11/20/2003 - Fonix(R) Corp. (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."
Fonix Corp. provides speech interface solutions for mobile/wireless devices, computer telephony systems, the assistive market, automobiles and everyday consumer devices. Manufacturers and developers incorporate Fonix technology to provide their customers with an easy, convenient, reliable user experience. Visit www.fonix.com for an introduction to Fonix's suite of speech solutions.
Statements released by Fonix that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the Company's business prospects and performance. The Company's actual results could differ materially from those in such forward-looking statements. Risk factors include general economic, competitive, governmental and technological factors as discussed in the Company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The Company does not undertake any responsibility to update the forward-looking statements contained in this release.
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