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IPIX Reports Results for Second Quarter 2004; IPIX Begins Shipping Security Products
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15 July 2004, 6:45pm ET
SAN RAMON, Calif. & OAK RIDGE, Tenn.--(BUSINESS WIRE)--July 15, 2004--IPIX Corporation (Nasdaq:IPIX), a leader in mission-critical imaging solutions where visual content is required for the protection of life and property and eCommerce, today announced financial results for the quarter ended June 30, 2004. For the second quarter, revenue was $1.3 million, up from $0.7 million in the first quarter of 2004. Net loss available for common stockholders was $3.6 million in the first and second quarters of 2004. Fully diluted loss per common share was $0.23 in the second quarter compared with $0.41 in the first quarter of 2004.
"Second quarter revenue includes the first sales of our Security products, which began shipping in late June," said Don Strickland, IPIX president and CEO. "We have already announced distribution relationships for our Security products in the United States, United Kingdom, Turkey, Iraq and Korea. We will continue to focus our efforts on building this channel."
"Along with the sequential increase in revenues seen during the quarter, we increased our sales and marketing investments to support the launch of our new Security and AdMission products," said Paul Farmer, IPIX CFO. "We also increased spending in G&A during the quarter primarily as a result of increased expenses associated with being a public company."
IPIX has total cash and short-term investment balances of $15.5 million as of June 30, 2004 up from $9.0 Million at the end of the first quarter
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