Cenuco Announces Fourth Quarter and Year-End Results Year of
Transition Positions Company for Growth of Wireless Video
Monitoring Business BOCA RATON, Fla., Sept. 28
/PRNewswire-FirstCall/ -- Cenuco, Inc. (AMEX:ICU) today announced
its financial results for the fourth quarter and fiscal year ended
June 30, 2004. For the fourth quarter ended June 30, 2004 revenues
were $497,000 compared to $191,000 in the fourth quarter of 2003.
The net loss for the fourth quarter was $2.5 million, or $0.21 per
fully diluted share, compared to a net loss of $828,000, or $0.09
per fully diluted share in the fourth quarter of 2003. For the year
ended June 30, 2004 revenues were $1.5 million compared to $1.6
million for 2003. The net loss for the year ended June 30, 2004 was
$3.6 million, or $0.36 per fully diluted share, as compared to a
net loss of $1.3 million, or $0.15 per fully diluted share for
2003. During fiscal 2004 the Company implemented a strategy to
expand its wireless video monitoring business and is now uniquely
positioned to provide cellular carriers a host of video streaming
products, which generate an increase in subscriber adoption of
wireless data services, as well as monthly service revenue for
carriers. Cenuco's wireless video monitoring solutions allow users
to view real-time streaming video of security cameras at their home
or place of business from anywhere they receive a cellular
connection. The net loss for 2004 includes one-time costs
associated with the listing on the American Stock Exchange as well
as certain expenses associated with capital-raising activities.
Additionally, the net loss includes non-cash expenses of
approximately $2.6 million. Although research and development will
continue in fiscal 2005, the bulk of the costs related to the
development, testing, packaging, and marketing of the wireless
products and services were associated with the Company's 2004
capital expenditures. The Company expects strong revenue growth and
a positive free cash-flow position during fiscal 2005, as cellular
based remote viewing products achieve increased market acceptance
and wider distribution. Cenuco is debt free with more than $5
million in cash. Company milestones in 2004 include: * An American
Stock Exchange listing in May 2004, trading under the symbol: ICU
"I see you." * Closed on a private placement financing raising net
proceeds of approximately $5.5 million for working capital
purposes, with over $7 million available to the Company through the
exercise of warrants. * Key hires on the management team: Robert
Picow, Chairman, previously with Brightpoint (NASDAQ:CELL). Jordan
Serlin, Chief Operating Officer, previously with United Kingdom
based Tenestra, Ltd. Doug McMillan, Director of Business
Development and Marketing, previously with IBM (NYSE:IBM) and Tyco
(NYSE:TYC). * Developed partnerships and affiliates including:
Intel Corporation, Microsoft Corporation, Qualcomm, and Tyco. *
Agreed to distribution terms with Cellstar, Infosonics and FCI
Associates, and other integrated distribution companies. They
represent Cenuco's wireless remote monitoring products and
services. Steven Bettinger, President and CEO, commented, "The
results for the year are best seen against the background of the
milestones we have achieved. We have great expectations for fiscal
2005 and are pleased that the accomplishments in 2004 resulted in a
strong foundation for future success. We will continue to sell our
products in many vertical markets, as the market for wireless
technologies is developing. Our plan calls for us to build
subscription base revenue streams for various industries and
develop niche vertical markets for our wireless solutions. We
intend to pursue marketing opportunities which allow us to develop
the market presence needed to support sales goals and to attract
developers of new products and services. Cenuco will maintain and
strengthen strategic relationships with suppliers and customers as
we focus on providing a quality product and support after the
sale." The Company previously announced it intends to divest its
online education and distance learning business. The divestiture is
expected to be completed in the second quarter of fiscal 2005.
Proceeds from the divestiture will be used to fund the growth of
the wireless video monitoring business. About Cenuco Cenuco, Inc.
develops wireless solutions for transmitting live streaming video
to PDAs and cell phones. The Company's technology has applications
in a variety of markets, including security, education, real
estate, insurance, government and retail market segments. Cenuco's
wireless video monitoring solutions are the primary focus of its
business and allow users to view real- time streaming video of
security cameras at their home or place of business from anywhere
they receive a cellular connection, regardless of the carrier or
user's location. The Company's products address the fast-growing
security, surveillance and Homeland Security markets, and some of
its monitoring products have been listed on the Federal General
Services Administration (GSA) schedule. Please visit
http://www.cenuco.com/ for additional information. Certain
statements contained herein may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, 21E of the Exchange Act of 1934 and/or the Private
Securities Litigation Reform Act of 1995. Such statements include,
without limitation, statements regarding business plans, future
regulatory environment and approval and, the Company's ability to
comply with the rules and policies of independent regulatory
agencies. Although the Company believes the statements contained
herein to be accurate as of the date they were made, it can give no
assurance that such expectations will prove to be correct. The
Company undertakes no obligation to update these forward-looking
statements. -- financial tables to follow -- CENUCO, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS For the Year
Ended Quarter Ended June 30, June 30, 2004 2003 2004 2003
(Unaudited)(Unaudited) NET REVENUES: Tuition and Tuition- related $
1,337,648 $ 1,181,718 $ 458,576 $ 151,853 Wireless Products and
Services 176,701 395,761 38,318 38,805 NET REVENUES 1,514,349
1,577,479 496,894 190,658 COSTS AND EXPENSES: Cost of Equipment
Sales -- Wireless Products and Services 27,019 157,656 9,377 2,355
Instructional and Educational Support 114,551 99,956 29,855 15,980
Research and Development 30,163 64,742 4,784 23,249 Bad Debt
Expense 162,956 177,357 60,475 (79,817) Selling and Promotion
329,333 353,403 141,156 32,008 Impairment Loss 884,028 -- 884,028
-- General and Administrative 3,610,179 1,879,312 1,833,818 610,740
Total Operating Expenses 5,158,229 2,732,426 2,963,493 604,515 LOSS
FROM OPERATIONS (3,643,880) (1,154,947) (2,466,599) (413,857) OTHER
INCOME: Interest Income 21,956 18,921 12,546 2,445 LOSS BEFORE
INCOME TAXES (3,621,924) (1,136,026) (2,454,053) (411,412) INCOME
TAX EXPENSE: Deferred Income Tax -- (153,156) -- (416,100) Total
Income Tax Expense -- (153,156) -- (416,100) NET LOSS $(3,621,924)
$(1,289,182) $(2,454,053) $(827,512) BASIC AND DILUTED: Net Loss
Per Common Share -- Basic and Diluted $ (0.36) $ (0.15) $ (0.21) $
(0.09) Weighted Common Shares Outstanding -- Basic and Diluted
10,047,698 8,767,481 11,805,018 8,948,870 DATASOURCE: Cenuco, Inc.
CONTACT: Steve M. Bettinger, President, Cenuco, Inc.,
+1-561-997-2602; or Vincent Daniels, VP - Investor Relations, or
Margarerit Drgos, VP - Media Relations, or Jeff Myhre, VP -
Editorial, all of Porter, Le Vay & Rose, Inc., +1-212-564-4700
Web site: http://www.cenuco.com/
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