Cognitronics Reports First Quarter Results
13 Mai 2004 - 3:30PM
PR Newswire (US)
Cognitronics Reports First Quarter Results DANBURY, Conn., May 13
/PRNewswire-FirstCall/ -- Cognitronics Corporation today reported a
net loss of $1.4 million, or $.24 per diluted share, for the
quarter ended March 31, 2004 compared to a net loss of $1.3
million, or $.24 per diluted share, a year ago. Sales for the first
quarter were $2.3 million in 2004 and $2.5 million in 2003. The
company said that the $.2 million decrease in first quarter 2004
sales from the comparable 2003 period was attributable to a
decrease in sales by its domestic operations. Domestic operations
continue to be adversely impacted by the slowdown in capital
expenditures throughout the telecommunications industry.
"Cognitronics remains committed to its strategy to deliver
world-class media server platforms to our telecommunications
customers," said Brian J. Kelley, president and chief executive
officer of Cognitronics. "Although domestic sales continued to be
weak in the first quarter of 2004, proposal activity has increased.
In 2004, the company has entered into a reseller agreement with
Spectel, a leader in conferencing solutions; successfully completed
interoperability testing of our CX Media Server products with
Telcordia Technologies, Inc., a leading global provider of
telecommunications software and services; and Cedar Point
Communications, a leading Voice over Cable system provider; and
entered into a distribution agreement with Syndeo Corporation, a
provider of VoIP systems to cable operators. Each of these items
expands the company's market offerings in traditional circuit
switched and next-generation networks. "Further, Cognitronics
anticipates increased orders in the second quarter from a major
telecommunications service provider for our CX 4000 Media Server
products. These orders will expand the company's presence in the
network infrastructure, particularly in the Advanced Intelligent
Network (AIN) segment. I am confident that the company will be
successful in these emerging markets as projects are funded and
implemented." 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 is a
registered trademark of Cognitronics Corporation Telcordia is a
registered trademark of Telcordia Technologies, Inc. Cedar Point
Communications is a registered trademark of Cedar Point
Communications, Inc. COGNITRONICS CORPORATION SUMMARY OF RESULTS
Three Months Ended March 31, 2004 2003 Net sales $2,261,000
$2,496,000 Net loss ($1,351,000) ($1,325,000) Net loss per share:
Basic ($.24) ($.24) Diluted ($.24) ($.24) Weighted average number
of shares outstanding: Basic 5,707,198 5,509,494 Diluted 5,707,198
5,509,494 SUMMARY OF FINANCIAL POSITION March 31, December 31, 2004
2003 Cash, cash equivalents and marketable securities $8,924,000
$8,833,000 Working capital $12,918,000 $14,143,000 Total assets
$17,861,000 $18,898,000 Total stockholders' equity $13,105,000
$14,224,000 DATASOURCE: Cognitronics Corporation CONTACT: Harold F.
Mayer of Cognitronics Corporation, +1-203-830-3494 Web site:
http://www.cognitronics.com/
Copyright
Cognitronics (AMEX:CGN)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Cognitronics (AMEX:CGN)
Historical Stock Chart
Von Jun 2023 bis Jun 2024