10/20/2003 - Intrinsyc Software International, Inc. (TSX:ICS), a global leader in creating, networking and managing specialized, intelligent devices, announced its financial results for both the fourth quarter and the year ended August 31, 2003. Intrinsyc's fourth quarter revenue was $3.0 million, compared with $5.1 million during the same period in 2002, and $3.7 million in the previous quarter. Total revenue for the fiscal year ended August 31, 2003 was $13.9 million, a decrease of 2.1% over the $14.2 million generated in the previous year.
The net loss for fiscal 2003 was $7.0 million ($0.18 per share) compared to a loss of $3.8 million ($0.10 per share) in 2002 and the Company ended the year with cash of $6.7 million compared to $9.2 million at the end of the previous year and $7.8 million at the end of the previous quarter.
"During the fourth quarter Intrinsyc completed the re-structuring of its operations, finished the development of the fiscal 2004 strategic and operating plans, and signed several key outsourcing contracts to underpin the planned growth for 2004" said Derek Spratt, Intrinsyc's President and Chief Executive Officer. "While the financial results for Q4 were somewhat soft, we are entering our new fiscal year with a solid backorder of new business and a finely tuned cost structure that gives us the confidence to state that our new strategic and operational plans are going to deliver markedly improved top and bottom line results over the year ahead. We have re-aligned our strategy during the last 4 months and are now enjoying some early successes in the licensing of our first smart-phone based technologies as we continue to assist key OEM's and Fortune 100 companies develop next generation solutions based on leading operating systems".
Fourth Quarter Highlights:
A summary of financials is attached and there will be a conference call on October 16, 2003 at 2:00 pm Pacific Daylight Time (PDT) to discuss the results. Analysts, investment professionals, shareholders, members of the media and other interested parties wishing to participate may call 1.800.838-5953 (toll free) five minutes prior to the scheduled time. Alternatively, you may listen to a live audio Webcast of the conference call at http://www.intrinsyc.com/conferencecalls.
For those unable to participate, a replay of the conference call will be available from 4:00 p.m. PDT on October 16, 2003 to 12:00 a.m. PDT on October 30, 2003. The replay number is 1.800.633-8625 and the pass code for callers is 21162903. The call will also be archived at http://www.intrinsyc.com/conferencecalls.
Intrinsyc provides unique software and hardware solutions that enable companies to cost-effectively create, network and manage a wide range of consumer and industrial specialized, intelligent devices. By leveraging Intrinsyc's products, engineering design services and systems integration expertise, customers make better decisions, improve productivity, and reduce time-to-market. Intrinsyc is a rapidly expanding, public company with global customers such as Microsoft, Intel, Philips, Siemens, IBM General Electric, Ford, and BEA Systems. To find out more about Intrinsyc, visit www.intrinsyc.com.
Forward Looking Statement
This press release may contain forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact. Our expectations regarding future revenues depend upon our ability to develop and supply products, which we do not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in the pervasive computing market. In light of the many risks and uncertainties surrounding the pervasive computing market, you should understand that we couldn't assure you that the forward-looking statements contained in this press release will be realized.
Intrinsyc is a registered trademark of Intrinsyc Software, Inc.
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