Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Spectrum Information Technologies (SPCLQ) -- Ignore unavailable to you. Want to Upgrade?

To: leigh aulper who wrote (46)	8/4/1998 12:17:00 PM
From: leigh aulper	Read Replies (1) \| Respond to of 50

Spectrum Information Technologies Announces Earnings PURCHASE, N.Y., Aug. 3 /PRNewswire/ -- Spectrum Information Technologies, Inc. (OTC Bulletin Board: SITI) announced its financial results as reported in its Quarterly Report on Form 10-Q for the period ended June 30, 1998, the first quarter of its fiscal year. Spectrum stated in the report that it is actively continuing its attempts to raise capital to implement its business strategy. For the quarter, Spectrum reported revenues of $1.6 million and net income of $340,000, or $0.14 per diluted share, compared to revenues of $165,000 and an operating loss of $1.0 million, or $.92 per diluted share, for the quarter ended June 30, 1997. The revenues reported were generated exclusively from licensing and sale of products related to Spectrum's cellular data patents, not its Internet service. The Company reported that it is not aware of any significant manufacturers that are not licensed under these patents and therefore does not expect them to provide material future revenues. In May, Spectrum began offering free trials of FastLane(TM), the World's First Web Acceleration Service and announced in July that it had attracted over 2,700 users of the service. The FastLane Service is targeted at improving the Internet experience for dial-up Internet users by accelerating the download of graphical Web images up to three times as fast as regular browsing for modem connections up to 56K. Spectrum reported that it is limiting its marketing expenditures to conserve working capital at this time. The Company also stated that it is actively seeking to raise capital to implement its business plan, resume marketing and continue as a going concern. In this regard, the Company reported that it began contacting potential sources of capital in June and hired an investment banker in July to assist the Company in the process. In addition to developing Internet software, Spectrum owns a portfolio of patents relating to commercially practicable methods to wirelessly transmit data over circuit-switched cellular networks. Spectrum licenses this technology to many leading modem manufacturers and markets proprietary direct connect activation kits providing interface connection between a variety of cellular phones and PC card modems. Spectrum is headquartered in Purchase, New York and has offices in the Boston, Massachusetts and Redwood City, California areas.