Archive for Companies to Watch
Global Axcess Corp to Present at the 11th Annual B. Riley & Co. Investor Conference
Posted by: | Comments– Industry Leader in Self-Service Kiosk Solutions to Discuss Growth Strategy and New Initiatives at Presentation on May 26, 2010 –
JACKSONVILLE, Fla., May 6 /PRNewswire-FirstCall/ — Global Axcess Corp (OTC Bulletin Board: GAXC; the “Company”), an independent provider of self-service kiosk solutions, today announced that George McQuain, the Company’s chief executive officer, will present at the B. Riley & Co. 11th Annual Investor Conference at 8:30 a.m. (PDT) on May 26, 2010. The conference will be held May 24 – May 26 at the Loews Santa Monica Beach Hotel, 1700 Ocean Avenue, Santa Monica, Calif. Global Axcess management will be available during the day on May 26 for one-on-one meetings. Please contact your B. Riley representative to schedule a meeting.
Global Axcess recently reported its 13th consecutive profitable quarter and Mr. McQuain will discuss the Company’s strong financial performance in 2009, which has positioned it for continued revenue and net income growth in 2010. He will also discuss the Company’s recent entry into the self-service DVD kiosk market and highlight the Company’s aggressive plans to drive its national DVD kiosk expansion activity.
Investors and other interested parties may access the live presentation at http://www.wsw.com/webcast/brileyco14/gaxc/. The webcast will be archived for 90 days following the presentation and will be available on the Company’s website at www.globalaxcess.biz.
About the B. Riley & Co. 11th Annual Investor Conference
The two-day, invitation-only annual event, brings together a targeted audience of leading institutional investors, financial services professionals and other qualified investors. The conference will feature presentations by approximately 120 companies in a broad range of sectors, including: technology, consumer, retail, and financials. For more information, visit www.brileyco.com.
About Global Axcess Corp
Headquartered in Jacksonville, Florida, Global Axcess Corp was founded in 2001 with a mission to emerge as the leading independent provider of self-service kiosk services in the United States. The Company provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services. Global Axcess Corp currently owns, manages or operates more than 4,500 ATMs and other self-service kiosks in its national network spanning 43 states. For more information on the Company, please visit http://www.globalaxcess.biz.
Investor Relations Contacts:
Sharon Jackson: 904-395-1149
IR@GAXC.biz
Hayden IR:
Brett Maas or Jeff Stanlis: (646) 536-7331
Brett@haydenir.com / Jeff@haydenir.com
This press release may contain forward-looking statements. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as: “believes,” “expects,” “may,” “will,” “should,” or “anticipates,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Various important risks and uncertainties may cause the Company’s actual results to differ materially from the results indicated by these forward-looking statements. For a list and description of the risks and uncertainties the Company faces, please refer to Part I, Item 1A of the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 3, 2010, and other filings that have been filed with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, and such statements are current only as of the date they are made.
SOURCE Global Axcess Corp
FAIRFIELD, N.J.–(BUSINESS WIRE)–Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB – News), a Delaware corporation (“Cover-All” or the “Company”), today announced the acquisition of Moore Stephens Business Solutions LLC (MSBS), a provider of business intelligence and advanced analytics solutions to the insurance industry based in New York, New York.
Acquisition Highlights:
- Cover-All, through its wholly owned subsidiary, Cover-All Systems, Inc., has acquired substantially all of MSBS’s assets (excluding working capital) for an aggregate purchase price of $2,450,000, with no assumed indebtedness.
- Approximately 96% of the purchase price consists of cash and a promissory note, and the remaining approximately 4% consists of Cover-All’s common stock.
- The acquired business is expected to be immediately accretive to Cover-All’s 2010 earnings with an operating margin comparable with Cover-All’s historic operating margin.
- On a trailing 12 months basis, MSBS generated over $6 million in revenue.
- The combined organization will total more than 55 customers, all of which are part of the same target market.
- Seth Rachlin, currently CEO of MSBS, will join Cover-All’s management as an executive vice president and serve as Managing Director of Cover-All’s new Business Intelligence unit. The unit, including the outstanding staff of MSBS, will continue to be based in their New York City office.
MSBS serves the insurance industry exclusively, providing Business Intelligence and advanced analytics solutions. Leveraging their Insurance Analytic Framework (IAF), which delivers accurate, available and actionable key metrics and dimensions specific to the insurance industry, MSBS has established a dominant presence in an otherwise underserved market. With the integration of these capabilities into the Cover-All portfolio, the combined company will be well positioned to deliver additional value to the existing customers of both companies, as well as benefit from an unrivaled and unique competitive advantage in its combined offerings.
While delivering three consecutive years of record revenues and profits, Cover-All has also been focused on building an innovative insurance information platform (My Insurance Center) utilizing leading-edge technologies and an information-centric architecture. These capabilities combined with exciting new offerings to My Insurance Center expected to be completed in late 2010, have positioned the Company for continued strong growth and profitability.
The acquisition of MSBS represents an additional pillar of the Company’s broader growth strategy as it looks to expand its customer base by offering additional leading-edge capabilities. Cover-All’s strategy includes continued focus on identifying immediately accretive opportunities that fit within its strategic vision.
“Thanks to our innovative strategy, customer focus, and talented results-oriented staff, I believe Cover-All has reached the point where we are ready for break-out growth, and this acquisition is evidence of that fact,” commented John Roblin, Chairman and CEO of Cover-All. “With our strong balance sheet and cash position, we are now able to shift our focus from stabilization to cultivation, and execute on the second part of our carefully planned growth strategy – a strategy which includes immediately accretive acquisitions which in turn, serve to fuel our organic growth and expanded offerings.”
“This acquisition presents an excellent opportunity for MSBS to move to the next level as we join the Cover-All family,” said Seth Rachlin, CEO of MSBS. “Building on our hard work over the past four years, we will now have additional resources to expand capabilities and our footprint.”
The acquisition creates a new opportunity for existing, as well as potential customers of both companies to leverage the power of an integrated solution that merges highly-focused Insurance Business Analytics with My Insurance Center, Cover-All’s revolutionary Policy Life-Cycle Management solution set. Additionally, the combined entity will look to leverage Cover-All’s proven business model of generating recurring revenue with a flexible cost structure, to drive further improvements to MSBS’s margins.
Cover-All continues to expand its reputation as a leader in developing innovative solutions for the insurance industry by focusing on the value of information. Following a philosophy of information-centric technology, Cover-All’s My Insurance Center has been built around the notion of leveraging the availability of data to drive business value. Similarly, MSBS has established an equally dominant position in their niche, focusing on a likeminded philosophy, developing the tools and know-how to assimilate data into powerful Business Intelligence. Further, both Cover-All and MSBS have established meaningful relationships within a similar market segment (but without any overlap) which will give rise to tremendous cross-selling opportunities.
