Fonix Files Sept. 30, 2003 Quarterly Report
TUESDAY , NOVEMBER 18, 2003 07:54 PM
SALT LAKE CITY, Nov 18, 2003 (BUSINESS WIRE) -- Fonix(R) Corp. (OTC BB: FNIX), a global provider of leading speech solutions, announces financial results for the three months ended Sept. 30, 2003. Revenues from license fees and services were $456,818 for the three months ended Sept. 30, 2003, and $1,678,221 for the nine-month period compared to $1,812,057 for the comparable nine-month period ended Sept. 30, 2002.
"While revenues for the first nine months are slightly below last year, we are pleased with the momentum accumulating from expanding revenue-based contracts," said Thomas A. Murdock, chairman and CEO. "Speech interfaces are becoming 'must have' features in games, phones and electronic devices, and Fonix offers superior technologies to meet this growing demand."
Major companies are implementing Fonix embedded speech solutions. The first Xbox-based games including Fonix voice command technology have hit the market. And the Fonix/Epson Speech Solution has been enthusiastically adopted by the rapidly growing Chinese electronic dictionary market. Fonix also expects further growth with system integrators like Midwestern-based Meridian, who recently deployed its voice-enabled 511 road traffic information system, which features the Fonix speech solution.
The company reported a net loss of $2.8 million ($0.11 per common share) for the three months ended Sept. 30, 2003, compared to a net loss of $6.2 million ($0.51 per common share) for the three months ended Sept. 30, 2002. For the respective nine-month period, net loss was $10.7 million ($0.37 per common share) compared to $16.9 million ($1.51 per common share) in 2002.
"We anticipate revenue growth from recently announced contracts, and the company continues to implement significant cost reduction efforts," said Roger D. Dudley, executive vice president and CFO. "Our net loss represents significant progress in reducing costs, while operations are supported by proceeds from the $20 million equity line."