholders represents a net loss per share of $0.46 in 1997 compared with a net loss per share of $1.29 for the prior year. Revenues for the fourth quarter of 1997 were $1.6 million, compared with revenues of $0.6 million for the same period of 1996. The net loss for the fourth quarter of 1997 was $0.7 million compared with a net loss of $1.3 million in the same period a year ago. During the fourth quarter of 1997, preferred stock was sold at a discount of $0.5 million. The discount was accounted for as a preferred stock dividend resulting in a net loss available to common shareholders of $1.2 million for the fourth quarter of 1997 compared to $1.3 million for the fourth quarter of 1996. On a per share basis, the net loss available to common shareholders represents a net loss per share of $0.16 for the fourth quarter of 1997 compared to $0.18 for the same period in the prior year. In reviewing the past year, Jacqueline E. Soechtig, chairman and chief executive officer of LSi said, ''While many of the challenges confronting Lasergate Systems remain, we made progress in achieving a number of our goals last year. We continue to focus on improving the financial stability of the company while developing products that provide our customers with a technology that is state-of-the-art. ''Although no assurances can be given, we believe the new Admits Windows-NT(R) general admission product, coupled with our focus on controlling operating expenses, will lay the foundation for future profitability,'' said Soechtig. ''We are also pursuing partnerships to provide both the financial and marketing leverage which is critical to our future.''