Cover-All was advised by LMC Capital LLC, a boutique investment banking firm dedicated exclusively to the insurance industry.
Conference Call Information
Management will conduct a live teleconference to discuss this acquisition at 4:30 p.m. EDT on April 12, 2010. Anyone interested in participating should call 877-941-2069 if calling from the United States, or 480-629-9713 if dialing internationally. A replay will be available until April 19, 2010, which can be accessed by dialing 800-406-7325 within the United States and 1-303-590-3030 if dialing internationally. Please use passcode 4282019 to access the replay. In addition, the call will be webcast and will be available on the Company’s website at http://www.cover-all.com/.
About Moore Stephens Business Solutions
Moore Stephens Business Solutions (MSBS) is committed to being the leading provider of performance and data management solutions to the global insurance industry. MSBS seeks to bring together deep industry knowledge and proven frameworks with technology expertise in the deployment of non-proprietary, commercial software solutions. MSBS strives, above all, to be thought leaders on how Enterprise Data Management and Business Intelligence capabilities can deliver value to insurance carriers, reinsurers, MGAs and brokers. The interest in performance and data management solutions within the insurance industry is growing rapidly as companies try to keep pace with competition, prepare for a softening market, and better understand the level of market penetration and service being provided to its customers and by its partners. MSBS has delivered over 140 performance and data management solutions that have enabled clients to make data accurate, available, and actionable.
About Cover-All Technologies Inc.
Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry – first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value.
With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com
Cover-All®, My Insurance Center™ (MIC) and Insurance Policy Database™ (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.
Forward-looking Statements
Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company’s actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company’s control. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 30, 2009, copies of which are available from the SEC or may be obtained upon request from the Company.
Contact:
Cover-All Technologies Inc. Ann Massey, 973-461-5190 Chief Financial Officer amassey@cover-all.com or Investors: Hayden IR Brett Maas, 646-536-7331 Principal brett@haydenir.com
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Global Axcess Corp Announces Record Net Income for Fiscal Year 2009
Posted by: | Comments- Quarterly Revenue, Gross Profit, Gross Margin and Net Income Increase -
-Record Net Income for the Year of $2.8 Million Included Recognition of Deferred Tax Assets of $1.3 Million; Net Income Excluding Tax Benefit is a Record $1.5 Million -
PR Newswire
JACKSONVILLE, Fla., March 2, 2010 /PRNewswire-FirstCall/ — Global Axcess Corp (OTC Bulletin Board: GAXC; the “Company”), an independent provider of self-service kiosk solutions, today announced the financial results for the fourth quarter and fiscal year ended December 31, 2009.
Financial highlights for the fourth quarter ended December 31, 2009 included:
-- Revenue $5.4 million
-- EBITDA from continuing operations (See Reconciliation) $1.1 million
-- Adjusted EBITDA** from continuing operations
(See Reconciliation) $1.1 million
-- Income from continuing operations* $548,000
-- Net income $1.7 million
-- Diluted earnings per share $0.07
Financial highlights for the fiscal year ended December 31, 2009 included:
-- Revenue $21.5 million
-- EBITDA from continuing operations (See Reconciliation) $4.1 million
-- Adjusted EBITDA** from continuing operations
(See Reconciliation) $4.7 million
-- Income from continuing operations* $1.5 million
-- Net income $2.8 million
-- Diluted earnings per share $0.12
*excluding recognition of deferred tax asset
**EBITDA before stock compensation expense and loss on early extinguishment of debt
Mr. George McQuain, Chief Executive Officer of the Company, stated, “This was a year of tremendous progress, as we position the Company for continued revenue and net income growth in 2010. During 2009, we increased our gross margin and operating income, and reported a new record net income for the year, demonstrating our ability to expand the Company’s profitability. We believe our focus on higher volume locations and managing our expenses, particularly our interest expense, has positioned us for additional acceleration of net income in 2010.”
Fourth Quarter 2009 Financial Results
The Company reported revenues from continuing operations of $5.4 million for the fourth quarter ended December 31, 2009, compared to $5.1 million for the fourth quarter ended December 31, 2008. This 4.9% increase was mainly due to increased focus on higher volume locations. Gross profit from continuing operations was $2.5 million, or 47.0% gross margin, for the fourth quarter ended December 31, 2009, compared to $2.4 million, or 46.2% gross margin, for the same period of 2008.
The recognition of deferred tax assets added $1.3 million of net income to the pre-tax operating profit of $404,481 and $1.5 million for the fourth quarter and fiscal year ended December 31, 2009, respectively. Deferred tax assets represent future potential tax deductions, which are a result of timing differences between tax laws and generally accepted accounting principles (“GAAP”). In order to recognize a deferred tax asset, GAAP requires evidence of sufficient future taxable income. Accounting practice typically views a history of profitability of eight to 12 consecutive quarters as sufficient evidence. In addition, a loss on the extinguishment of debt of $7,569 was recognized in the fourth quarter.
Operating income from continuing operations, excluding the recognition of a deferred tax asset and the loss on the extinguishment of debt, was $548,019 for the fourth quarter ended December 31, 2009, compared to $571,102 for the same period of 2008. During the fourth quarter of 2009, the Company recorded net interest expense of $135,969, compared to net interest expense of $264,006 for the same period of 2008. The decrease was mainly due to a decrease in debt and refinancing outstanding debt at a lower interest rate. EBITDA (earnings before net interest, taxes, depreciation and amortization) for the fourth quarter of 2009 was $1.1 million, compared to $1.1 million for the fourth quarter of 2008. Adjusted EBITDA (EBITDA before stock compensation expenses and loss on early extinguishment of debt) was $1.1 million for the fourth quarter of 2009 from $1.1 million for the fourth quarter of 2008. EBITDA and adjusted EBITDA represent non-GAAP (Generally Accepted Accounting Principles) financial measures. A table reconciling these measures to the appropriate GAAP measures is included in this release.
Inclusive of the recognition of deferred tax assets, net income for the fourth quarter ended December 31, 2009 was $1.7 million, or $0.08 and $0.07 per basic and diluted share, respectively (based on 21.9 and 23.6 million basic and diluted weighted average shares outstanding, respectively), which compares to net income of $330,968, or $0.02 per share (based on 21.0 million basic and diluted weighted average shares outstanding, respectively), for the same period of 2008. The tax benefit represented $0.06 in earnings per share and, excluding the tax benefit, net income would have been $404,481.
