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
In the fast-paced advances and popularity in cloud technology, one of the most critical factors revolves around concerns for security of your critical data. How to assure both your company and your customers they can confidently trust and utilize your cloud environment is most often top on the list. There is a method to evaluating and providing security that exceeds conventional modes of protecting data both within the cloud as well externally on mobile and other devices. With the public failure...
Containers are rapidly finding their way into enterprise data centers, but change is difficult. How do enterprises transform their architecture with technologies like containers without losing the reliable components of their current solutions? In his session at @DevOpsSummit at 21st Cloud Expo, Tony Campbell, Director, Educational Services at CoreOS, will explore the challenges organizations are facing today as they move to containers and go over how Kubernetes applications can deploy with lega...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere delivers a more modern architectural approach to storage that doesn't require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbui...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
As people view cloud as a preferred option to build IT systems, the size of the cloud-based system is getting bigger and more complex. As the system gets bigger, more people need to collaborate from design to management. As more people collaborate to create a bigger system, the need for a systematic approach to automate the process is required. Just as in software, cloud now needs DevOps. In this session, the audience can see how people can solve this issue with a visual model. Visual models ha...
Microsoft Azure Container Services can be used for container deployment in a variety of ways including support for Orchestrators like Kubernetes, Docker Swarm and Mesos. However, the abstraction for app development that support application self-healing, scaling and so on may not be at the right level. Helm and Draft makes this a lot easier. In this primarily demo-driven session at @DevOpsSummit at 21st Cloud Expo, Raghavan "Rags" Srinivas, a Cloud Solutions Architect/Evangelist at Microsoft, wi...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, will discuss some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he’ll go over some of the best practices for structured team migr...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, will discuss how from store operations...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Transforming cloud-based data into a reportable format can be a very expensive, time-intensive and complex operation. As a SaaS platform with more than 30 million global users, Cornerstone OnDemand’s challenge was to create a scalable solution that would improve the time it took customers to access their user data. Our Real-Time Data Warehouse (RTDW) process vastly reduced data time-to-availability from 24 hours to just 10 minutes. In his session at 21st Cloud Expo, Mark Goldin, Chief Technolo...