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SAN JOSE, Calif., Dec. 22, 2012 /PRNewswire/ -- Notify Technology Corporation (Pink Sheets: NTFY.PK) today announced financial results for its fiscal year ended September 30, 2012.
Total fiscal twelve-month revenue decreased 11% to $6,107,445 in the twelve-month period ended September 30, 2012 from $6,833,885 during the same period in the prior year.The net loss for the twelve month period ended September 30, 2012 was $943,644 or $13.38 per diluted share. The company's financial performance dropped from a net loss of $487,768, or $6.91 per diluted share, reported for the same period in the prior year. The decrease in net income for the fiscal year reflects a combination of a reduction in sales of the NotifyLink and NotifySync products and the slower than anticipated growth of the NotifyMDM product line.
"This has been a challenging year for Notify as we have found the mobile device management (MDM) market to be much more competitive than we expected" said David Hanabusa, President and Chief Executive Officer of the company. "We are continually improving our MDM product and have invested heavily in development assets to do so.We have also streamlined our operation where we can without sacrificing product design."
Sales and Marketing expenses were $2,197,826 in the twelve-month period ended September 30, 2012 compared to $2,504,948 in the twelve-month period ended September 30, 2011.Spending was focused on the NotifyMDM product line and marketing of the NotifyLink product line was deemphasized.
Research and Development expenses were $3,124,886 in the twelve-month period ended September 30, 2012 compared to $3,079,921 in the twelve-month period ended September 30, 2011.The increase was due to the investment to expedite the development of the NotifyMDM product line while still maintaining the capability to improve and support the NotifySync and NotifyLink products.
General and Administrative expenses decreased to $1,639,111 in the twelve-month period ended September 30, 2012 compared to $1,722,342 for the twelve-month period ended September 30, 2011.The decrease was primarily due to incurring minimal SEC filing costs and reducing executive compensation.
About Notify Technology Corporation Founded in 1994, Notify Technology Corporation is an independent software vendor (ISV) who has specialized in wireless mobility solutions and services for the past 11 years. Notify's products including NotifyLink, NotifySync and NotifyMDM support all major smart phone and tablet platforms independent of wireless carrier or network.Notify sells its mobility products directly and through authorized resellers internationally. Notify is an official Apple iOS Enterprise Development Partner, Android Development Partner, BlackBerry Development Partner, Windows Mobile and Windows Phone Development Partner. The Company is headquartered in San Jose, California with product development and technical support located in Canfield, Ohio. For more information, visit http://www.notifycorp.com or contact 408-777-7930.
(Financial Tables Follow)
NOTIFY TECHNOLOGY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
Three-Month Periods
Twelve-Month Periods
Ended September 30,
Ended September 30,
2012
2011
2012
2011
(unaudited)
(audited)
(unaudited)
(audited)
Revenue:
Product revenue
$ 1,423,085
$ 1,636,814
$6,107,445
$ 6,833,885
Total revenue
1,423,085
1,636,814
6,107,445
6,833,885
Cost of revenue:
Product cost
34,013
4,449
82,027
24,689
Royalty payments
7,485
1,195
19,700
5,291
Total cost of revenue
41,498
5,644
101,727
29,980
Gross profit
1,381,587
1,631,170
6,005,718
6,803,905
Operating expenses:
Research and development
700,046
796,801
3,124,886
3,079,921
Sales and marketing
375,721
602,161
2,197,826
2,504,948
General and administrative
439,836
455,981
1,639,111
1,722,342
Total operating expenses
1,515,603
1,854,943
6,961,823
7,307,211
Income from operations
(134,016)
(223,773)
(956,105)
(503,306)
Interest income and other, net
2,152
3,344
12,461
15,538
Net income (loss) before provision for income taxes
(131,864)
(220,430)
(943,644)
(487,768)
Provision for income taxes
--
--
--
--
Net income (loss)
$ (131,864)
$ (220,430)
$ (943,644)
$(487,768)
Basic net income (loss) per share
$ (1.87)
$ (3.12)
$ (13.38)
$ (6.91)
Basic weighted average shares outstanding
70,556
70,556
70,556
70,556
Diluted weighted net income (loss) per share
$ (1.87)
$ (3.15)
$ (13.38)
$ (6.91)
Diluted weighted average shares outstanding
70,556
70,556
70,556
70,556
Notify Technology CORPORATION
Condensed Balance Sheets
Sept. 30,
Sept. 30,
2012
2011
(unaudited)
(audited)
Assets:
Current assets:
Cash and cash equivalents
$ 902,447
$ 2,040,580
Accounts receivable, net
156,492
271,251
Other assets
110,586
83,235
Total current assets
1,169,525
2,395,066
Non-current assets
Property and equipment, net
192,460
312,272
Lease deposits
15,602
15,602
Total non-current assets
208,062
327,874
Total assets
$ 1,377,587
$ 2,722,940
Liabilities and shareholders' deficit
Current liabilities:
Current portion of capital lease obligation
$ 2,830
$ 2,665
Accounts payable
67,534
65,103
Accrued payroll and related liabilities
330,571
426,151
Deferred revenue
2,453,860
2,839,051
Other accrued liabilities
163,832
128,915
Total current liabilities
3,018,627
3,461,885
Long-term liabilities:
Long-term Deferred revenue
63,588
88,142
Long-term capital lease obligations
9,289
12,120
Total long-term liabilities
72,877
100,262
Total liabilities
3,091,504
3,562,147
Shareholders' deficit:
Preferred stock
- -
- -
Common stock
71
71
Additional paid-in capital
23,692,964
23,624,030
Accumulated deficit
(25,406,952)
(24,463,308)
Total shareholders' deficit
(1,713,917)
(839,207)
Total liabilities and shareholders' deficit
$ 1,377,587
$ 2,722,940
Contacts: At Notify Technology Corporation: Jerry Rice, Chief Financial Officer Phone: 408-777-7927 jerry.rice@notifycorp.com
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SYS-CON Events announced today that OpenStack will exhibit at SYS-CON's 12th International Cloud Expo, which will take place on June 10–13, 2013, at the Javits Center in New York City, New York. OpenStack software controls large pools of compute, storage, and networking resources thro...
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You're getting pitched every day from your legacy enterprise software and hardware vendors about "cloud." They're doing an amazing job of convincing your CIO and CTO about what cloud is and how you should use it. The reality is they're defending their shrinking market share and keeping...
In an ideal developer/systems administrator’s world, most applications would deploy seamlessly to multiple platforms and scale elastically with minimal effort bringing the unprecedented agility of the cloud within immediate reach of developer teams and IT organizations.
OpenStack, a ...
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HIPAA requirements now stipulate everyone in the health-care industry must begin migrating patient records and other data to cloud computing. By 2015, all medical professionals with access to patient records must utiliz...
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