Mr. McQuain added, “We continued to strengthen our operating metrics and increased net income for the quarter by 22%, compared to the same period of 2008, excluding the income tax benefit, on a revenue increase of 4.9%. Also key to increasing profitability was the refinancing of our debt which resulted in a 48% reduction in interest expense compared to the fourth quarter last year. As a result of our ongoing efforts to minimize expenses and focus on higher margin opportunities, we have achieved 13 continuous quarters of net income. During the fourth quarter of 2009, we continued to expand our ATM customer base, providing a larger base of predictable revenue as we move into 2010. We believe this positions us to deliver consistent profitability and allows us to move aggressively into the DVD kiosk marketplace, where revenue, gross margin and growth opportunities are substantially higher. As part of this move, we reached an agreement with self-service kiosk industry consultant Michelle Macpherson to help us define and implement our strategy to drive our national DVD kiosk expansion.”
Mr. McQuain continued, “We are firmly focused on leveraging our expertise in the self-service kiosk segment to capture market share in the emerging DVD kiosk marketplace. We have established InstaFlix, a Nationwide Ntertainment Services Inc. business line and a subsidiary of the Company, to solidify our growing presence. To date, we have deployed 24 DVD kiosk locations. We will have another 10 of our InstaFlix-branded DVD kiosk locations installed by mid-March of 2010 and expect to have another 18 kiosks delivered and installed during April and May of 2010. This schedule is consistent with our expectation of rolling out between five and 10 per month through the first half of 2010, and accelerating to 15 to 20 in the second half of the year. Along with this deployment schedule, we will also be opportunistic and aggressive in going after larger deals in the DVD kiosk marketplace should they present themselves. Our growing presence in this marketplace is being applauded and embraced by retailers and other potential partners that are eager to participate in the rapidly expanding self-service, on-demand model, but have been frustrated by current service options. They recognize that our reputation for superior operational excellence, industry leading customer service, and up-time and on-time residual payments will help them generate additional traffic and revenues in their retail locations with a DVD self-service kiosk opportunity.”
Fiscal Year 2009 Financial Results
For the fiscal year ended December 31, 2009, total revenue was $21.5 million, a decrease of 3.0%, compared to $22.2 million for the same period of 2008. Gross profit for the fiscal year ended December 31, 2009 was $10.2 million, reflecting a gross margin of 47.4%, compared to gross profit of $9.8 million, or a gross margin of 44.3%, for the comparable 2008 period. Operating income from continuing operations for the year was $2.7 million, compared to $2.2 million for the same period of 2008. Net income for the fiscal year ended December 31, 2009 was $2.8 million, or $0.13 and $0.12 per basic and diluted share (based on 21.7 and 22.8 million basic and diluted weighted average shares outstanding, respectively), compared to net income for the same period of 2008 of $1.2 million, or $0.06 per share (based on 21.0 million basic and diluted weighted average shares outstanding). Excluding a $1.3 million income tax benefit, net income would have been $1.5 million for the fiscal year. EBITDA decreased to $4.1 million for the fiscal year ended December 31, 2009 from $4.4 million for the fiscal year ended December 31, 2008. Adjusted EBITDA increased to $4.7 million for the fiscal year ended December 31, 2009 from $4.6 million for the fiscal year ended December 31, 2008.
Mr. McQuain continued, “We increased the profitability during 2009 and positioned the Company for further acceleration of net income in 2010. During 2009, the Company generated $4.4 million in net cash by continuing operating activities, an increase of 49.2% compared to 2008. We also generated adjusted EBITDA of $4.7 million and $1.5 million of net income. We completed 2009 with more than $2 million in cash and reduced our working capital requirements for 2010 by refinancing outstanding debt at a lower interest rate, without any pre-payment penalty. As a result, we expect approximately $40,000 in 2010 interest savings due to the lower interest rate of the loan. We have significantly reduced our working capital requirements and improved our resources, positioning the Company for continued revenue growth and expanded profitability in 2010.”
Balance Sheet and Cash Flows
Net cash provided by continuing operating activities during the fiscal year ended December 31, 2009 was $4.4 million, compared to net cash provided by continuing operating activities of $3.0 million during the fiscal year ended December 31, 2008, representing a 49.2% increase. Shareholders’ equity increased 23.0% to $16.6 million from $13.5 million at December 31, 2008.
Michael J. Loiacono, Chief Financial Officer of the Company, stated, “We continued to expand our profitability and significantly increased our cash flow from continuing operations for 2009. As a result of our profitability, we believed the timing was right to recognize deferred tax assets, which is reflected in our fourth quarter and fiscal year results. As we completed our analysis of deferred tax assets in connection with filing of the Company’s Form 10-K for 2009, we realized we met the standards for recognition of these assets in the fourth quarter of 2009. GAAP requires evidence of sufficient future profitability, taxable income, to realize the benefit of the deferred tax asset. We delayed recognition of this tax benefit for as long as was appropriate.”
Outlook:
“Assuming similar transaction levels in 2010 compared to 2009, and based on what we believe to be is a stable base of predictable revenue, we are targeting 5% to 10% organic growth from our ATM business,” Mr. McQuain concluded. “Our DVD kiosk business will provide upside to this guidance, and we expect this new and emerging segment to add 5% to 10% in incremental revenue for calendar 2010. As we continue to carefully manage our expenses and focus on higher volume locations and higher margin opportunities, we anticipate accelerating our profitability in 2010 compared to 2009.”
Conference Call Information
Anyone interested in participating should call 888-215-6899 and enter pass code 7617144 if calling within the United States, or 913-312-0945 and pass code 7617144 if calling internationally, approximately 5 to 10 minutes prior to 10 a.m. today. There will be a playback available until March 11, 2010. To listen to the playback, please call 888-203-1112 if calling within the United States or 719-457-0820 if calling internationally. Please use pass code 7617144 for the replay. A transcription of the call can be accessed at the Company’s website at http://www.GlobalAxcess.biz.
About Global Axcess Corp
Headquartered in Jacksonville, Florida, Global Axcess Corp was founded in 2001 with a mission to emerge as the leading independent provider of self-service kiosk services in the United States. The Company provides turnkey ATM and other self-service kiosk management solutions that include cash and inventory management, project and account management services. Global Axcess Corp currently owns, manages or operates more than 4,500 ATMs and other self-service kiosks in its national network spanning 43 states. Â For more information on the Company, please visit http://www.globalaxcess.biz.
This press release may contain forward-looking statements. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as: “believes,” “expects,” “may,” “will,” “should,” or “anticipates,” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. Various important risks and uncertainties may cause the Company’s actual results to differ materially from the results indicated by these forward-looking statements. For a list and description of the risks and uncertainties the Company faces, please refer to Part I, Item 1A of the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 3, 2009, and other filings that have been filed with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, and such statements are current only as of the date they are made.
