For what little its worth.
SAC Technologies Reports First Quarter Results
MINNEAPOLIS, May 15 /PRNewswire/ -- SAC Technologies, Inc. (Nasdaq: SACM) today reported results for the three month period ended March 31, 1998. For the quarter, the Company had a net loss of $1,151,024 or $.15 per share, compared with a net loss of $434,947, or $.07 per share, for the same period in 1997. The Company's revenues were $5,821 for the quarter, compared with $113,153 for the same period in 1997.
Commenting on the quarter, Barry Wendt, Chief Executive Officer, said, "During this quarter the company invested significant resources for the integration and bundling of applications and technologies from our strategic partners. We also increased our production capability by activating previously qualified contract manufacturing which has increased inventory levels in order to address projected second and third quarter product shipment needs. In addition, we developed and introduced a second generation and cost reduced version of SAC-Remote(TM), achieved the first independent ICSA biometric identification product certification and implemented scheduled product cost reductions. This work coupled with several resource additions to our sales staff has laid the foundation for a significant increase in the introduction of our technology into mainstream consumer market applications."
About SAC Technologies, Inc.
SAC Technologies, Inc. provides technology for network and computer security without the use of pin numbers, passwords or tokens. The Company offers SACcat(TM), a System's Administrator Controlled Computer Access Terminal, designed to be a simple and cost-effective biometrics security tool for individual computer workstations and networks. SACcat(TM) supports Windows, Novell and UNIX environments.
It also includes bundled applications consisting of Workstation-Logon, which controls who can boot and operate a computer; Screen-Saver-Lockout, which secures a workstation when a user is away from his or her desk; Local- Network-Logon and Remote-Network-Logon, which restricts who has access to a specific network and what applications can be run. All of these applications utilize a user's unique fingerprint based Bio-Key(TM). SACcat(TM) is the recipient of the world's first ICSA biometric "identification" product certification.
Product options (anticipated availability 1998) are currently expected to provide for the ability to selectively encrypt program and data files on a workstation along with node-to-node network communications utilizing a person's unique Bio-Key(TM).
The Company's SAC-Remote(TM) product is designed to provide for a variety of facility and system access control applications through Bio-Key(TM) identification. Present development includes the integration of layered biometrics and encryption technologies.
SAC's "Vector Line Type Model" robust algorithm is available for licensing and strategic development alliances. SAC's products may be purchased through distributors, VARs, ISOs and System Integrators. OEM arrangements and technology licensing is also available. For more information contact Brent Crego, Vice President of Business Development at 612-835-7080 and check out SAC's web site at www.sacman.com.
SAC Technologies, Inc.
(a Corporation in the Development Stage)
STATEMENTS OF OPERATIONS
(Unaudited)
January 7, 1993
(date of inception)
Three months through
Ended March 31, March 31,
1997 1998 1998
Revenues
Product sales $23,715 $5,821 $158,605
Reimbursed research
and development 12,000 -- 274,306
Technical support and
other services 77,438 -- 422,135
113,153 5,821 855,046
Costs and other expenses
Cost of product sales 72,005 30,736 262,575
Cost of technical support
and other services 31,373 -- 235,232
Selling, general and administrative362,486 543,696 3,337,331
Research and development 96,531 614,051 1,909,274
562,395 1,188,483 5,744,412
Operating loss (449,242) (1,182,662) (4,889,366)
Other income (expense)
Interest income and other income 18,192 31,638 232,277
Interest expense (3,897) -- (39,504)
14,295 31,638 192,773
Net Loss $(434,947) $(1,151,024)$(4,696,593)
Loss per common share
Basic $(.07) $(.15) $(.91)
Diluted $(.07) $(.15) $(.91)
BALANCE SHEETS SUMMARY
Mar. 31, 1998 Dec 31, 1997
(unaudited)
Cash and cash equivalents $2,123,783 $3,351,753
Working capital (deficit) $2,565,878 $3,460,199
Total assets $3,284,597 $4,165,694
Stockholders' equity $2,753,824 $3,641,683
SOURCE SAC Technologies, Inc.
No, I did not fudge the numbers. |
