WizCom Technologies Releases Q1 2009 Results>
WizCom Technologies Releases Q1 2009 Results
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ Rosh Ha'ayin, July 6th, 2009 - WizCom Technologies Ltd. ("WizCom")(Prime Standard: WZM, IL 0010830706), a leading global provider ofhandheld scanning and translation tools, announces its delayedresults for the first quarter of 2009. Figures in this press releaseare according to US-GAAP and in US$ thousands.Financial HighlightsRevenues for Q1 of 2009 dropped by 23% compared to Q1 2008, fromUS$2,226 to US$1,705. However, compared to Q4 of 2008, revenuesincreased by 26%.Gross profit margin for the first quarter came in at 38%, compared to41% for the previous year.An operating loss of US$146 was posted as compared to a US$256operating loss for Q1 2008.A net loss was posted of US$112, compared with last year's Q1 netloss of US$264.Basic and diluted net loss per common share was US$0.01, compared toUS$0.02 for Q1 2008.As of 31 March 2009, the Company had cash and cash equivalents ofUS$240, as compared to US$194 thousand for 31 December 2008,representing a positive total cash-flow of US$46, while net cash usedin operating activities was still negative with US$10.OperationsMr Shimon Amouyal, CEO for WizCom, stated, "First of all, we wouldlike to apologize for the delay in posting our results, for whichthere were two main reasons. To begin with, in May there was a majorchange in Management with the appointment of both a new CEO and CFO.Secondly, new auditors were appointed. The people involved inproducing the accounts obviously required time to get to grips withthe ins and outs of the Company, which led to a delay in producingthe figures.""As to our results, I can state that we are confident we will be ableto build upon what the Company has achieved so far. The cost cuttingplan, engaged upon under the reign of Mr Elad as CEO, has shown veryclear results, with our bottom line improving significantly. We alsoposted a substantial revenue increase over the fourth quarter of2008, which we believe is a sign of the validity of our strategy todevelop new online distribution channels. We think that with theseresults, especially in these troubled times, we have shown ourability to implement a turn around. We are not there yet, but thefirst positive results are in."During Q1 2009 the Company managed to reduce operating costs by 42%compared to the previous year's period. The main reason for thisdevelopment was the reduction in wages from US$1,344 in Q1 2008 toUS$ 971 for the first three months of 2009. WizCom has continued itscost cutting plan into Q2 2009, with further decreases in expensescoming from items such as the change of the company's headquarters,with reduced space and lease costs. In addition, WizCom benefitedfrom a stronger US-Dollar vs. NIS, which resulted in a positiveeffect on the net income by US$109.OutlookAlthough it is too early to come with quantitative statements as tothe outlook for the coming financial year, Management believes thatthe results achieved in today's market place allow the Company tofeel confident about its ability to further improve the bottom line.Ms Kochava Shmaryahu, CFO for WizCom, stated: "We have high hopes ofbecoming cash flow positive this coming year and approach breakevenor even achieve profitability. The organization is now in a muchbetter place than it was 18 months ago and we look forward tocapitalize on the opportunities that WizCom's technology and itsposition in the market for translation tools are offering. However,Management is continuously evaluating further options to improve theCompany's costs structures."In Q1 2009 the Company has taken measures to develop new channels forthe sales of its products, such as selling products via the Company'sown website. The initial success has encouraged Management further todevelop the e-commerce strategy and tools. Moreover, WizCom isundertaking efforts to build up a world wide sales team. So far, newsales managers for Turkey, Latin America and Israel have beenrecruited. Last but not least, a loyalty program will be launchedaimed at resellers in order to incentivize distribution partners. Onthe cost side, a further efficiency improvement in the productionprocess is on top of the agenda.The above mentioned activities have started to sort effect, which hasresulted in an increase in liquidity.About Wizcom Group:WizCom Technologies Ltd. is the world's leading producer of personal,portable scanning pens that help people read and process text. Thesepocket-sized, user-friendly devices enable people to understand anduse printed material, anytime and anywhere, without disrupting theirreading process. Our pens help students of English as a first orsecond language, as well as people working in multilingualenvironments, enhancing their fluency and expediting readingcomprehension.WizCom Technologies Inc, Boston, US-based entity, responsible forWizCom Group operations in the Americas.Ligature Ltd. is a world leader developer of Optical CharacterRecognition (OCR) technologies and applications. The company offersinnovative approach to OCR based solutions for specialized marketspartnering with OEMs, VARs and system integrators incorporatingCharacterEyes into software applications and hardware products.Galil Microwaves Israel (2003) Ltd. is a third party manufacturer andassembler of electronic modules for microelectronic and microwavecomponents.For further information, please contact:WizCom Technologies Ltd.Shimon Amouyal, CEO13 Hamelacha St.Rosh Ha'ayin, 48091, IsraelPhone +972-3-9103330shimona(at)wizcomtech.comhttp://www.wizcomtech.comSCHWARZ Financial CommunicationFrank SchwarzInvestor RelationsGermanyPhone +49-611-1745-398-11Schwarz(at)schwarzfinancial.comhttp://hugin.info/130210/R/1327254/312646.pdf --- End of Message ---WizCom Technologies Ltd.8B Hamarpe St. Jerusalem IsraelWKN: 915856; ISIN: IL0010830706; Index: Prime All Share, TECH All Share;Listed: Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Stuttgart, Prime Standard in Frankfurter Wertpapierbörse, Regulierter Markt in Frankfurter Wertpapierbörse;
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Datum: 06.07.2009 - 12:25 Uhr
Sprache: Deutsch
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