Cognitronics Reports Fourth Quarter Net Income of 28 Cents on Improved Revenues
24 März 2005 - 9:31PM
PR Newswire (US)
Cognitronics Reports Fourth Quarter Net Income of 28 Cents on
Improved Revenues DANBURY, Conn., March 24 /PRNewswire-FirstCall/
-- Cognitronics(R) Corporation (AMEX:CGN) today reported net income
of $1.8 million, or $.28 per share on a diluted basis, for the
quarter ended December 31, 2004 compared to a net loss of $1.4
million, or $.25 per share on a diluted basis, in the prior year's
quarter. Revenues for the fourth quarter were $5.8 million in 2004,
up 221% from $1.8 million in 2003. The company said that the $4
million increase in fourth quarter 2004 sales from the comparable
2003 period was attributable to a sales increase of $4.1 million to
$4.9 million in its domestic operations, offset, in part, by a $.1
million sales decrease in its European distributorship operations.
Fourth quarter sales by domestic operations included sales to a
large telecommunications service provider of 4.3 million in 2004.
"The substantial improvement in fourth quarter 2004 results is due
to the timing of two large orders from one customer for the
Company's CX Media Servers," said Brian J. Kelley, president and
chief executive officer of Cognitronics. "In the first quarter of
2005, the Company expects to report a lower first quarter net loss
compared to the first quarter of 2004 on slightly higher revenues.
Capital spending forecasts for the telecommunications industry for
the year 2005 reflect an upward trend, but the timing of such
spending continues to be uncertain and may be adversely impacted by
mergers and acquisitions among telecommunications service
providers. However, in 2005, the Company expects additional,
substantive orders for CX Media Servers from this customer, the
timing of which are dependent on the customer's decision as to when
to introduce new services to its subscribers. For the year ended
December 31, 2004, the net loss was $.6 million, or $.10 per
diluted share, compared to a net loss of $3.6 million, or $.64 per
diluted share, in 2003. Revenues for the year were $14.2 million in
2004, up 39% from $10.3 million in 2003. Cognitronics is a leading
supplier of media server solutions to the telecommunications
industry. The company's Cognitronics Exchange Network Media Servers
(CX Series) are a cost-effective and highly scalable family of
carrier class media server platforms, delivering advanced network
media solutions in VoIP and ATM packet networks as well as in
traditional AIN and TDM circuit switched environments. For more
information, visit the company's website at
http://www.cognitronics.com/. Statements contained herein which are
not historical facts are forward- looking statements. The
forward-looking statements in this release are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements involve a number of risks
and uncertainties including, but not limited to, the continuance of
reduced capital expenditures throughout the telecommunications
market, variability of sales volume from quarter to quarter,
product demand, market acceptance, litigation, risk of dependence
on significant customers, third party suppliers and intellectual
property rights, risks in product and technology development and
other risk factors detailed in the company's Securities and
Exchange Commission filings. COGNITRONICS CORPORATION SUMMARY OF
RESULTS Three Months Ended December 31, 2004 2003 Net revenues
$5,832,000 $1,815,000 Net income (loss) $1,769,000 ($1,433,000) Net
income (loss) per share: Basic $.30 ($.25) Diluted $.28 ($.25)
Weighted average number of shares outstanding: Basic 5,875,130
5,645,341 Diluted 6,362,235 5,645,341 Year Ended December 31, 2004
2003 Net revenues $14,225,000 $10,257,000 Net loss ($554,000)
($3,550,000) Net loss per share: Basic ($.10) ($.64) Diluted ($.10)
($.64) Weighted average number of shares outstanding: Basic
5,780,603 5,579,514 Diluted 3 5,780,60 5,579,514 DATASOURCE:
Cognitronics Corporation CONTACT: Harold F. Mayer of Cognitronics
Corporation, +1-203-830-3494 Web site: http://www.cognitronics.com/
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