Increased Quarter on Quarter Revenues
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ WizCom Technologies Releases Q3 2009 ResultsRosh Ha'ayin, November 30th, 2009 - WizCom Technologies Ltd.("WizCom") (Prime Standard: WZM, IL 0010830706), a leading globalprovider of handheld scanning and translation tools, today announcesits results for the third quarter and the first nine months of 2009.Figures in this press release are according to US-GAAP and in US$thousands.Financial Highlights# Revenues for the first nine months of 2009 dropped by 22.7%compared to the same period last year, from US$5,794 to US$4,478.# Revenues for Q3 increased by 62% compared to Q2 from US$1,057 toUS$1,716.# Compared to Q3 2008, revenues increased by 15%.# Gross profit margin for the first nine months came in at 36%, downfrom 39% for the same period last year.# An operating loss of US$495 was posted, as compared to a US$804operating loss for the first nine months of 2008.# Total operating expenses for the first nine months of 2009 weredown 31% to US$2,119 from US$3,082.# The net loss decreased compared to the same period last year fromUS$797 to US$517.# Basic and diluted net loss per common share was US$0.043, comparedto US$0.067 for the same period last year.# As of September 30th, 2009, the Company had cash and cashequivalents of US$118, as compared to US$194 for December 31st, 2008.Compared to June 30th, 2009, the cash position increased by US$50from US$68.OperationsMr Shimon Amouyal, CEO for WizCom, stated, "After a very toughperiod, we are now seeing signs of recovery. We are very pleased thatwe have managed to increase our Q3 revenues, both compared to Q2 of2009 and compared to Q3 of 2008. Although we are not profitable yet,we continue to improve on our bottom line, both through improvedsales and through our cost cutting program. As a percentage ofrevenues, total operating expenses fell further to just below 45% forQ3, which compares to 49% for H1 2009 and 53% for the first ninemonths of 2008.The changes the company saw earlier in the year, including theemployment of a new management team, are now behind us and we aremoving ahead with our new strategy. An important part of thisstrategy is to develop new sales channels, both geographically and interms of delivery channels. We have an increased web based presenceand we have signed up new distributors. For example in the US, ourmost important market, we have hired 10 new sales agents. Our mainpurpose is to get away from exclusive distribution agreements, as webelieve that an increased network of representatives can onlyincrease the presence of our products at various points of sale.We are furthermore looking to develop markets where our products havemore of a 'must have' positioning, a good example of which is thespecial needs market as we recently announced. That said, we aretrying to focus the company's resources on those markets that have asufficient size to be economical. This also means that we areeliminating our presence in certain niche markets.Earlier this year we announced that a supply problem could have anegative impact on both our revenue development and our cashposition. As we found a solution to the problem, the impact of thisevent was limited. With regards our liquidity position, we announcedon November 27th, 2009, that we signed a agreement with a number ofinvestors for the purchase of convertible bonds to the amount ofUS$1.2 million."Outlook"As for last quarter, we cannot make definite statements with regardsour revenue expectations for the full year. However, the signs arepositive and our backlog is very promising. I remain confident thatwe are on the right track and with our improving revenues, fallingcosts and capital injection I feel strongly that we have cause foroptimism."The full Q3 report will be provided as PDF download underwww.wizcomtech.comA conference call will be held at 14:00 (CET) tomorrow, Tuesday,December 1st, 2009, to offer analysts, investors and media theopportunity to directly discuss the results and recent developmentswith the CEO and CFO of the company. Please use one of the followingdial-in-numbers: +49 69 247 501 899.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/1358066/330558.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;
Datum: 30.11.2009 - 16:06 Uhr
Sprache: Deutsch
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