- tables follow -
GLOBAL AXCESS CORP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of December 31,
------------------------
2009 2008
------ ------
ASSETS
Current assets
Cash and cash equivalents $2,007,860 $1,560,910
Automated teller machine vault cash 250,000 -
Accounts receivable, net of
allowance of $12,616 in 2009
and $9,799 in 2008 845,000 848,373
Inventory, net of allowance for
obsolescence of $94,572 in 2009
and $54,033 in 2008 308,031 276,731
Deferred tax asset - current 868,848 615,332
Prepaid expenses and other
current assets 132,100 164,968
------- -------
Total current assets 4,411,839 3,466,314
Fixed assets, net 5,299,661 4,723,138
Other assets
Merchant contracts, net 10,665,613 11,331,126
Intangible assets, net 4,095,911 4,118,426
Deferred tax asset - non-current 813,618 -
Restricted cash 800,000 -
Other assets 30,307 9,232
------- -------
Total assets $26,116,949 $23,648,236
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities $2,983,583 $2,527,396
Automated teller machine
vault cash payable 250,000 -
Notes payable - related parties
- current portion, net 26,722 24,010
Notes payable - current portion 19,803 -
Senior lenders' notes payable
- current portion, net 1,828,572 606,705
Capital lease obligations
- current portion 667,233 779,990
------- -------
Total current liabilities 5,775,913 3,938,101
Long-term liabilities
Notes payable - related parties
- long-term portion, net 72,690 1,304,595
Notes payable - long-term portion 73,120 -
Senior lenders' notes payable
- long-term portion, net 3,300,000 4,240,086
Capital lease obligations
- long-term portion 329,314 425,582
Deferred tax liability
- long-term portion - 275,532
------- -------
Total liabilities 9,551,037 10,183,896
--------- ----------
Stockholders' equity
Preferred stock; $0.001 par value;
5,000,000 shares authorized, no
shares issued and outstanding - -
Common stock; $0.001 par value;
45,000,000 shares authorized,
21,931,786 and 21,021,786 shares
issued and 21,883,924 and 20,973,924
shares outstanding at 12/31/09
and 12/31/08, respectively 21,932 21,022
Additional paid-in capital 22,900,880 22,613,424
Accumulated deficit (6,344,934) (9,158,140)
Treasury stock; 47,862 shares of
common stock at cost (11,966) (11,966)
------- -------
Total stockholders' equity 16,565,912 13,464,340
---------- ----------
Total liabilities and stockholders'
equity $26,116,949 $23,648,236
=========== ===========
GLOBAL AXCESS CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Fiscal Years Ended
December 31,
--------------------------
2009 2008
------ ------
Revenues $21,494,867 $22,171,072
Cost of revenues 11,316,919 12,347,991
---------- ----------
Gross profit 10,177,948 9,823,081
---------- ----------
Operating expenses
Depreciation expense 1,178,927 1,411,360
Amortization of intangible
merchant contracts 786,173 770,270
Selling, general and
administrative 5,437,624 5,288,959
Stock compensation expense 120,188 159,840
---------- ----------
Total operating expenses 7,522,912 7,630,429
---------- ----------
Operating income from
continuing operations before
items shown below 2,655,036 2,192,652
---------- ----------
Interest expense, net (645,758) (1,046,287)
Gain (loss) on sale or
disposal of assets - 23,872
Loss on early extinguishment of debt (474,960) -
---------- ----------
Income from continuing operations
before income tax benefit 1,534,318 1,170,237
Income tax benefit 1,278,888 -
---------- ----------
Income from continuing operations $2,813,206 $1,170,237
---------- ----------
Net Income $2,813,206 $1,170,237
========== ==========
Income per common share - basic:
Income from continuing operations $0.13 $0.06
Income from discontinued operations $- $-
---------- ----------
Net Income per common share $0.13 $0.06
========== ==========
Income per common share - diluted:
Income from continuing operations $0.12 $0.06
Income from discontinued operations $- $-
---------- ----------
Net Income per common share $0.12 $0.06
========== ==========
Weighted average common shares
outstanding:
Basic 21,654,554 20,973,924
Diluted 22,845,241 20,973,924
GLOBAL AXCESS CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
December 31, December 31,
2009 2008
------------ ------------
Revenues $5,396,168 $5,144,607
Cost of revenues 2,859,397 2,769,439
--------- ---------
Gross profit 2,536,771 2,375,168
--------- ---------
Operating expenses
Depreciation expense 315,721 303,042
Amortization of intangible
merchant contracts 195,699 192,768
Selling, general and administrative 1,443,208 1,300,981
Stock compensation expense 34,124 7,276
--------- ---------
Total operating expenses 1,988,752 1,804,067
--------- ---------
Operating income from
continuing operations
before items shown below 548,019 571,101
--------- ---------
Interest expense, net (135,969) (264,006)
Gain on sale or disposal of assets - 23,872
Loss on early extinguishment of debt (7,569) -
--------- ---------
Income from continuing
operations before provision for
income taxes 404,481 330,967
Income tax benefit 1,278,888 -
--------- ---------
Net Income $1,683,369 $330,967
========== =========
Income per common share - basic:
--------- ---------
Net Income per common share $0.08 $0.02
========= =========
Income per common share - diluted:
--------- ---------
Net Income per common share $0.07 $0.02
========= =========
Weighted average common shares
outstanding:
Basic 21,883,924 20,973,924
Diluted 23,606,552 20,973,924
GLOBAL AXCESS CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Fiscal Years Ended
December 31,
--------------------------
2009 2008
------ ------
Cash flows from operating activities:
Income from continuing operations $2,813,206 $1,170,237
Adjustments to reconcile net income
from continuing operations to net
cash provided by continuing
operating activities:
Stock based compensation 120,188 159,840
Stock options issued to
consultants in lieu of cash
compensation 23,999 -
Loss on early extinguishment
of debt 474,960 -
Depreciation expense 1,178,927 1,411,360
Amortization of intangible
merchant contracts 786,173 770,270
Amortization of capitalized
loan fees 26,756 46,431
Allowance for doubtful accounts 2,883 (14,201)
Allowance for inventory obsolescence 40,539 54,033
Non-cash interest expense (income)
on swap agreement with senior lender (7,921) 40,985
Accretion of discount on notes payable 50,066 165,988
(Gain) loss on sale or disposal
of assets - (23,872)
Changes in operating assets and
liabilities:
Change in automated teller
machine vault cash (250,000) -
Change in accounts receivable 490 90,457
Change in inventory (112,270) 116
Change in prepaid expenses and
other current assets 26,468 (23,620)
Change in other assets (21,075) 5,907
Change in intangible assets, net (80,734) 634
Change in deferred taxes (1,342,666) -
Change in accounts payable and
accrued liabilities 464,108 (875,224)
Change in automated teller
machine vault cash payable 250,000 -
--------- ---------
Net cash provided by continuing
operating activities 4,444,097 2,979,341
--------- ---------
Cash flows from investing activities:
Insurance proceeds on disposal of
fixed assets - 72,681
Costs of acquiring merchant
contracts (120,660) (43,758)
