10/31/2003 - Insignia Solutions(R) INSG reported financial results for the third quarter ended September 30, 2003.
Results for the third quarter of 2003 reflect the Company's ongoing focus on developing and commercializing its Secure System Provisioning (SSP) product. Insignia had $201,000 of license revenue in the third quarter of 2003, representing the Company's portion of shared revenue from its Java Virtual Machine (JVM) product that was sold in April 2003. The net loss in the third quarter was $1.7 million, or a loss of $0.08 per share. As of September 30, 2003, the Company increased its cash and cash equivalents to $1.5 million, as result of warrant exercises and sale of stock.
Mark McMillan, Chief Executive Officer of Insignia Solutions, commented, "Insignia's formation of strategic relationships with major mobile phone operating system vendors, including Symbian and Mentor Graphics Corporation's Accelerated Technology, helps expedite the proliferation of mobile phones capable of offering over-the-air upgrade capabilities. The third quarter launch of the SSP On Demand service hosted by Metrowerks enables us to capitalize on that population of SSP enabled devices and solve critical problems for both phone manufacturers and mobile operators, expanding the total available market. A compelling value proposition for the entire industry, our SSP solution is expected to ultimately lower costs for phone manufacturers and operators while improving customers' experience due to increased phone capabilities and significantly less 'down' time.
"We are judiciously controlling operating expenses as our business continues to ramp. We are planning to close another financing before the end of the year to provide us with additional working capital and to advance the pace of our growth," concluded Mr. McMillan.
Insignia Solutions will host a conference call today at 2:00 p.m., Pacific Time. A live webcast will be available via a link on the Investor Relations portion of Insignia's website at www.insignia.com. An on demand archive of the call will be available at the website.
About Insignia Solutions
Insignia provides an essential ingredient to mobile operators and terminal manufacturers by enabling Over-The-Air Repair of a growing complex and diverse community of devices on the network. Insignia's products and services radically reduce customer care and recall costs, maintain device integrity, and enable a wide range of new mobile services. Founded in 1986, Insignia has a long history of innovation, stewardship of major industry standards, and the trust of dozens of manufacturers around the world. The company is headquartered in Fremont, California with R&D and European operations based in the United Kingdom. For additional information about Insignia or its products please visit http://www.insignia.com.
The statements in this press release relating to matters that are not historical are forward-looking statements that involve risks and uncertainties. This release includes forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements. Such factors include, but are not limited to, Insignia's need for additional capital to sustain operations, Insignia's reliance on the successful introduction of its Secure System Provisioning ("SSP") product line, Insignia's need to generate significantly greater revenue to achieve profitability and Insignia's liquidity and capital needs. Further details on these and other risks are set forth in Insignia Solutions' filings with the Securities and Exchange Commission, including its most recent filings on Forms 10-K and 10-Q. These filings are available on a website maintained by the Securities and Exchange Commission at http://www.sec.gov. Insignia Solutions does not undertake an obligation to update forward-looking or other statements in this release.
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