Welcome!

Wearables Authors: Elizabeth White, Pat Romanski, Liz McMillan, Scott Allen, Jnan Dash

News Feed Item

Notify Technology Reports Results for the Fiscal Quarter Ended December 31, 2012

SAN JOSE, Calif., Feb. 22, 2013 /PRNewswire/ -- Notify Technology Corporation (Pink Sheets: NTFY.PK) today announced financial results for its fiscal quarter ended December 31, 2012.

Total revenue in the three-month period ended December 31, 2012 decreased 21% to $1,275,975 from $1,606,851 during the same period in the prior year.  The net loss for the three-month period ended December 31, 2012 was $202,955 or $3.16 per diluted share which was an improvement from a net loss of $410,761, or $5.82 per diluted share, reported for the same period in the prior year. The decrease in revenue for the fiscal quarter 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.

"Fiscal 2013 will be a transition year as we expect a continued reduction in demand for our NotifyLink products while ramping up sales of our new NotifyMDM product." 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 $489,025 in the three-month period ended December 31, 2012 compared to $741,899 in the three-month period ended December 31, 2011.  The significant decrease in spending was primarily due to reductions in compensation expense.

Research and Development expenses were $689,450 in the three-month period ended December 31, 2012 compared to $855,594 in the three-month period ended December 31, 2011.  The decrease was due to reductions in compensation expense. We continue to invest heavily in 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 $289,382 in the three-month period ended December 31, 2012 compared to $409,159 for the three-month period ended December 31, 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, and Symbian Alliance Member. 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)


 

NOTIFY TECHNOLOGY CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

 






Three-Month Periods



Ended December 31,




2012

2011




(unaudited)

(audited)








Revenue:





   Product revenue

$  1,275,975


$ 1,606,851


Total revenue

1,275,975


1,606,851












Cost of revenue:





   Product cost

4,239


15,287


   Royalty payments

8,768


765


Total cost of revenue

13,007


16,052


Gross profit

1,262,968


1,590,799








Operating expenses:






Research and development

689,450


855,594



Sales and marketing

489,025


741,899



General and administrative

289,382


409,159


Total operating expenses

1,467,857


2,006,652








Income from operations

(204,889)


(415,853)








Interest income and other, net

1,934


5,092








Net income (loss) before provision for income taxes

(202,955)


(410,761)







Provision for income taxes

--


--


Net income (loss)

$  (202,955)


$  (410,761)








Basic net income (loss) per share

$   (3.16)


$  (5.82)








Basic weighted average shares outstanding

70,541


70,541







Diluted weighted net income (loss) per share

$  (3.16)


$  (5.82)







Diluted weighted average shares outstanding

70,541


70,541










 


 

NOTIFY TECHNOLOGY CORPORATION


Condensed Balance Sheets

 






Dec. 31,


Dec. 31,






2012


2011






(unaudited)


(audited)


Assets:








Current assets:








Cash and cash equivalents



$  1,358,963


$  1,430,748



Accounts receivable, net



129,287


876,071



Other assets



34,478


43,527


Total current assets



1,522,728


2,350,346



Non-current assets








Property and equipment, net



160,818


286,906



Lease deposits



15,602


15,602



Total non-current assets



176,420


302,508



Total assets



$ 1,699,148


$  2,652,854


Liabilities and shareholders' deficit







Current liabilities:








Current portion of capital lease obligation



$         2,872


$       2,706



Accounts payable



23,786


40,725



Accrued payroll and related liabilities



427,827,


519,318



Deferred revenue



2,951,432


3,112,937



Other accrued liabilities



130,423


106,456


Total current liabilities



3,536,340


3,782,142


Long-term liabilities:








Long-term Deferred revenue



57,449


82,003



Long-term capital lease obligations



8,555


11,428


     Total long-term liabilities



66,004


93,431


Total liabilities



3,602,344


3,875,573


Shareholders' deficit:








Preferred stock



- -


- -



Common stock



71


71



Additional paid-in capital



23,706,639


23,651,279



Accumulated deficit



(25,609,906)


(24,874,069)


Total shareholders' deficit



(1,903,196)


(1,222,719)



Total liabilities and shareholders' deficit


$  1,699,148


$  2,652,854












 

 

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

SOURCE Notify Technology Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
SYS-CON Events announced today that CDS Global Cloud, an Infrastructure as a Service provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CDS Global Cloud is an IaaS (Infrastructure as a Service) provider specializing in solutions for e-commerce, internet gaming, online education and other internet applications. With a growing number of data centers and network points around the world, ...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...