News Release from: Insignia Solutions
Edited by the Electronicstalk Editorial Team on 29 July 2002
Spending delays hit Insignia
Insignia Solutions has reported its financial results for the second quarter ended 30th June 2002.
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Insignia Solutions has reported its financial results for the second quarter ended 30th June 2002. Revenues for the quarter were $1.89 million, which compares with $3.08 million reported for the second quarter of the previous year. Net loss for the second quarter of 2002 was $(1.49 million), or $(0.07) per share (including a tax benefit of $1.27 million, or $0.06 per share), which compares with a net loss of $(2.67 million), or $(0.14) per share, in the second quarter of 2001.
For the six-month period ended 30th June 2002, Insignia reported revenue of $5.44 million, a 14% increase over $4.77 million reported in the first half of 2001.
Net loss for the first half of 2002 was $(2.46 million), or $(0.12) per share (including a tax benefit of $1.83 million, or $0.09 per share), versus net loss of $(6.09 million), or $(0.32) per share, in the first half of 2001.
At the end of the second quarter, the company had cash, cash equivalents and restricted cash of $7.1 million, as compared with $6.8 million at the end of the immediately preceding quarter.
"Our second quarter financial performance was impacted by delays in technology spending by our customers", stated Richard Noling, chief executive officer.
"However, we continue to focus on tightly managing our expenses, conserving our cash and focusing our resources on efforts that will strengthen our position in the market.
The recent announcements of our relationships with market leaders such as Palm and Qualcomm further confirms Insignia's position as a leading provider of Java technology-based software for the mobile market.
These outstanding wins highlight the widespread recognition by mobile industry leaders that inclusion of an optimised Java solution is a crucial ingredient in ensuring commercial success".
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