Purchase of property and equipment (1,051,494) (290,304)
--------- ---------
Net cash used in investing
activities (1,172,154) (261,381)
--------- ---------
Cash flows from financing activities:
Proceeds from issuance of common
stock 9,100 -
Proceeds from senior lenders'
notes payable 6,200,000 39,028
Proceeds from notes payable 69,905 -
Change in restricted cash (800,000) -
Principal payments on senior
lenders' notes payable (6,171,429) (704,177)
Principal payments on notes
payable (11,833) (25,000)
Principal payments on notes
payable - related parties (1,248,186) (20,695)
Principal payments on capital
lease obligations (872,550) (986,367)
--------- ---------
Net cash used in financing
activities (2,824,993) (1,697,211)
--------- ---------
Increase in cash 446,950 1,020,749
Cash, beginning of period 1,560,910 540,161
--------- ---------
Cash, end of the period $2,007,860 $1,560,910
========== ==========
Cash paid for interest $555,969 $786,697
The following table sets forth a reconciliation of net income from continuing operations to EBITDA from continuing operations for the fourth quarter ended December 31, 2009 and 2008:
For the Three Months Ended
December 31, December 31,
2009 2008
------------ -----------
Net income from continuing operations $1,683,369 $330,967
Income tax benefit (1,278,888) -
Interest expense, net 135,969 264,006
Depreciation expense 315,721 303,042
Amortization of intangible merchant
contracts 195,699 192,768
------- -------
EBITDA from continuing operations $1,051,870 $1,090,783
========== ==========
The following table sets forth a reconciliation of net income from continuing operations to EBITDA from continuing operations for the fiscal year ended December 31, 2009 and 2008:
For the Twelve Months Ended
December 31, December 31,
2009 2008
------------ -----------
Net income from continuing operations $2,813,206 $1,170,237
Income tax benefit (1,278,888) -
Interest expense, net 645,758 1,046,287
Depreciation expense 1,178,927 1,411,360
Amortization of intangible merchant
contracts 786,173 770,270
------- -------
EBITDA from continuing operations $4,145,176 $4,398,154
========== ==========
The following table sets forth a reconciliation of net income from continuing operations to EBITDA from continuing operations before stock compensation expense and loss on early extinguishment of debt (“Adjusted EBITDA”) for the fourth quarter ended December 31, 2009 and 2008:
For the Three Months Ended
December 31, December 31,
2009 2008
------------ -----------
Net income from continuing operations $1,683,369 $330,967
Income tax benefit (1,278,888) -
Interest expense, net 135,969 264,006
Depreciation expense 315,721 303,042
Amortization of intangible merchant
contracts 195,699 192,768
Stock compensation expense 34,124 7,276
Loss on early extinguishment of debt 7,569 -
------- -------
Adjusted EBITDA $1,093,563 $1,098,059
========== ==========
The following table sets forth a reconciliation of net income from continuing operations to EBITDA from continuing operations before stock compensation expense and loss on early extinguishment of debt (“Adjusted EBITDA”) for the fiscal year ended December 31, 2009 and 2008:
For the Twelve Months Ended
December 31, December 31,
2009 2008
------------ -----------
Net income from continuing operations $2,813,206 $1,170,237
Income tax benefit (1,278,888) -
Interest expense, net 645,758 1,046,287
Depreciation expense 1,178,927 1,411,360
Amortization of intangible merchant
contracts 786,173 770,270
Stock compensation expense 120,188 159,840
Loss on early extinguishment of debt 474,960 -
------- -------
Adjusted EBITDA $4,740,324 $4,557,994
========== ==========
SOURCE Global Axcess Corp
Contact
Sharon Jackson of Global Axcess Corp, +1-904-395-1149, IR@GAXC.biz; or Brett Maas, Brett@haydenir.com, or Jeff Stanlis, Jeff@haydenir.com, both of Hayden IR, +1-646-536-7331, for Global Axcess Corp
Company Reports Record Fourth Quarter, 2009; 12th Consecutive Profitable Quarter and Best Quarter in Company’s History
Full-Year Revenue increases to $14.5 Million
Full-Year Operating Income increases 15.5% over 2008
-
Companies:
FAIRFIELD, N.J.–(BUSINESS WIRE)–Cover-All Technologies Inc. (OTC Bulletin Board: COVR.OB – News), a Delaware corporation (“Cover-All” or the “Company”), today announced record financial results for the full year and fourth quarter ended December 31, 2009.
Operational Highlights:
- Full-year 2009 revenue was $14.5 million compared to $13.5 million for the year 2008, an increase of 7.8%. Fourth quarter 2009 revenue increased 94.7%, to $6.2 million, compared to $3.2 million for the same period in 2008.
- Continuing revenue (maintenance and ASP revenue from contracts) for the full year 2009 was $7.1 million, up 14.7% from $6.2 million in the same period in 2008. Continuing revenue for the fourth quarter of 2009 was $1.8 million, up 11.7% compared to $1.6 million in last year.
- Net operating margin increased to 23% in 2009, up from 21% in 2008, as total expenses for 2009 increased only 5.7%, to $11.2 million, compared to $10.6 million for 2008.
- Operating income was $3.3 million, up 15.5% compared to $2.8 million last year, as operating income grew approximately twice as fast as total revenue, demonstrating the leverage in the Company’s business model.
- The Company’s balance sheet remains strong with stockholders’ equity at a record $11.5 million as of December 31, 2009. The Company completed the fourth quarter of 2009 with $4.3 million in cash, $7.2 million in working capital and no debt.
- During the fourth quarter, Cover-All signed three significant customer agreements. Some of the products and services were delivered and revenue was recognized in the fourth quarter of 2009. Additional professional services, license and maintenance revenues will be recognized as additional products and services are delivered in 2010 and early 2011.
John Roblin, Chairman of the Board of Directors and Chief Executive Officer of the Company, commented, “In a challenging economy, Cover-All produced its third consecutive record year. I’m particularly pleased with our ability to grow our operating income at approximately twice the pace of our revenue growth. As announced on January 13, 2010, Cover-All’s fourth quarter was the strongest quarter in our Company’s history and this represents the culmination of another successful year. During the quarter we announced three new contracts, the most ever in one quarter, which validates our expanded sales and marketing efforts. We are also expanding our My Insurance Center offering with exciting new capabilities that make us even more competitive in the marketplace as we focus on trying to achieve yet another record year for 2010.”
Full Year Financial Results
Total revenues for the year ended December 31, 2009 were a record $14.5 million, compared to $13.5 million in 2008, an increase of 7.8%. License revenue in 2009 was $4.1 million, compared to $3.8 million in 2008. In aggregate, maintenance and ASP revenue, which together represent continuing revenue, was $7.1 million for 2009, up 14.7% from $6.2 million in 2008. Professional services revenue for 2009 was $3.3 million, down 5.6% compared to $3.5 million in 2008.
