Notify Technology Reports Results for the Third Fiscal Quarter Ended June 30, 2011
SAN JOSE, Calif., July 29, 2011 /PRNewswire/ -- Notify Technology Corporation today announced financial results for its third fiscal quarter ended June 30, 2011.
Total fiscal third quarter revenue decreased to $1,643,820 in the three-month period ended June 30, 2011 from $1,837,377 during the same period in the prior year. The net loss for the three month period ended June 30, 2011 was $195,715 or $(0.01) per diluted share. The company's financial performance was down from a net income of $212,506 or $0.01 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 new customer sales of the NotifyLink product line and the expense of our investment in developing our new mobile device management product line, NotifyMDM.
"Our strategic product emphasis continues to be focused on NotifyMDM our new mobile device management product," said Paul DePond, President and Chief Executive Officer of the company. "We have increased our investment in product development by 44% as compared to last year's expenditure to validate our commitment to achieving a leadership position in the mobile device management market over short term profitability."
Sales and Marketing expenses were $642,613 in the three-month period ended June 30, 2011 compared to $544,314 in the three-month period ended June 30, 2010. The increase was the result of the addition to our outside sales force and by marketing expenditures to support the new product introduction of NotifyMDM.
Research and Development expenses were $798,786 in the three-month period ended June 30, 2011 compared to $605,502 in the three-month period ended June 30, 2010. The increase was due to an increased investment in our design and testing staff to accelerate the completion of NotifyMDM and meet the demands of a rapidly expanding smart phone and tablet market.
General and Administrative expenses decreased to $401,948 in the three-month period ended June 30, 2011 compared to $462,153 for the three-month period ended June 30, 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 10 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.
At Notify Technology Corporation:
Jerry Rice, Chief Financial Officer
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NOTIFY TECHNOLOGY CORPORATION
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SOURCE Notify Technology Corporation
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