e.DIGITAL CORPORATION REPORTS RESULTS FOR THE FISCAL YEAR ENDED MARCH 31, 2004
(SAN DIEGO, CA. – June 28, 2004) – e.Digital Corporation (OTC: EDIG) today reported revenues for the fiscal year ended March 31, 2004 (the Company’s fiscal 2004) totaled $3,418,180, a 32% increase over fiscal 2003 revenues of $2,597,363. The Company reported a reduced operating loss for the fiscal year of $2,328,400 versus a loss of $5,841,920 in fiscal 2003. Net loss per common share for fiscal 2004 was ($0.02) versus ($0.05) in fiscal 2003. The Company reported $687,397 or a 21% gross profit on revenues in fiscal 2004 compared to a gross loss of $899,695 in fiscal 2003.
“We believe fiscal 2004 marked a turning point for e.Digital as we increased our revenue and profit margin and significantly lowered our losses while enhancing our proprietary technology platforms,” said Fred Falk, president and chief executive officer of the Company. “This is directly attributable to the dedication and hard work of our engineering team lead by Atul Anandpura and increasing original equipment manufacturer (“OEM”) and original design manufacturer (“ODM”) demand for customized solutions of our MicroOS™-based technology platforms.”
Falk added, “We made good progress in fiscal 2004, working with our customers, partners and business associates on the release of products based on our wireless technology platform (Softeq, Hewlett Packard and Walt Disney World Resort), our personal video technology platform (APS, 20th Century Fox, DivXNetworks, DMX, Ittiam, and Alaska Airlines), and our personal audio technology platform (Gateway). We expect continued revenue growth in fiscal 2005 through further orders and new releases of OEM/ODM-branded products based on our proprietary technology platforms.”
“We will release information on business and technology developments as well as provide additional revenue guidance in early July,” concluded Falk.
About e.Digital Corporation: e.Digital Corporation partners with leading original equipment manufacturers (OEMs) and original design manufacturers (ODMs) licensing, designing and providing manufacturing services for OEM and ODM-branded digital video, digital audio and wireless products based on the Company’s proprietary MicroOS™-enabled technology platforms. e.Digital specializes in the delivery and management of open and secure digital content through it’s Personal Video, Personal Audio, Automotive, and Wireless technology platforms. e.Digital’s services include the licensing of the Company’s MicroOS™, custom software and hardware development, industrial design, and manufacturing services through the Company’s manufacturing partners. For more information about e.Digital and its technology platforms, please visit the company website at www.edigital.com.
Safe Harbor statement under the Private Securities Litigation Reform of 1995: All statements made in this document, other than statements of historical fact, are forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the businesses of the Company and the industries and markets in which the company operates. Those statements are not guarantees of future performance and involve risks, uncertainties and assumptions that will be difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by those forward-looking statements. More information about potential factors that could affect the Company can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by e.Digital Corporation with the Securities and Exchange Commission (“SEC”). e.Digital Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated by it.
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CONTACT: e.Digital Corporation: Robert Putnam (858) 679-1504 robert@edig.com