Total expenses (cost of revenue and operating expenses) for the full year 2009 were $11.2 million, up 5.7% from $10.6 million in 2008.
The Company recorded an income tax benefit of $1.6 million in 2009, offset by the recognition of $840,000 for the portion of its tax valuation allowance, for a net benefit of $787,500. The income tax benefit represented approximately $0.03 in earnings per share for both the 2009 fourth quarter and full-year period. The Company does not expect to have to make significant cash payments for Federal income taxes until all net operating loss carryforwards are utilized. As of December 31, 2009, the balance of Federal net operating loss carryforwards was $16 million.
Net income, including the $787,500 tax benefit, for the year ended December 31, 2009 was $3.9 million, or $0.16 per share (based on 25.1 million weighted average diluted shares). This compared to $4.6 million, or $0.19 per share (based on 24.2 million weighted average diluted shares), for 2008, which included a $1.7 million, or $0.07 per share, tax benefit.
Fourth Quarter Financial Results
Total revenues for the three months ended December 31, 2009 were a record $6.2 million, compared to $3.2 million for the same period in 2008, an increase of 94.7%. License revenue for the three months ended December 31, 2009 was $3.7 million, compared to $282,000 for the same period in 2008. In aggregate, maintenance and ASP revenue, which together represent continuing revenue, was $1.8 million for the fourth quarter of 2009, up 11.7% from $1.6 million in the same period in 2008. Professional services revenue for the fourth quarter of 2009 was $696,000, down 44.7% compared to $1.3 million for the same period in 2008.
Total expenses (cost of revenue and operating expenses) for the three months ended December 31, 2009 increased 23.0% to $3.5 million from $2.9 million. Inclusive of the $787,000 or $0.03 per share tax benefit, net income for the three months ended December 31, 2009 was a record $3.3 million, or $0.13 per share, compared to $2.0 million, or $0.08 per share, in the same quarter of 2008. Net income for the fourth quarter of 2008 included a tax benefit of $1.7 million, or $0.07 per share.
“We had a strong finish to 2009, due in no small part to the revolutionary capabilities of My Insurance Center and our reputation for delivering on our promises,” commented Mr. Roblin. “These contracts are multiyear agreements that are by their nature complex. We cannot predict precise timing of new revenues given both the complexity of the contract process and the strict rules regarding revenue recognition.”
Balance Sheet
Stockholders’ equity was $11.5 million as of December 31, 2009 compared to $7.8 million as of December 31, 2008. Total assets increased to $15.0 million as of December 31, 2009 compared to $11.0 million as of December 31, 2008. As of December 31, 2009, the Company had $4.3 million in cash, $7.2 million in working capital and no debt.
“We are proud to report our third consecutive record year and our 12th consecutive profitable quarter. The company is stronger than ever before and our opportunities to grow and expand have considerably increased. Moreover, we continue to grow our continuing, or recurring, revenue base setting the stage for increasing profitability. We have proven our business model and our ability to deliver consistent and record results. We expect 2010 to be a very exciting year as we expand our My Insurance Center offering with innovative new capabilities that will be attractive both to new as well as to our existing customers, making us even more competitive in the marketplace. We are also actively focused on additional strategic opportunities for growth.” concluded Mr. Roblin.
Conference Call Information
Management will conduct a live teleconference to discuss its fourth quarter 2009 financial results at 4:30 p.m. ET on Tuesday, February 16, 2010. Anyone interested in participating should call 1-877-941-8418 if calling from the United States, or 480-629-9809 if dialing internationally. A replay will be available until February 23, 2010, which can be accessed by dialing 1-800-406-7325 within the United States and 1-303-590-3030 if dialing internationally. Please use passcode 4226918 to access the replay. In addition, the call will be webcast and will be available on the Company’s website at http://www.cover-all.com/.
About Cover-All Technologies Inc.
Cover-All Technologies Inc., since 1981, has been a leader in developing sophisticated software solutions for the property and casualty insurance industry – first to deliver PC-based commercial insurance rating and policy issuance software. Currently, Cover-All is building on its reputation for quality insurance solutions, knowledgeable people and outstanding customer service by creating new and innovative insurance solutions that leverage the latest technologies and bring our customers outstanding capabilities and value.
With extensive insurance knowledge, experience and commitment to quality, Cover-All continues its tradition of developing technology solutions designed to revolutionize the way the property and casualty insurance business is conducted. Additional information is available online at www.cover-all.com.
Cover-All®, My Insurance Center™ (MIC) and Insurance Policy Database™ (IPD) are trademarks or registered trademarks of Cover-All Technologies Inc. All other company and product names mentioned are trademarks or registered trademarks of their respective holders.
Forward-looking Statements
Statements in this press release, other than statements of historical information, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks which may cause the Company’s actual results in future periods to differ materially from expected results. Those risks include, among others, risks associated with increased competition, customer decisions, the successful completion of continuing development of new products, the successful negotiations, execution and implementation of anticipated new software contracts, the successful addition of personnel in the marketing and technical areas, our ability to complete development and sell and license our products at prices which result in sufficient revenues to realize profits and other business factors beyond the Company’s control. Those and other risks are described in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, including but not limited to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on March 30, 2009, and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2009, filed with the SEC on August 13, 2009, copies of which are available from the SEC or may be obtained upon request from the Company.
