Cognitronics Reports First Quarter Results
12 Mai 2005 - 5:00PM
PR Newswire (US)
Cognitronics Reports First Quarter Results DANBURY, Conn., May 12
/PRNewswire-FirstCall/ -- Cognitronics(R) Corporation (AMEX:CGN)
today reported a net loss of $.8 million, or $.13 per diluted
share, for the quarter ended March 31, 2005 compared to a net loss
of $1.4 million, or $.24 per diluted share, a year ago. Sales for
the first quarter were $2.7 million in 2005 and $2.3 million in
2004. The company said that domestic revenues increased $1.3
million in first quarter 2005 from the comparable 2004 period on
increased sales to several customers, including $.7 million to a
worldwide systems integrator, and higher service revenues, offset
in part, by lower sales of $.8 million in the UK distributorship
operations. "The telecommunications marketplace continues to make
headlines in 2005 as two more of the largest telecommunications
service providers announced their intentions to merge. In the
absence of real growth, consolidation rules," said Brian J. Kelley,
president and chief executive officer of Cognitronics. "After years
of excess infrastructure build-out, these service providers, our
customers, continue to maximize the capacity of their existing
network infrastructure. With limited investment capital, only the
most urgent, transitional and cost-effective new technologies are
'in demand'. "For Cognitronics Corporation, such 'in demand'
technologies include the Cognitronics CX4000 Media Server platform.
Capable of addressing the Intelligent Peripheral needs for
existing, or legacy, network applications, the CX4000 Media Server
continued to achieve greater market penetration and to demonstrate
improving potential in the first quarter of 2005. "During the
remainder of 2005, the Company expects additional, substantive
orders for CX Media Servers from customers, the timing of which are
dependent on the customers' decisions as to when to introduce new
services to its subscribers. "Cognitronics believes that we are
properly positioned within the network requirements of our
customers. Furthermore, we are committed to strengthening our
R&D resources, so that we may be able to succeed in a very
competitive telecom environment." 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 and are generally characterized by the use of terms
such as "believe", "expect" and "may". Although the Company
believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, the Company's
actual results could differ materially from those set forth in
forward-looking statements.. 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 March 31, 2005
2004 Net revenues $2,729,000 $2,261,000 Net loss ($755,000)
($1,351,000) Net loss per share: Basic ($.13) ($.24) Diluted ($.13)
($.24) Weighted average number of shares outstanding: Basic
5,634,141 5,530,124 Diluted 5,634,141 5,530,124 SUMMARY OF
FINANCIAL POSITION March 31, December 31, 2005 2004 Cash, cash
equivalents and marketable securities $10,685,000 $8,683,000
Working capital $12,136,000 $12,697,000 Total assets $19,055,000
$18,956,000 Total stockholders' equity $14,402,000 $15,015,000
DATASOURCE: Cognitronics Corporation CONTACT: Harold F. Mayer,
+1-203-830-3494, for Cognitronics Corporation Web site:
http://www.cognitronics.com/
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