Welcome!

News Feed Item

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)


 

NOTIFY TECHNOLOGY CORPORATION

CONDENSED STATEMENTS OF OPERATIONS

 








Three-Month Periods


Twelve-Month Periods



Ended September 30,


Ended September 30,




2012


2011


2012

2011




(unaudited)


(audited)


(unaudited)

(audited)












Revenue:









Product revenue

$ 1,423,085


$ 1,636,814


$6,107,445


$ 6,833,885


Total revenue

1,423,085


1,636,814


6,107,445


6,833,885




















Cost of revenue:










Product cost

34,013


4,449


82,027


24,689



Royalty payments

7,485


1,195


19,700


5,291


Total cost of revenue

41,498


5,644


101,727


29,980


Gross profit

1,381,587


1,631,170


6,005,718


6,803,905












Operating expenses:










Research and development

700,046


796,801


3,124,886


3,079,921



Sales and marketing

375,721


602,161


2,197,826


2,504,948



General and administrative

439,836


455,981


1,639,111


1,722,342


Total operating expenses

1,515,603


1,854,943


6,961,823


7,307,211












Income from operations

(134,016)


(223,773)


(956,105)


(503,306)












Interest income and other, net

2,152


3,344


12,461


15,538












Net income (loss) before provision for income taxes

(131,864)


(220,430)


(943,644)


(487,768)











Provision for income taxes

--


--


--


--


Net income (loss)

$ (131,864)


$ (220,430)


$ (943,644)


$(487,768)












Basic net income (loss) per share

$ (1.87)


$ (3.12)


$ (13.38)


$ (6.91)












Basic weighted average shares outstanding

70,556


70,556


70,556


70,556











Diluted weighted net income (loss) per share

$ (1.87)


$ (3.15)


$ (13.38)


$ (6.91)











Diluted weighted average shares outstanding

70,556


70,556


70,556


70,556


















 

Notify Technology CORPORATION


Condensed Balance Sheets

 






Sept. 30,


Sept. 30,






2012


2011






(unaudited)


(audited)


Assets:








Current assets:








Cash and cash equivalents



$  902,447


$  2,040,580



Accounts receivable, net



156,492


271,251



Other assets



110,586


83,235


Total current assets



1,169,525


2,395,066



Non-current assets








Property and equipment, net



192,460


312,272



Lease deposits



15,602


15,602



Total non-current assets



208,062


327,874



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



67,534


65,103



Accrued payroll and related liabilities



330,571


426,151



Deferred revenue



2,453,860


2,839,051



Other accrued liabilities



163,832


128,915


Total current liabilities



3,018,627


3,461,885


Long-term liabilities:








Long-term Deferred revenue



63,588


88,142



Long-term capital lease obligations



9,289


12,120


     Total long-term liabilities



72,877


100,262


Total liabilities



3,091,504


3,562,147


Shareholders' deficit:








Preferred stock



- -


- -



Common stock



71


71



Additional paid-in capital



23,692,964


23,624,030



Accumulated deficit



(25,406,952)


(24,463,308)


Total shareholders' deficit



(1,713,917)


(839,207)



Total liabilities and shareholders' deficit


$  1,377,587


$  2,722,940












 

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.

Latest Stories
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Bill Schmarzo, Tech Chair of "Big Data | Analytics" of upcoming CloudEXPO | DXWorldEXPO New York (November 12-13, 2018, New York City) today announced the outline and schedule of the track. "The track has been designed in experience/degree order," said Schmarzo. "So, that folks who attend the entire track can leave the conference with some of the skills necessary to get their work done when they get back to their offices. It actually ties back to some work that I'm doing at the University of San...
For years the world's most security-focused and distributed organizations - banks, military/defense agencies, global enterprises - have sought to adopt cloud technologies that can reduce costs, future-proof against data growth, and improve user productivity. The challenges of cloud transformation for these kinds of secure organizations have centered around data security, migration from legacy systems, and performance. In our presentation, we will discuss the notion that cloud computing, properl...
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.
DXWorldEXPO LLC announced today that Telecom Reseller has been named "Media Sponsor" of CloudEXPO | DXWorldEXPO 2018 New York, which will take place on November 11-13, 2018 in New York City, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Transformation Abstract Encryption and privacy in the cloud is a daunting yet essential task for both security practitioners and application developers, especially as applications continue moving to the cloud at an exponential rate. What are some best practices and processes for enterprises to follow that balance both security and ease of use requirements? What technologies are available to empower enterprises with code, data and key protection from cloud providers, system administrators, inside...
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Digital transformation has increased the pace of business creating a productivity divide between the technology haves and have nots. Managing financial information on spreadsheets and piecing together insight from numerous disconnected systems is no longer an option. Rapid market changes and aggressive competition are motivating business leaders to reevaluate legacy technology investments in search of modern technologies to achieve greater agility, reduced costs and organizational efficiencies. ...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...