Cognitronics Reports Second Quarter Results
14 Agosto 2006 - 4:24PM
Business Wire
Cognitronics Corporation (AMEX:CGN) today reported a net loss for
the second quarter ended June 30, 2006 of $2.6 million, or $.36 per
share on a diluted basis, compared to a net loss of $1.7 million,
or $.30 per share on a diluted basis, in the prior year's second
quarter. The 2005 net loss included a loss from discontinued
operations of $.5 million, or $.08 per share on a diluted basis.
Revenues for the second quarter were $1.6 million in 2006 versus
$1.1 million in 2005. The company said that the $.5 million
increase in second quarter 2006 revenues from the comparable 2005
quarter was primarily attributable to the revenues of ThinkEngine
Networks, Inc., which was acquired in November 2005. "We have
witnessed a continuing shift in the wireline segment of the
telecommunications market resulting in increasing emphasis on
capital investment in next generation services and build-out of the
fiber optic infrastructure," said Brian J. Kelley, president and
chief executive officer of Cognitronics. "In turn, this shift has
caused a decreasing amount of available capital investment funding
for the legacy wireline operations, impacting the demand for the
company's CX Media Servers. As a result, the Company reorganized
its CX Media Server group in the second quarter to reflect the
current demand level for media servers in the legacy wireline
space, including a reduction in and reassignment of personnel.
"Concurrently, in view of the increased demand for next generation
voice services and conferencing solutions, additional resources are
being added to sales, marketing and R&D efforts supporting the
VSR 1000 products, including personnel reassigned from the CX Media
Server group." For the six months ended June 30, 2006, the Company
reported a net loss of $3.3 million, or $.46 per diluted share,
versus a net loss of $2.5 million, or $.43 per diluted share, for
the same period in 2005. Revenues for the six-month period were $5
million in 2006, compared to $2.8 million in 2005. The 2005 net
loss included a loss from discontinued operations of $.7 million,
or $.13 per share on a diluted basis. ABOUT COGNITRONICS
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
Securities and Exchange Commission filings. -0- *T COGNITRONICS
CORPORATION SUMMARY OF RESULTS Three Months Ended June 30,
------------------------- 2006 2005 ------------ ------------ Net
revenues $1,576,000 $1,054,000 Loss from continuing operations
($2,572,000) ($1,241,000) Loss from discontinued operations
($454,000) Net loss ($2,572,000) ($1,695,000) Loss per basic and
diluted share: Continuing operations ($.36) ($.22) Discontinued
operations ($.08) Net loss ($.36) ($.30) Weighted average number of
basic and diluted shares outstanding: 7,058,257 5,653,173 Six
Months Ended June 30, ------------------------- 2006 2005
------------ ------------ Net revenues $5,041,000 $2,775,000 Loss
from continuing operations ($3,322,000) ($1,739,000) Loss from
discontinued operations ($711,000) Cumulative effect of change in
accounting principle $36,000 Net loss ($3,286,000) ($2,450,000)
Loss per basic and diluted share: Continuing operations ($.47)
($.31) Discontinued operations ($.13) Cumulative effect of change
in accounting principle $.01 Net loss ($.46) ($.43) Weighted
average number of basic and diluted shares outstanding 7,104,496
5,643,571 SUMMARY OF FINANCIAL POSITION June 30, December 31, 2006
2005 ------------ ------------ Cash, cash equivalents and
marketable securities $5,296,000 $8,120,000 Working capital
$4,516,000 $7,251,000 Total assets $15,157,000 $21,205,000 Total
stockholders' equity $10,229,000 $14,015,000 *T
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