Notify Technology Reports Results for the First Fiscal Quarter Ended December 31, 2011
SAN JOSE, Calif., March 8, 2012 /PRNewswire/ -- Notify Technology Corporation (NTFY.PK) today announced financial results for its first fiscal quarter ended December 31, 2011.
Total fiscal first quarter revenue decreased to $1,606,851 in the three-month period ended December 31, 2011 from $1,840,487 during the same period in the prior year. The net loss for the three month period ended December 31, 2011 was $410,761 or $(5.82) per diluted share. The company's financial performance was down from a net income of $15,303 or $0.19 per diluted share, reported for the same period in the prior year. The decrease in net income for the fiscal quarter reflects the combined impact of a decline in sales of the NotifyLink product line and the expense of our investment in developing our new mobile device management product line, NotifyMDM.
"This past quarter we announced our first NotifyMDM OEM relationship with CommonTime LTD located in the United Kingdom. CommonTime will integrate our NotifyMDM technology into their product line and make it available to their new and current customers around the world as CommonTime MDM," said Paul DePond, President and Chief Executive Officer of the company. "As a result of our commitment to achieving a leadership position in the mobile device management market, we have increased our development expenses by 19% as compared to last year's expenditures while forgoing any short term profitability."
Sales and Marketing expenses were $741,899 in the three-month period ended December 31, 2011 compared to $668,309 in the three-month period ended December 31, 2010. The increase was the result of additions to our outside sales force and by marketing expenditures to support the new product introduction of NotifyMDM.
Research and Development expenses were $855,614 in the three-month period ended December 31, 2011 compared to $721,550 in the three-month period ended December 31, 2010. The increase was due to an increased investment in our design and testing staff to accelerate the completion of our new NotifyMDM product and meet the demands of a rapidly expanding smart phone and tablet market.
General and Administrative expenses decreased to $409,159 in the three-month period ended December 31, 2011 compared to $426,037 for the three-month period ended December 31, 2010. The decrease was in compensation and legal expense.
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 iPhone Enterprise Development Partner, Android Development Partner, BlackBerry Development Partner, Windows Mobile and Windows Phone Development Partner, Symbian Alliance Member, and HP/Palm Select 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
Ended December 31,
Cost of revenue:
Total cost of revenue
Research and development
Sales and marketing
General and administrative
Total operating expenses
Income (loss) from operations
Interest income and other, net
Net income (loss) before provision for
Provision for income taxes
Net income (loss)
Basic net income (loss) per share
Basic weighted average shares
Diluted net income (loss) per share
Diluted weighted average shares
NOTIFY TECHNOLOGY CORPORATION
Condensed Balance Sheets
Cash and cash equivalents
Accounts receivable, net
Total current assets
Property and equipment, net
Total non-current assets
Liabilities and shareholders' deficit
Current portion of capital lease obligation
Accrued payroll and related liabilities
Other accrued liabilities
Total current liabilities
Long-term Deferred revenue
Long-term capital lease obligations
Total long-term liabilities
Additional paid-in capital
Total shareholders' deficit
Total liabilities and shareholders' deficit
At Notify Technology Corporation:
Jerry Rice, Chief Financial Officer
SOURCE Notify Technology Corporation
More by this Source
Notify Technology Enhances NotifyMDM with iOS 7 features for Mobile Application Management
Aug 16, 2013, 17:03 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.