Cognitronics Corporation (AMEX:CGN) today reported a loss from
continuing operations of $1.4 million, or $.20 per share on a
diluted basis, for the quarter ended September 30, 2006 compared to
a loss from continuing operations of $1.1 million, or $.19 per
share on a diluted basis, for the third quarter of 2005. Revenues
from continuing operations for the third quarter were $1.9 million
in 2006 and $1 million in 2005. The company said that the $.9
million increase in 2006 third quarter revenues over the comparable
2005 quarter was attributable to the revenues of ThinkEngine
Networks, Inc., which was acquired in November 2005 and increased
sales volume of CX Media Servers to a cable operator. Further, the
loss from continuing operations was negatively impacted by
non-recurring severance expense of $.6 million and $.4 million
attributable to the expensing of stock options. �We continue to
capitalize on our success in the conferencing and voice
applications marketplace,� said Michael Mitchell, president and
chief executive officer of Cognitronics. �I am pleased with the
progressive revenue growth in the quarter for the ThinkEngine VSR
product.� In the 2005 third quarter, the Company reported a loss
from discontinued operations of $.3 million, or $.05 per share on a
diluted basis, and an impairment charge to goodwill of $.3 million,
or $.06 per share on a diluted basis, related to the discontinued
operations. The net loss for the three months ended September 30,
2006 was $1.4 million, or $.20 per share on a diluted basis,
compared to $1.7 million, or $.29 per share on a diluted basis in
the comparable 2005 quarter. For the nine months ended September
30, 2006, the loss from continuing operations was $4.7 million, or
$.67 per share on a diluted basis, on revenues of $6.9 million
compared to a loss from continuing operations of $2.8 million, or
$.50 per share on a diluted basis, on revenues of $3.8 million in
the comparable 2005 period. Additionally, in the 2006 period, the
cumulative effect of a change in accounting principle resulted in
income of $36,000, or $.01 per share on a diluted basis. The 2005
nine-month period included a loss from discontinued operations of
$1 million, or $.17 per share on a diluted basis and an impairment
charge of $.3 million, or $.06 per share on a diluted basis. The
net loss was $4.7 million, or $.67 per share on a diluted basis, in
2006 and $4.1 million, or $.72 per share on a diluted basis, in the
2005 nine-month period. Cognitronics is a leading supplier of media
server solutions to the telecommunications industry. The CX Network
Media Servers (CX Series) and VSR1000 are a cost-effective and
highly scalable family of carrier class media server platforms,
delivering advanced network media solutions in VoIP networks as
well as in traditional AIN and TDM circuit switched environments.
For more information, visit the company�s website at
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 most recent annual
report on Form 10-K and other Securities and Exchange Commission
filing COGNITRONICS CORPORATION SUMMARY OF RESULTS � Three Months
Ended September 30, 2006� 2005� Net revenues $1,899,000� $986,000�
Loss from continuing operations ($1,393,000) ($1,065,000) Loss from
discontinued operations ($266,000) Impairment of goodwill
($319,000) Net loss ($1,393,000) ($1,650,000) Loss per basic and
diluted share: Continuing operations ($.20) ($.19) Discontinued
operations ($.05) Impairment of goodwill ($.06) Net loss ($.20)
($.29) Weighted average number of basic and diluted shares
outstanding 6,805,277� 5,685,997� � Nine Months Ended September 30,
2006� 2005� Net revenues $6,940,000� $3,761,000� Loss from
continuing operations ($4,715,000) ($2,804,000) Income/Loss from
discontinued operations ($977,000) Impairment of goodwill
($319,000) Cumulative effect of change in accounting principle, net
of tax $36,000� Net loss ($4,679,000) ($4,100,000) Income/Loss per
basic and diluted share: Continuing operations ($.67) ($.50)
Discontinued operations ($.17) Impairment of goodwill ($.06)
Cumulative effect of change in accounting principle, net of tax
$.01� Net loss ($.67) ($.72) Weighted average number of basic and
diluted shares outstanding 6,991,153� 5,657,993� ��SUMMARY OF
FINANCIAL POSITION � September 30, 2006 December 31, 2005 Cash,
cash equivalents and marketable securities $4,194,000� $8,120,000�
Working capital $3,775,000� $7,251,000� Total assets $12,687,000�
$21,205,000� Total stockholders� equity $8,010,000� $14,015,000�
Cognitronics Corporation (AMEX:CGN) today reported a loss from
continuing operations of $1.4 million, or $.20 per share on a
