FAIRFAX, Va.--(BUSINESS WIRE)--March 12, 2001-- Xybernaut® Corporation (Nasdaq: XYBR - news), the leader in mobile wearable computing and wireless communications, today announced revenues for the year ended December 31, 2000 of $9.5 million, compared to $8.4 million for the prior year. Revenues from the Company's wearable computing and communications systems were $4.9 million in 2000, a 48% increase from $3.3 million in the prior year. The net loss applicable to holders of common stock for the year ended December 31, 2000 was $24.2 million, or $0.63 per share, compared with 18.5 million, or $0.76 per share, for the prior year.
``We believe that 2000 has set a solid stage from which to launch the next phase of the Company's development,'' stated Edward G. Newman, Chairman and CEO of Xybernaut. ``Over $8.0 million of revenues have been realized from Mobile Assistant® IV (MA IV®) systems that were sold in 1999 and 2000, a significant portion of which were for pilot projects at leading companies in targeted markets. These pilot projects serve to document returns on investment from the use of our products in applications that can readily be replicated and increased in scale.''
``During the year, we completed the acquisition of Xybernaut Solutions, Inc., formerly Selfware, Inc., who had their best year ever for obtaining new business with approximately $9.7 million of new contracts in 2000, versus $4.7 million in the prior year. These contracts will result in revenues over the next several years'' continued Mr. Newman. ``Our patent portfolio also improved significantly during the year, with over 580 worldwide patent applications now granted or pending, representing an increase of over 100 applications from last year. Most importantly, during the year we saw a dramatic increase in the overall market for mobile computing and communications and the recognition of wearable PCs as a significant near-term market by our customers, industry analysts and large, worldwide technology companies.''
``Fiscal 2000 was also an important year from a financial perspective,'' added John F. Moynahan, Senior Vice President and CFO of Xybernaut. ``We finished the year with $9.3 million in cash and $15.3 million in shareholder's equity. We received an unqualified audit opinion for the second year, a significant achievement supported in part by the $23 million we raised during 2000 through the placement of straight equity, without the need to use less-desirable financing alternatives. During the year, Xybernaut was included in the Russell 2000 index and we saw institutional ownership in our stock increase from less than 1% of total outstanding shares to 9%, based on filings with the U.S. Securities and Exchange Commission (''SEC``). We estimate that institutional ownership as of December 31, 2000 was approximately 19% with the inclusion of shares held by investors who are not required to file their stock holdings with the SEC.''
A conference call to discuss the results of the year will be held on Tuesday, March 13th at 8:30 am EST. The call can be accessed via telephone by dialing toll free at 888-276-0005, or 612-288-0318 outside the U.S., and asking for the Xybernaut conference call. After 12:30 p.m. on March 13, 2001, the call will be available for one week at 800-475-6701, or 320-365-3844 outside the U.S., using access code
576550. The call will also be available via audio streaming over the Internet by accessing Xybernaut's web site at
www.xybernaut.com. About Xybernaut Corporation:
Xybernaut Corporation is the leading provider of mobile, wearable computing hardware, software and services, bringing wireless communications and full-function Pentium computing power in a hands-free design to people when and where required. The Mobile Assistant IV (MA IV®), Xybernaut's current mobile, wearable PC, runs all major operating systems on Intel x86 architecture, such as Windows or Linux. With the MA IV, customers can realize immediate productivity increases and savings in maintenance and repair, diagnosis, inspection, inventory control and data collection procedures. Xybernaut provides management and information technology consulting services, along with asset management software, for telecommunications systems, roads, waterways, railways, utility, pipelines, and other. Solutions have been developed for all major operating systems and architectures. Xybernaut's target markets include manufacturing, distribution, transportation, government, and utilities. Headquartered in Fairfax, Virginia, Xybernaut has offices and subsidiaries in Europe and Asia. Visit Xybernaut's web site at
www.xybernaut.com. Summary of Results(a):
Year Ended Dec. 31
---------------------------------------
2000 1999
---- ----
Revenues $9,504,891 $8,352,774
Net loss applicable to
holders of common stock ($24,195,660) ($18,516,503)
Net loss per share applicable to
holders of common stock ($0.63) ($0.76)
Weighted average
shares outstanding 38,592,282 24,271,703
(a) On April 7, 2000, Xybernaut acquired Selfware, Inc, which subsequently changed its name to Xybernaut Solutions, Inc. (``Xybernaut Solutions''). The merger was accounted for as a pooling of interests. All financial data of the Company, including Xybernaut's previously issued financial statements for the periods presented herein, have been restated to include the historical financial information of Xybernaut Solutions.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the ``Act''). In particular, when used in the preceding discussion, the words ``plan,'' ``confident that,'' ``believe,'' ``scheduled,'' ``expect,'' or ``intend to,'' and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the Company's products, general acceptance of the Company's products and technologies, competitive factors, timing, and other risks described in the Company's SEC reports and filings.
--------------------------------------------------
Contact:
Agency Contact:
Hill Communications
Chad Hill, 510/538-8916
hillcomm@earthlink.net
or
Investor Contact:
The Wall Street Group
Ron Stabiner, 212/888-4848
rstabiner@thewallstreetgroup.com
or
Company Contact:
Xybernaut
John Moynahan, 703/631-6925
investorrel@xybernaut.com