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Posted by SofaKingBad on :
 
High-Tech Writers / Business Editors

ST. LOUIS--(BUSINESS WIRE)--ULTR--
-Ultradata Systems, Inc. (OTCBB:ULTR), a leader in the
field of hand-held electronic information systems, today announced it
has filed its results for the quarter ended June 30, 2004, on its Form
10-QSB with the Securities and Exchange Commission.
Net sales for the quarter increased more than two-fold to
$1,454,556, from $445,857 in the same period of 2003. The company
reported net income for the quarter of $337,811, or $0.05 per share,
compared with a loss of ($144,808), or ($0.03) per share, for the same
period in 2003.
For the six-months ended June 30, 2004, net sales more than
tripled to $3,208,055, compared with $797,813 for the same period in
2003. Net income was $862,106, or $0.14 per share, compared with a
loss of ($307,616), or ($0.07) per share, for the same period in 2003.
Commenting on the results, Ultradata President Ernest Clarke said,
"Our Talking Road Whiz product has generated significant sales and
profits, giving us three successive profitable quarters as we enter
the third quarter, which we expect to be weak. We have already
exceeded our total 2003 sales of $2.86 million, and we have a backlog
of $520,447 for delivery in the fourth quarter of 2004, which has
traditionally been our largest quarter.
"In addition, we are making progress with the introduction of
other new products using our voice technology and expect sales from
these new products to add to our fourth-quarter results," Clarke
continued.
Ultradata Systems, Inc. is a leader in the field of hand-held
electronic information systems. Based in St. Louis, MO, Ultradata
Systems develops, manufactures and markets hand-held travel
information computers, global positioning system (GPS) products and
information systems used for locating destinations and trip planning.
The company's lead product, the handheld electronic travel information
guide, has sold more than three million units and is marketed through
chain drug, mass and consumer electronic retail chains, home centers,
the automotive aftermarket, cable TV direct marketers, premium
incentive catalogs and other channels. These computers use Ultradata's
patented data compression technology and proprietary database to
provide directions to thousands of destinations and services along
highways and in major metropolitan areas.
This press release contains forward-looking statements within the
meaning of applicable federal securities laws. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, or
other changes. Readers are cautioned not to place undue reliance on
these forward-looking statements.
Risk factors that may cause future results to differ from those
implied in these forward-looking statements include, but are not
limited to, the fact that our limited financial resources may be
insufficient to permit us to develop products and introduce them to
the market, the fact that our development efforts may be delayed by
unforeseen technical problems, the difficulty of attracting
mass-market retailers to a seasonal product like the Road Whiz(TM),
and the breadth and depth of competition in the GPS market, which will
make introduction of our product with a limited marketing budget
difficult. Additional information relating to historical financial and
operational performance, the Company's strategies, competitive risks
and market conditions is available in Ultradata's reports on Form
10KSB and 10QSB on file with the Securities and Exchange Commission.
-0-
*T
Ultradata Systems, Inc.
Condensed Statement of Operations
Three Months Ended Six Months Ended
(Unaudited) (Unaudited)
June 30, June 30, June 30, June 30,
2004 2003 2004 2003
Sales $1,454,556 $445,857 $3,208,055 $797,813
Cost of Sales 755,912 186,661 1,651,520 383,206
Gross Margin 698,644 259,196 1,556,535 414,607
Research and development
expenses 35,315 13,077 54,984 35,505
Selling, general,
administrative expenses
and other expenses 325,453 262,505 634,254 531,576
Income (losses) from
operations before interest
and taxes 337,876 (16,386) 867,297 (152,474)
Other income (expense)
Interest and dividend
income 338 115 338 6,351
Interest expense (454) (59,228) (5,711) (110,037)
Loss on early retirement
of note - (57,813) - (57,813)
Other, net 51 (11,496) 182 6,357
Income (losses) before
income tax expense 337,811 (144,808) 862,106 (307,616)
Income tax expense
(benefit) - - - -
Net income (loss) $337,811 $(144,808) $862,106 $(307,616)
Earnings (loss) per
share, basic $0.05 $(0.03) $0.14 $(0.07)
Weighted average shares
used for basic income
per share 6,172,209 4,637,850 6,114,567 3,415,224
Earnings (loss) per
share, diluted $0.05 $(0.12) $0.14 $(0.07)
Weighted average shares
used for diluted loss
per share 6,438,901 4,637,850 6,381,259 4,562,854


CONDENSED BALANCE SHEET
(in thousands)
As of
June 30, December 31,
2004 2003
(Unaudited) (Audited)
Assets
Cash $553 $3
Accounts receivable, net of reserves 632 627
Inventories 105 56
Other current assets 13 5
Total current assets 1,303 691

Property Plant and Equipment (net) 27 26
Other assets 5 5
Total assets $1,335 $722

Liabilities and Shareholders' Deficiency
Total current liabilities $439 $725

Preferred stock - -
Common stock 62 58
Additional paid-in capital 8,949 8,916
Accumulated deficit (8,115) (8,977)
Total shareholders' equity (deficiency) 896 (3)
Total liabilities and shareholders'
equity (deficiency) $1,335 $722
*T

KEYWORD: MISSOURI
INDUSTRY KEYWORD: TRAVEL SOFTWARE HARDWARE COMPUTERS/ELECTRONICS EARNINGS
SOURCE: Ultradata Systems, Inc.


CONTACT INFORMATION:
Ultradata Systems, Inc.
Ernest Clarke, 314-997-2250 www.ultradatasystems.com


 


Posted by L Cypher on :
 
Any idea why this dropped almost 40% this morning?
 
Posted by Otcbargains on :
 
Said third quarter would be weak in the 2nd q annc.
 


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