ONT results --->
On2 Technologies, Inc. Announces Fourth Quarter Results
Thursday February 26, 4:06 pm ET
Company's Net Loss Attributable to Common Shareholders Dropped From $5,969,000 to $2,603,000; Cash Balance at Three Year High
NEW YORK, Feb. 26 /PRNewswire-FirstCall/ -- On2 Technologies, Inc. today announced results for the quarter ended December 31, 2003. The company's net loss was $(1,063,000), $(0.02) per share for the three-months ended December 31, 2003. The company's net loss for the twelve months ending December 31, 2003 was $(2,375,000), a decrease of 55% as compared with the net loss of $(5,301,000) for the twelve months ending December 31, 2002. As previously reported, revenues were $326,000 for the three-months ended December 31, 2003 as compared with $813,000 for the three months ended December 31, 2002. Total revenues were $3,302,000 for the twelve months ending December 31, 2003 as compared with total revenues of $3,353,000 for the twelve months ended December 31, 2002.
The company's cash and cash equivalents and accounts receivable were $2,963,000 and $826,000, respectively, as of December 31, 2003 as compared with cash and cash equivalents and accounts receivable of $553,000 and $601,000, respectively, as of December 31, 2002. The combined balance of cash and cash equivalents and accounts receivable of $3,789,000 is the company's largest year-end position in three years.
The net loss per share attributable to common stockholders was $(0.04) for the twelve months ended December 31, 2003, a decrease of 64% from the $(0.11) per share for the twelve months ended December 31, 2002.
The company attributes the lower than expected fourth quarter and twelve month revenue primarily to later than anticipated unit deployments by Asia-based customers who have agreed to pay On2 a per-unit royalty, and a delay in completion of the VP6 chip port under the license agreements with Beijing E-world.
The company's EBITDA loss was $(1,005,000) for the three months ended December 31, 2003 as compared with $(71,000) for the three months ended December 31, 2002. The company's EBITDA loss dropped 56% to $(1,657,000) for the twelve months ending December 31, 2003 as compared with $(3,768,000) for the twelve months ending December 31, 2002.
