Wizcom Technologies Releases Q1 2011 Results
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Wizcom Technologies Ltd. /
Wizcom Technologies Releases Q1 2011 Results
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Rosh Ha'ayin, May 27, 2011. Wizcom Technologies Ltd. (Prime Standard: WZM,
IL 0010830706), a leading global provider of handheld scanning and translation
tools, today announces its results for the first quarter of 2011. Figures in
this press release are according to US-GAAP and in US$ thousands.
Financial Highlights
* Revenues for the first quarter came in at US$1.388, a 7.3% increase compared
to the US$1.293 of Q1 2010.
* The gross margin for Q1 2011 was 34%, compared to 38% for Q1 2010. The
decrease was mainly due to a gross loss at subsidiary Galil, which in turn
was related to currency exchange effects between the US Dollar and the NIS.
Without the Galil effect, the Gross Margin was 41%.
* Total operating expenses for Q1 2011 came in at US$790, up 12.5% compared to
the same period last year, mainly due to an increase in R&D expenses.
* An operating loss of US$319 was recorded for Q1 2011, compared to an
operating loss of US$219 for the same period last year.
* Net loss for the period was US$392, compared to US$309 for Q1 2010.
* Basic and diluted net loss per common share for Q1 2011 was US$0.026, the
same as that recorded for Q1 2010.
* As of March 31st 2011, the Company had cash and cash equivalents of
US$1,493, as compared to US$565 for March 31st, 2010. Compared to 31st
December 2010, cash was up from US$639.
Summary of important events in Q1 2011
Mr Shimon Amouyal, CEO for Wizcom, stated, "This past quarter developed largely
in line with our expectations, though currency effects had a relatively strong
negative impact on our bottom line. We are addressing this issue and going
forward we should see less exchange rate related impacts on our results.
Although we sold not as many pens as in Q4 2010, which is normal for our type of
business where the first quarter is generally the weakest and the fourth quarter
the strongest, we did manage to achieve an average selling price 7.5% above that
for Q4 2010, which is another very positive signal for the general progress of
our business."
"One of the highlights for the first quarter was the launch of the Quicktionary®
TS Premium, an upgradeable product, allowing for repeat sales to the same
customers. We anticipate the first sales for this product to come in Q2 and the
first signs are that the TS Premium has been received very well by the market.
Another important development is the appointments of Territory Sales Directors
in Russia and France, newly created positions aimed at driving revenues in these
territories, with again the first results expected for Q2 of the current
financial year."
Outlook
"Following an expected, somewhat slow start to the year, the signs for Q2 and
beyond are promising. Our multi channel strategy is clearly starting to pay
off. Sales are strengthening across the board, as we are seeing the effects of
our focus on specific markets. Going forward we will even more strongly address
core markets such as education. In addition we are developing our regional
capabilities in territories such as Russia, France, the UK and the US. The US
market has historically always been our strongest pillar for business. However,
we feel that the existing potential for Wizcom products is much bigger.
Accordingly we are looking to substantially strengthen our sales force for that
market as well.
"As a company, we are looking to evolve continuously and actively to pursue new
opportunities outside of our traditional markets with both existing and new and
innovative products. We have a strong core product line, but have concluded
that we have at our disposal an enormously valuable portfolio of intellectual
property that we are looking to leverage into new products and markets. One of
the new initiatives this year will be the development of a technological roadmap
to provide products for new media and client devices. This will open up new
markets and allow us to enter into higher margin business."
"The signs so far are very positive and I feel very comfortable expressing the
expectation that for the remainder of the year we will continue to show an
improving financial performance, both for the top and bottom lines."
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.
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
www.wizcomtech.com
SCHWARZ Financial Communication
Frank Schwarz
Investor Relations
Germany
Tel +49-611-1745-398-11
Schwarz(at)schwarzfinancial.com
www.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;
Full Report as PDF:
http://hugin.info/130210/R/1519347/455845.pdf
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Source: Wizcom Technologies Ltd. via Thomson Reuters ONE
[HUG#1519347]
Unternehmensinformation / Kurzprofil:
Datum: 27.05.2011 - 07:47 Uhr
Sprache: Deutsch
News-ID 55060
Anzahl Zeichen: 7025
contact information:
Town:
Rosh Ha'ayin
Kategorie:
Business News
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