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Notify Technology Reports Results for the Fiscal Year Ended September 30, 2012

SAN JOSE, Calif., Dec. 22, 2012 /PRNewswire/ -- Notify Technology Corporation (Pink Sheets: NTFY.PK) today announced financial results for its fiscal year ended September 30, 2012.

Total fiscal twelve-month revenue decreased 11% to $6,107,445 in the twelve-month period ended September 30, 2012 from $6,833,885 during the same period in the prior year.  The net loss for the twelve month period ended September 30, 2012 was $943,644 or $13.38 per diluted share. The company's financial performance dropped from a net loss of $487,768, or $6.91 per diluted share, reported for the same period in the prior year. The decrease in net income for the fiscal year reflects a combination of a reduction in sales of the NotifyLink and NotifySync products and the slower than anticipated growth of the NotifyMDM product line.

"This has been a challenging year for Notify as we have found the mobile device management (MDM) market to be much more competitive than we expected" said David Hanabusa, President and Chief Executive Officer of the company. "We are continually improving our MDM product and have invested heavily in development assets to do so.  We have also streamlined our operation where we can without sacrificing product design."

Sales and Marketing expenses were $2,197,826 in the twelve-month period ended September 30, 2012 compared to $2,504,948 in the twelve-month period ended September 30, 2011.  Spending was focused on the NotifyMDM product line and marketing of the NotifyLink product line was deemphasized.

Research and Development expenses were $3,124,886 in the twelve-month period ended September 30, 2012 compared to $3,079,921 in the twelve-month period ended September 30, 2011.  The increase was due to the investment to expedite the development of the NotifyMDM product line while still maintaining the capability to improve and support the NotifySync and NotifyLink products.

General and Administrative expenses decreased to $1,639,111 in the twelve-month period ended September 30, 2012 compared to $1,722,342 for the twelve-month period ended September 30, 2011.  The decrease was primarily due to incurring minimal SEC filing costs and reducing executive compensation.

About Notify Technology Corporation
Founded in 1994, Notify Technology Corporation is an independent software vendor (ISV) who has specialized in wireless mobility solutions and services for the past 11 years. Notify's products including NotifyLink, NotifySync and NotifyMDM support all major smart phone and tablet platforms independent of wireless carrier or network.  Notify sells its mobility products directly and through authorized resellers internationally. Notify is an official Apple iOS Enterprise Development Partner, Android Development Partner, BlackBerry Development Partner, Windows Mobile and Windows Phone Development Partner. The Company is headquartered in San Jose, California with product development and technical support located in Canfield, Ohio. For more information, visit http://www.notifycorp.com or contact 408-777-7930.

 (Financial Tables Follow)





Three-Month Periods

Twelve-Month Periods

Ended September 30,

Ended September 30,










Product revenue

$ 1,423,085

$ 1,636,814


$ 6,833,885

Total revenue





Cost of revenue:

Product cost





Royalty payments





Total cost of revenue





Gross profit





Operating expenses:

Research and development





Sales and marketing





General and administrative





Total operating expenses





Income from operations





Interest income and other, net





Net income (loss) before provision for income taxes





Provision for income taxes





Net income (loss)

$ (131,864)

$ (220,430)

$ (943,644)


Basic net income (loss) per share

$ (1.87)

$ (3.12)

$ (13.38)

$ (6.91)

Basic weighted average shares outstanding





Diluted weighted net income (loss) per share

$ (1.87)

$ (3.15)

$ (13.38)

$ (6.91)

Diluted weighted average shares outstanding






Notify Technology CORPORATION

Condensed Balance Sheets


Sept. 30,

Sept. 30,






Current assets:

Cash and cash equivalents

$  902,447

$  2,040,580

Accounts receivable, net



Other assets



Total current assets



Non-current assets

Property and equipment, net



Lease deposits



Total non-current assets



Total assets

$ 1,377,587

$  2,722,940

Liabilities and shareholders' deficit

Current liabilities:

Current portion of capital lease obligation

$         2,830

$       2,665

Accounts payable



Accrued payroll and related liabilities



Deferred revenue



Other accrued liabilities



Total current liabilities



Long-term liabilities:

Long-term Deferred revenue



Long-term capital lease obligations



     Total long-term liabilities



Total liabilities



Shareholders' deficit:

Preferred stock

- -

- -

Common stock



Additional paid-in capital



Accumulated deficit



Total shareholders' deficit



Total liabilities and shareholders' deficit

$  1,377,587

$  2,722,940


At Notify Technology Corporation:                                      
Jerry Rice, Chief Financial Officer                            
Phone: 408-777-7927
[email protected]

SOURCE Notify Technology Corporation

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