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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
Ended September 30,
Ended September 30,
Cost of revenue:
Total cost of revenue
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)
Basic net income (loss) per share
Basic weighted average shares outstanding
Diluted weighted net income (loss) per share
Diluted weighted average shares outstanding
Notify Technology CORPORATION
Condensed Balance Sheets
Cash and cash equivalents
Accounts receivable, net
Total current assets
Property and equipment, net
Total non-current assets
Liabilities and shareholders' deficit
Current portion of capital lease obligation
Accrued payroll and related liabilities
Other accrued liabilities
Total current liabilities
Long-term Deferred revenue
Long-term capital lease obligations
Total long-term liabilities
Additional paid-in capital
Total shareholders' deficit
Total liabilities and shareholders' deficit
Contacts: At Notify Technology Corporation: Jerry Rice, Chief Financial Officer Phone: 408-777-7927 firstname.lastname@example.org
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