Wizcom Technologies Releases 2010 Annual Results
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Wizcom Technologies Ltd. /
Wizcom Technologies Releases 2010 Annual Results
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Successful Turnaround: Company Records Profitable Fourth Quarter
Rosh Ha'ayin, March 31st, 2011. 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 fiscal year 2010
according to US-GAAP and in US$ thousands.
Financial Highlights
* Revenues for the full year came in at US$4,921, a decrease of 12% compared
to the US$5,598 for FY2009. The decrease was mainly due the conflict with
former exclusive supplier Teliran 1993 Ltd. and the subsequent transition
time required following the change of suppliers that caused a delay in
deliveries. Revenues for Q4 of 2010 quarter came in at US$2,024, up 81% from
the US$1,120 posted for Q4 2009.
* The gross margin for FY 2010 was 34%, up from 28% for 2009. Gross margin for
Q4 was 42%, while in the previous year's Q4 a gross loss was recorded.
* Total operating expenses for the full year came in at US$2,803, a decrease
of 30% compared to US$3,989 for the same period last year. Total operating
expenses for Q4 fell by 61% to US$728.
* An operating loss of US$1,121 was posted for FY 2010, compared to an
operating loss of US$2,421 for FY 2009, while in Q4 the Company posted an
operating profit of US$113, compared to an operating loss of US$1,926 for
the same period last year.
* Net loss for the year decreased from US$2,505 to US$1,637. In Q4 2010, the
Company recorded a net profit of US$73, compared to a net loss of US$1,989
for the same period in 2009.
* Basic and diluted net loss per common share for FY 2010 was US$0.128,
compared to USUS$0.210 for the same period in 2009.
* As of December 31(st) 2010, the Company had cash and cash equivalents of
US$639, as compared to US$677 for December 31(st), 2009. Compared to 30(th
)September 2010, cash was up from US$190.
Summary of important events 2010
Mr Shimon Amouyal, CEO for Wizcom, stated, "The past year would best be
described as one of rebuilding and development. We are very proud that we have
managed to turn around the company despite significant obstacles, such as the
conflict with our former exclusive supplier Teliran, which had a major impact on
our performance during the first nine months of the year. However, we now have
two new non-excusive suppliers on board, which has enabled us to catch up with
demand. As a result, we posted a strong result for the fourth quarter and I am
pleased to announce that we have managed to reach profitability again. Both an
increase in quarterly revenues and our strong focus on the bottom line
contributed to this result."
"The appointments of the CAM Group and Partner Manufacturing not only have had a
strong impact on our ability to deliver products, but have also made a major
contribution towards improvements in production quality, thereby improving our
operating and financial efficiencies."
"We have also rebuilt our management team, making key appointments in 2010 and
2011 with a new Chairman of the Board, a VP Product Management and a new Head of
R&D. I am also pleased to announce that Mr. Eran Tamir, who currently is COO
for Kramer Technologies and who is also one of Wizcom's co-founders and a former
VP of Operations, has been appointed to the Board of Directors, bringing with
him many years of managerial experience in global organizations and operational
activities."
"In addition to dealing with major operational issues, this past year we have
worked hard on the development and implementation of a new strategy aimed at
increasing Wizcom's market reach and penetration. We developed new sales
channels, appointed new distributors and opened our online shop. All these
efforts have contributed towards our improving performance. Going forward we
look to strengthen our access to markets where our products are a must have,
such as education. In this respect I am proud to mention that Wizcom is now an
Authorized UN Supplier."
"We furthermore have been able to add to our technology offering through the
development of key new products. The Quicktionary TS is a revolutionary device
for people who are learning or working with Hebrew, a major market. The
recently announced Quicktionary TS Premium follows a new product design
philosophy that allows for customization using the Wizcard, an extension card
for additional content to be added to the Pen, such as dictionaries, OCR
languages and text-to-speech components. This product setup enables us to
pursue repeat sales, another component of our new strategy."
Outlook
"Altogether I am pleased with the progress we have made this past year on all
fronts. We now have an organization that looks very different from when I took
the helm as CEO. We have solved the issue of dependency on one supplier, we
have developed and are implementing with success a new commercial strategy. We
have also started to strengthen our product offering, and will accelerate the
pace on this topic in 2011."
"Furthermore, we have a largely renewed management team, members of which have
shown their commitment to the Company by investing in Wizcom both through the
open market and through participation in the convertible bond issue."
"All this makes that we are well positioned to pursue the opportunities we see
in the market. The signs for 2011 so far are good and we believe that, assuming
no deterioration in general market and economic conditions occurs, we should be
able to continue improving both our top and bottom lines."
The audited financial statements for fiscal year 2010 will be published on
www.wizcomtech.com
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.
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
Tel +972-3-9103330
shimona(at)wizcomtech.com
http://www.wizcomtech.com
SCHWARZ Financial Communication
Frank Schwarz
Investor Relations
Tel +49-611-1745-398-11
schwarz(at)schwarzfinancial.com
--- 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;
Press Release as PDF:
http://hugin.info/130210/R/1502004/437226.pdf
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Source: Wizcom Technologies Ltd. via Thomson Reuters ONE
[HUG#1502004]
Unternehmensinformation / Kurzprofil:
Datum: 31.03.2011 - 10:01 Uhr
Sprache: Deutsch
News-ID 53006
Anzahl Zeichen: 9334
contact information:
Town:
Rosh Ha'ayin
Kategorie:
Business News
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