diluted basis, for the quarter ended September 30, 2006 compared to
a loss from continuing operations of $1.1 million, or $.19 per
share on a diluted basis, for the third quarter of 2005. Revenues
from continuing operations for the third quarter were $1.9 million
in 2006 and $1 million in 2005. The company said that the $.9
million increase in 2006 third quarter revenues over the comparable
2005 quarter was attributable to the revenues of ThinkEngine
Networks, Inc., which was acquired in November 2005 and increased
sales volume of CX Media Servers to a cable operator. Further, the
loss from continuing operations was negatively impacted by
non-recurring severance expense of $.6 million and $.4 million
attributable to the expensing of stock options. "We continue to
capitalize on our success in the conferencing and voice
applications marketplace," said Michael Mitchell, president and
chief executive officer of Cognitronics. "I am pleased with the
progressive revenue growth in the quarter for the ThinkEngine VSR
product." In the 2005 third quarter, the Company reported a loss
from discontinued operations of $.3 million, or $.05 per share on a
diluted basis, and an impairment charge to goodwill of $.3 million,
or $.06 per share on a diluted basis, related to the discontinued
operations. The net loss for the three months ended September 30,
2006 was $1.4 million, or $.20 per share on a diluted basis,
compared to $1.7 million, or $.29 per share on a diluted basis in
the comparable 2005 quarter. For the nine months ended September
30, 2006, the loss from continuing operations was $4.7 million, or
$.67 per share on a diluted basis, on revenues of $6.9 million
compared to a loss from continuing operations of $2.8 million, or
$.50 per share on a diluted basis, on revenues of $3.8 million in
the comparable 2005 period. Additionally, in the 2006 period, the
cumulative effect of a change in accounting principle resulted in
income of $36,000, or $.01 per share on a diluted basis. The 2005
nine-month period included a loss from discontinued operations of
$1 million, or $.17 per share on a diluted basis and an impairment
charge of $.3 million, or $.06 per share on a diluted basis. The
net loss was $4.7 million, or $.67 per share on a diluted basis, in
2006 and $4.1 million, or $.72 per share on a diluted basis, in the
2005 nine-month period. Cognitronics is a leading supplier of media
server solutions to the telecommunications industry. The CX Network
Media Servers (CX Series) and VSR1000 are a cost-effective and
highly scalable family of carrier class media server platforms,
delivering advanced network media solutions in VoIP networks as
well as in traditional AIN and TDM circuit switched environments.
For more information, visit the company's website at
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 most recent annual
report on Form 10-K and other Securities and Exchange Commission
filing -0- *T COGNITRONICS CORPORATION SUMMARY OF RESULTS Three
Months Ended September 30, ------------------------- 2006 2005
------------ ------------ Net revenues $1,899,000 $986,000 Loss
from continuing operations ($1,393,000) ($1,065,000) Loss from
discontinued operations ($266,000) Impairment of goodwill
($319,000) Net loss ($1,393,000) ($1,650,000) Loss per basic and
diluted share: Continuing operations ($.20) ($.19) Discontinued
operations ($.05) Impairment of goodwill ($.06) Net loss ($.20)
($.29) Weighted average number of basic and diluted shares
outstanding 6,805,277 5,685,997 Nine Months Ended September 30,
------------------------- 2006 2005 ------------ ------------ Net
revenues $6,940,000 $3,761,000 Loss from continuing operations
($4,715,000) ($2,804,000) Income/Loss from discontinued operations
($977,000) Impairment of goodwill ($319,000) Cumulative effect of
change in accounting principle, net of tax $36,000 Net loss
($4,679,000) ($4,100,000) Income/Loss per basic and diluted share:
Continuing operations ($.67) ($.50) Discontinued operations ($.17)
Impairment of goodwill ($.06) Cumulative effect of change in
accounting principle, net of tax $.01 Net loss ($.67) ($.72)
Weighted average number of basic and diluted shares outstanding
6,991,153 5,657,993 *T -0- *T SUMMARY OF FINANCIAL POSITION
September 30, December 31, 2006 2005 -------------- ------------
Cash, cash equivalents and marketable securities $4,194,000
$8,120,000 Working capital $3,775,000 $7,251,000 Total assets
$12,687,000 $21,205,000 Total stockholders' equity $8,010,000
$14,015,000 *T
Cognitronics (AMEX:CGN)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Cognitronics (AMEX:CGN)
Historical Stock Chart
Von Jun 2023 bis Jun 2024