Trapper's Trend Trading (TTT)

[But Anyway]

Digimarc Corporation:

Digimarc Corporation is a provider of patented digital watermarking technologies that allow imperceptible digital code to be embedded in the printed or digital version of visual content, to deter counterfeiting and enhance Internet access. For the 9 months ended 9/30/02, revenues totaled $65.8M, up from $11M. Net loss fell 31% to$8.5M. Results reflect the acquisition of LGP, partially offset by higher S/G/A expenses. http://www.digimarc.com



(For three months endind 09/30/02)

Quick Ratio: 6.71
Current Ratio: 7.41
Cash per share: $3.02

Gross Margin (Product & Subscription): 20.9%
Gross Margin (Service): 41%

Product & Subscription (as a % of total revenue): 30.5%
Service (as a % of total revenue): 69.5%

Sales and marketing (as a % of total expenses): 32.6%
Research, development and engineering (as a % of total expenses): 21.8%
General and administrative (as a % of total expenses): 45.6%

Operating (loss): ($1,168,000)

Net cash flow generated from operations for 9 months ending 09/30/02: $4,611,000

Customers accounting for more than 10% of revenues: 1 (19%)

"Digimarc is a leading provider of digital watermarking technologies that allow imperceptible digital code to be embedded in the printed or digital versions of media content, such as identification documents, commercial and consumer photographs, movies, music, magazine advertisements, catalogs, product packages, identification cards, financial instruments, passports, and event tickets. In addition to a code that can be embedded within various types of media content, our technologies include reader software that, as a resident application on personal computers and other devices, enables the recognition of these embedded codes. Digimarc also is a leading provider of identification card systems to government agencies, which include driver's licenses, voter identification cards and similar systems. We believe our technologies have many potential applications. We are developing products and services and licensing our intellectual property to address what we believe are our four largest near-term market opportunities: the deterrence of digital counterfeiting and piracy; the enhancement of Internet access and navigation; the enhancement and protection of audio and video digital files; and the enhancement of information capture and analysis technology for the defense and intelligence communities."

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Conditions of my posting here: #msg-661266

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