The following is a summary of operating highlights for the three and twelve months ended December 31, 2009 and 2008, respectively, and the consolidated balance sheet as of December 31, 2009 and 2008, respectively:
| Cover-All Technologies Inc. and Subsidiaries | ||||||||||||||||
| Operating Highlights | ||||||||||||||||
|
Three months ended
|
Twelve months ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
| Revenues: | ||||||||||||||||
| Licenses | $ | 3,653,972 | $ | 281,697 | $ | 4,138,252 | $ | 3,802,293 | ||||||||
| Maintenance | 1,246,955 | 1,114,766 | 4,987,218 | 4,150,909 | ||||||||||||
| Professional Services | 696,065 | 1,257,641 | 3,281,973 | 3,476,877 | ||||||||||||
| Applications Service Provider | ||||||||||||||||
| Services | 573,645 | 515,822 | 2,107,949 | 2,037,180 | ||||||||||||
| Total Revenues | 6,170,637 | 3,169,926 | 14,515,392 | 13,467,259 | ||||||||||||
| Costs and Expenses: | ||||||||||||||||
| Cost of Sales | 2,656,059 | 1,933,657 | 7,760,267 | 7,144,584 | ||||||||||||
| Research and Development | 221,088 | 424,965 | 890,951 | 1,035,014 | ||||||||||||
| Sales and Marketing | 217,533 | 306,465 | 906,074 | 883,428 | ||||||||||||
| General and Administrative | 453,010 | 198,288 | 1,674,445 | 1,540,044 | ||||||||||||
| Provision for Doubtful Accounts | – | 20,770 | – | 20,770 | ||||||||||||
| Other Expense (Income), Net | (2,436 | ) | (7,632 | ) | (44,754 | ) | (40,405 | ) | ||||||||
| Interest Expense (Income), Net | (88 | ) | (16,840 | ) | (6,172 | ) | (19,868 | ) | ||||||||
| Total Costs and Expenses | 3,545,166 | 2,859,673 | 11,180,811 | 10,563,567 | ||||||||||||
| Income Before Income Taxes | $ | 2,625,471 | $ | 310,253 | $ | 3,334,581 | $ | 2,903,692 | ||||||||
| Income Tax Expense | (641,811 | ) | (1,680,001 | ) | (582,325 | ) | (1,652,634 | ) | ||||||||
| Net Income | $ | 3,267,282 | $ | 1,990,254 | $ | 3,916,906 | $ | 4,556,326 | ||||||||
| Basic Earnings | ||||||||||||||||
| Per Common Share | $ | 0.13 | $ | 0.08 | $ | 0.16 | $ | 0.19 | ||||||||
| Diluted Earnings | ||||||||||||||||
| Per Common Share | $ | 0.13 | $ | 0.08 | $ | 0.16 | $ | 0.19 | ||||||||
| Cover-All Technologies Inc. and Subsidiaries | ||||||||
| Consolidated Balance Sheet | ||||||||
|
December 31,
|
December 31,
|
|||||||
|
2009
|
2008
|
|||||||
| (unaudited) | ||||||||
| Assets: | ||||||||
| Current Assets: | ||||||||
| Cash and Cash Equivalents | $ | 4,324,446 | $ | 4,686,470 | ||||
| Accounts Receivable (Net) | 5,086,482 | 2,055,815 | ||||||
| Prepaid Expenses | 415,492 | 334,804 | ||||||
| Deferred Tax Asset | 806,750 | 840,000 | ||||||
| Total Current Assets | 10,633,170 | 7,917,089 | ||||||
| Property and Equipment – At Cost: | ||||||||
| Furniture, Fixtures and Equipment | 624,266 | 623,547 | ||||||
| Less: Accumulated Depreciation | (371,329 | ) | (300,164 | ) | ||||
| Property and Equipment – Net | 252,937 | 323,383 | ||||||
| Other Assets: | ||||||||
| Deferred Tax Asset | 1,660,750 | 840,000 | ||||||
| Other Assets | 110,150 | 110,151 | ||||||
| Capitalized Software | 2,341,960 | 1,848,111 | ||||||
| Total Assets | $ | 14,998,967 | $ | 11,038,734 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Current Liabilities: | ||||||||
| Accounts Payable | $ | 208,814 | $ | 227,007 | ||||
| Accrued Expenses Payable | 1,275,058 | 1,061,065 | ||||||
| Taxes Payable | 139,035 | 0 | ||||||
| Deferred Charges | 27,510 | 22,503 | ||||||
| Unearned Revenue | 1,750,303 | 1,800,485 | ||||||
| Total Current Liabilities | 3,400,720 | 3,111,060 | ||||||
| Long-Term Liabilities: | ||||||||
| Deferred Charges | 96,333 | 123,844 | ||||||
| Total Long-Term Liabilities | 96,333 | 123,844 | ||||||
| Stockholders’ Equity: | ||||||||
| Common Stock | 248,856 | 246,902 | ||||||
| Paid-In Capital | 29,703,254 | 29,185,646 | ||||||
| Retained Earnings | (18,285,302 | ) | (21,463,824 | ) | ||||
| Treasury Stock | (164,894 | ) | (164,894 | ) | ||||
| Total Stockholders’ Equity | 11,501,914 | 7,803,830 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 14,998,967 | $ | 11,038,734 | ||||
Contact:
Cover-All Technologies Inc. Ann Massey, 973-461-5190 Chief Financial Officer amassey@cover-all.com or Investor: Hayden IR Brett Maas, 646-536-7331 Principal brett@haydenir.com
WidePoint Corporation Retains Hayden IR to Expand Comprehensive Investor
Relations Program
Company Focused on Increasing Awareness and Enhancing Shareholder Value
WASHINGTON, February 2, 2010 – WidePoint Corporation (NYSE-AMEX: WYY), specialist in wireless
mobility management and cybersecurity solutions, announced today it has retained Hayden IR, a New Yorkbased
national investor relations consulting firm, to provide guidance and execute a strategic investor
relations campaign designed to increase awareness and enhance shareholder value.
“Now that WidePoint has past the inflection point and is witnessing sustainable growth, profitability and cash
flows, we decided to engage Hayden IR to broaden our exposure with investors and work with our
management team to create lasting shareholder value,” said Jim McCubbin, WidePoint’s chief financial
officer. “WidePoint continues to benefit from the push by government organizations to improve efficiency,
deploy volume purchasing power and enhance their cyber-security, and we have just begun to penetrate this
rapidly developing marketplace. We are eager to convey this to potential investors and feel it is an opportune
time to enlist Hayden’s expertise to expand and improve our investor relations initiatives with a broader
comprehensive investor program.”
With offices in New York, Phoenix, Minneapolis and San Diego, Hayden IR provides a comprehensive range
of investor relations services to a growing list of clients. For more than a decade, Hayden IR has been a
recognized leader in driving market recognition and creating sustainable competitive advantages for more
than 100 micro- and small-cap companies. Hayden delivers expertise and professionalism in such areas as
investor management, relationship building, awareness campaigns, online presence and corporate identity.
Brett Maas, Managing Partner at Hayden IR, added, “WidePoint has demonstrated consistent, sequential and
year-over-year revenue growth while expanding operating margins that are poised to drive a significant and
increasing portion of incremental revenue to the bottom line. WidePoint has developed proprietary technology
to create ‘stickiness’ with its growing base of government customers, providing investors with significant
visibility and confidence for the future. We are enthusiastic about developing a program that will help raise
WidePoint’s visibility and communicate their competitive strengths, market potential and industry-leading
position to the investment community.”
About WidePoint
WidePoint is a specialist in providing wireless mobility management and cybersecurity solutions utilizing its
advanced information technology products and services. WidePoint has several wholly owned subsidiaries
holding major government and commercial contracts including, Operational Research Consultants, Inc.,
iSYS, LLC, Protexx, and WidePoint IL. WidePoint enables organizations to deploy fully compliant IT
services in accordance with government-mandated regulations and advanced system requirements. For more
information, visit http://www.widepoint.com.
