Wizcom Technologies Releases Nine Months 2010 Results
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Wizcom Technologies Ltd. /
Wizcom Technologies Releases Nine Months 2010 Results
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Lower Revenues Due to Supply Issues
Rosh Ha'ayin, November 24th, 2010 - Wizcom Technologies Ltd. ("Wizcom") (Prime
Standard: WZM, IL 0010830706), a leading global provider of handheld scanning
and translation tools, today announces its results for the first nine months of
2010. Figures in this press release are according to US-GAAP and in US$
thousands.
Financial Highlights
* Revenues for the first nine months of 2010 fell by 35.3% compared to the
same period last year, from US$4,478 to US$2,898, due to delay in product
shipping resulting from the need to switch supplier and the associated ramp
up process.
* The Gross profit margin for the first nine months of 2010 fell from 36.3% to
29.1% due to the costs associated with the aforementioned changeover to a
new supplier.
* An operating loss of US$1,233 was posted for the first nine months of 2010,
as compared to a US$495 operating loss for the first nine months of 2009.
* Total operating expenses for the first nine months of 2010 were down 2% to
US$2,074 from US$2,119.
* Net loss increased compared to the same period last year from US$517 to
US$1,710, mainly related to the lower revenues.
* Basic and diluted net loss per common share was US$0.142, compared to
US$0.043 for the same period last year.
* As of September 30th 2010, the Company had cash and cash equivalents of
US$190, as compared to US$677 for December 31st, 2009. Compared to 30th
September 2009, cash was up from US$118.
Operations
Mr Shimon Amouyal, CEO for Wizcom, stated, "We obviously had a difficult first
nine months due to the fallout from the dispute with our former supplier
Teliran, on which we reported extensively. As a result, we were not able to
ship finished product in line with demand. However we now have a new and
established supplier whose production capacity is continuously increasing.
Furthermore, we expect to announce the appointment of a second supplier very
shortly, which is in line with our strategy to reduce our dependence on one
single source."
"I think that the main thing we have to take from the last nine months is the
importance of hedging against large dependencies as we had in the past. We have
solved this issue and are eagerly looking forward to see the output constantly
increasing in order to be able to answer the existing demand for our products.
Our distributor channels are intact and we expect to be able to use most of the
backlog that built up during the transition period, and start taking new orders,
which we expect to come through in the current quarter and beyond."
Outlook
"The channel strategy we developed and our increased presence in certain key
regions are starting to show results and we are seeing an increase in orders,
especially from the US and the Far East. In addition, the number of visitors to
our online store is increasing on a monthly basis, which should create a further
upswing in revenues. We also continue to control costs, which, going forward
with the expected increase in revenues, will reflect on our bottom line."
"The signs so far for the fourth quarter are positive and I am pleased that the
supply problems which has reflected in the near past is seemingly behind us. We
are hoping to post a significant improvement in both top and bottom line
performance. In addition, and despite the difficult situation the company has
had in 2010, we recently launched a new generation of our product: "Quicktionary
TS" was received very well by distributors worldwide and will be shipped from
December onwards."
The full Q3 report is provided as PDF download attached to this message.
About Wizcom Group:
Wizcom Technologies Ltd. is the world's leading producer of personal, portable
scanning pens that help people read and process text. These pocket-sized, user-
friendly devices enable people to understand and use printed material, anytime
and anywhere, without disrupting their reading process. Our pens help students
of English as a first or second language, as well as people working in
multilingual environments, enhancing their fluency and expediting reading
comprehension.
Wizcom Technologies Inc, Boston, US-based entity, responsible for Wizcom Group
operations in the Americas.
Ligature Ltd. is a world leader developer of Optical Character Recognition (OCR)
technologies and applications. The company offers innovative approach to OCR
based solutions for specialized markets partnering with OEMs, VARs and system
integrators incorporating CharacterEyes into software applications and hardware
products.
Galil Microwaves Israel (2003) Ltd. is a third party manufacturer and assembler
of electronic modules for microelectronic and microwave components.
For further information, please contact:
Wizcom Technologies Ltd.
Shimon Amouyal, CEO
13 Hamelacha St.
Rosh Ha'ayin, 48091, Israel
Phone +972-3-9103330
shimona(at)wizcomtech.com
http://www.wizcomtech.com
SCHWARZ Financial Communication
Frank Schwarz
Investor Relations
Germany
Phone +49-611-1745-398-11
Schwarz(at)schwarzfinancial.com
[HUG#1464898]
--- End of Message ---
Wizcom Technologies Ltd.
13 Hamelacha St. Rosh Ha'ayin Israel
WKN: 915856;ISIN: IL0010830706;Index:Prime All Share,TECH All Share;
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
Full Press Release incl. Tables as PDF:
http://hugin.info/130210/R/1464898/403292.pdf
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Source: Wizcom Technologies Ltd. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 24.11.2010 - 08:00 Uhr
Sprache: Deutsch
News-ID 49055
Anzahl Zeichen: 7171
contact information:
Town:
Rosh Ha'ayin
Kategorie:
Business News
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