Safe-Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain
forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the
Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current
expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing
plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth
strategy and operating strategy; (iv) the declaration and payment of dividends; and (v) the risk factors disclosed in the
Company’s periodic reports filed with the SEC. The words “may,” “would,” “will,” “expect,” “estimate,” “anticipate,”
“believe,” “intend” and similar expressions and variations thereof are intended to identify forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve
risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ
materially from those projected in the forward-looking statements as a result of various factors including the risk factors
disclosed in the company’s Forms 10-K and 10-Q filed with the SEC
For More Information:
James T. McCubbin, EVP and CFO
WidePoint.Corporation Hayden IR
7926 Jones Branch Drive, Suite
McLean, VA 22102
(703) 349-2577
jmccubbin@widepoint.com
Brett Maas or David Fore
Hayden IR
(646) 536-7331
brett@haydenir.com
Apple iPad Review
Posted by: | CommentsApple never ceases to amaze me. First, they took over the mobile industry by storm. Then the Mp3 market.. and now Apple releases the Apple iPad.
Here is a quick video review of the Apple iPad. Sorry Kindle I know you just came out but I predict the Kindle will be a thing of the past before it even became a thing of the present.
Brett Maas dot Org, Brett Maas dot Net
Google co-founders Sergey Brin, Larry Page plan big stock sale
Posted by: | Comments
Google’s two co-founders, Larry Page and Sergey Brin, are going to cash out a large block of their company stock.
Google said Friday that Brin and Page each plan to gradually sell about 5 million shares of stock, “as part of their respective long-term strategies for individual asset diversification and liquidity,” according to a filing with the U.S. Securities and Exchange Commission.
With that sort of liquidity, Page and Brin certainly won’t have any trouble paying the light bill. Even with Google stock dropping almost $33 a share Friday to $550.01, following a strong fourth-quarter earnings report that apparently wasn’t quite as sterling as investors wanted to see, 5 million shares would be worth about $2.75 billion to each Google founder.
Check out the rest of the article here.
Connect with me at Brett Maas Dot org & Brett Maas Dot net
Bsquare Prepares Ford SYNC for 15,000+ Possible Uses
Posted by: | CommentsFord and Bsquare Add New Touch Screen UI to Develop
Most Advanced Auto Entertainment Communications System Ever
Las Vegas, NV and Bellevue, Wash. – Jan. 7, 2010 – Start it up, adjust the volume, turn up the heat, check the traffic and call ahead. That’s just one of the more than 15,000 possible combinations Bsquare Corporation (Nasdaq: BSQR), had to plan for and test to develop the newest version of the Ford SYNC, the most advanced in-vehicle infotainment system ever implemented.
Ford SYNC offers an unprecedented number of features – such as navigation, hands-free calling, phone book, text to voice messaging and CD, DVD, radio and media player control – through a single touch screen or by voice command. Using Microsoft’s Windows Embedded Auto software platform, Bsquare worked closely with Ford and integrated the technologies of other Ford partners to develop the system that makes all of these features function as a single integrated solution. The work included managing hardware and software integration.
“From the amount of information SYNC controls to how it can receive software updates, this truly is a ground-breaking product that will change the auto industry,” says Carey Butler, Bsquare’s vice president of professional engineering services. “Ford SYNC is the ultimate converged device. It is far and away the most advanced in-vehicle infotainment system to be implemented and has made Ford cars best in class for technology. The first version of SYNC was impressive, but this blows the doors off.”
Bsquare estimates that average drivers perform two- to three-thousand possible combinations of actions in every trip—from opening the door to making a left-hand turn. Bsquare’s integration of Ford SYNC had to plan for those thousands of possible actions, integrate many technologies and test all the functionalities of SYNC across hundreds of phones, portable media players and other devices to ensure a seamless experience for consumers. Additionally, Ford required a new level of integration among all the possible applications through a very easy-to-use touch screen or voice control.
“A key challenge facing automakers is how to bring these innovative solutions to their customers quickly and affordably, while maintaining a competitive edge,” said Ilya Bukshteyn, senior marketing director for Microsoft’s Windows Embedded Business division. “Ford SYNC transforms the user experience for both driver and passenger and Bsquare has shown expertise and innovation on the Windows Embedded Auto platform. The development of a state-of-the-art, in-vehicle communications and entertainment system for a mobile and rugged environment with an outstanding user experience is a great engineering feat.”
From Part to Art: Bsquare Combines New Technologies for Breakthrough Developments
Bsquare Integrated several new technologies for the project, including:
Custom User Interface: Bsquare implemented the entire user interface designed by Ford, including integration of Adobe Flash, to provide state of the art graphic and multimedia capabilities. It also integrated several other technologies including speech recognition, navigation, media, climate controls and phone for a seamless user experience.
Single Point of Navigation (Voice and Touch): Bsquare combined applications from other Ford partners into its customized user interface to provide a single point of control, whether driven by speech commands or a touch screen.
About Bsquare
Bsquare is an industry leader with a proven track record in providing engineering services and production-ready software products for the smart device market. Bsquare is involved with the automotive industry at all levels including automotive manufacturers and after-market infotainment OEMs. With an automotive consulting practice that encompasses deep technical knowledge of Windows Embedded Auto platform and the technologies needed to integrate speech recognition, hands free phone support, entertainment and navigation, Bsquare enables OEMs to select, adopt, develop and ship best in class products. Since 1994, Bsquare has provided device manufacturers with software solutions for personal navigation devices, point-of-sale terminals, handheld data terminals, smart phones and many other device categories allowing them to get to market more quickly and cost effectively.
For more information, visit www.bsquare.com.
Bsquare Contact: Investors: Barbara Leavitt Brett Maas Bsquare Corporation Hayden IR 1.425.519.5258 1.646.536.7331 BarbaraL@bsquare.com Brett@haydenir.comEcho Therapeutics Corporate Profile
Posted by: | Comments
Echo Therapeutics
Echo Therapeutics is a transdermal medical device company developing its needle-free Symphony™ tCGM System as a non-invasive, wireless, transdermal continuous glucose monitoring (tCGM) system and its Prelude™ SkinPrep System as a platform technology for transdermal drug delivery. Echo believes that the Symphony tCGM System will change the paradigm of invasive, needle-based, episodic glucose testing in the diabetes consumer and hospital critical care markets to one of continuous, needle-free monitoring. Echo is also developing its needle-free Prelude SkinPrep System as a platform technology for enhanced skin permeation to allow for transdermal drug delivery of a wide range of FDA-approved products.
Want to learn more? Open, Print, and Read the full corporate profile and power point presentation below.
Samsung Profit Soars!
Posted by: | CommentsSEOUL—Samsung Electronics Co.’s third-quarter profit more than tripled from a year ago —to 3.72 trillion won ($3.14 billion), its highest quarterly profit ever—as its chip business soared to its highest operating profit in two years, joining strong performances in its other divisions after a prolonged slump.
Check it out on the Wall Street Journal
Connect with me at Brett Maas Twitter, Brett Maas Dot Net, Brett Maas Facebook.