Apogee Technology, Inc. (AMEX: ATA), a global provider of
integrated circuits and an emerging Micro-Electromechanical Systems
("MEMS") device supplier, has reported financial results for the
second quarter of 2005. Revenue for the three months ended June 30,
2005 was $1,315,000 compared with $1,338,000 for the same period in
2004 as restated, and $1,115,000 for the prior quarter. The
Company's net loss for the second quarter of fiscal year 2005 was
$1,599,000 or ($0.14) per share. This compares to a loss of
$969,000 or ($0.08) per share for the second quarter of fiscal year
2004 restated and a loss of $1,438,000 or ($0.12) per share for the
first quarter of 2005. The increase in loss for the second quarter
was primarily due to professional fees associated with the
Company's financial restatement. For the six-month period ended
June 30, 2005, the Company reported revenue of $2,429,000 and a
loss of $3,037,000 or ($0.26) per share. This compares to restated
revenue of $3,487,000 and a loss of $1,191,000 or ($0.10) per share
for the same period in 2004. In addition to the professional fees
noted above, the increase in loss for the six-month period was due
to lower consulting and royalty revenue, increased inventory
reserves and higher operational expenses. Research and Development
expenditures were $733,000 for the second quarter 2005. This
compares with $606,000 as restated for the second quarter of fiscal
year 2004 and $790,000 for the first quarter of 2005. The year on
year increase was due to the formation of the MEMS Division and the
related increase in human resource costs. Selling, General and
Administrative expenditures were $1,293,000 in the second quarter
2005. This compares with $624,000 as restated for the same period
in 2004 and $800,000 in the first quarter of 2005. The year on year
and quarterly increase was primarily due to increased nonrecurring
professional fees associated with the Audit Committee's
investigation and the restatement of the Company's financials. With
the completion of its financial filings, the Company expects to
reduce professional fees in the second half of the year. Paul
Murphy, Apogee's Chief Financial Officer and Vice President of
Finance said, "We are pleased to have completed the past financial
filings and restatement of our financial statements, and we expect
to remain current on an ongoing basis. We hope to regain compliance
with AMEX listing standards for reporting requirements and resolve
the de-listing process." David Meyers, Apogee's Chief Operating
Officer said, "We achieved sequential quarterly revenue growth in
our audio business from the fourth quarter of 2004 through second
quarter of this year. However, the overall revenue growth rate was
below our projected forecast, which was based on expected sales
from TV, gaming and the DVD receiver design wins achieved in the
first quarter of 2005. We believe the reduced revenue is the result
of lower demand from retail buyers to our customers in addition to
a general industry trend of delaying orders until later in the year
to reduce finished goods inventory costs prior to the holiday
season. Because of these market conditions, it is difficult to
project year to year revenue growth, as previously forecasted." "We
are continuing to make progress in the development of our
MEMS-based sensor products and transdermal drug delivery platform.
We have sampled our first Sensilica(TM) "all silicon" pressure
sensors to automotive and industrial customers for product
qualification. In addition, we have completed the design of six
more Sensilica sensors supporting pressure ranges up to 1000 PSI.
We believe our Sensilica products have size, cost, performance and
reliability advantages over competitive solutions making them ideal
for industrial, consumer, automotive, medical and HVAC pressure
measurement applications. We expect to ship production Sensilica
devices to customers this year." "In the development of our
MEMS-based transdermal drug delivery ("TDD") platform, we have
recently achieved a key milestone by demonstrating improved drug
delivery rates through human skin in laboratory tests. The next two
steps in the development plan are to verify the effectiveness of
our platform with a specific drug application and to perform
testing to support FDA compliance. In conjunction with completing
these key milestones, we plan to pursue partnerships with
pharmaceutical companies to support the commercialization of the
device. Our goal is to apply our MEMS technology to develop a
solution that will provide painless drug delivery for a wide range
of applications avoiding the problems associated with oral and
intramuscular drug delivery." Recent Accomplishments &
Developments -- Completed the design of six MEMS Sensilica(TM)
pressure sensors -- Applied for trademark for Sensilica(TM) brand
name for its sensor products -- Demonstrated improved delivery
rates with a model drug in laboratory tests using the Company's
MEMS-based transdermal drug delivery device -- Filed patent
application for the Company's MEMS-based transdermal drug delivery
device -- Completed transition and certification of semiconductor
products to meet new Restriction of Hazardous Substances (RoHS)
requirements -- Secured new design wins in the LCD, Rear Projection
and Plasma TV markets with the new fully integrated DDXi products
broadening the Company's market coverage -- Retained Miller Wachman
as the Company's registered public accounting firm -- Appointed
Paul J. Murphy as Chief Financial Officer, Vice President of
Finance and Treasurer -- Completed all financial filings --
Completed financing raising $1.8 million in net proceeds through
the sale of a 120 day secured term note About Apogee Technology,
Inc Apogee Technology is a fabless semiconductor company that
designs, develops and markets silicon based products that
incorporate proprietary technologies. The Company's patented
all-digital, high efficiency Direct Digital Amplification (DDX(R))
ICs have been used by over 20 major consumer electronic brands in a
wide range of audio products. The company is developing new
system-on-chip products using its analog and digital circuit
designs and Micro-Electromechanical Systems ("MEMS") technology for
the consumer, automotive, communications and medical markets. The
Company operates a worldwide marketing and sales organization and
has offices in the US, China, Hong Kong, Japan and Taiwan. For more
information please visit our web site at: http://www.apogeeddx.com.
DDX(R) is a registered trademark of Apogee Technology, Inc. All
other product names noted herein may be trademarks of their
respective holders. Certain statements made herein that use the
words "anticipate," "hope," "estimate," "project," "intend,"
"plan," "expect," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks and
uncertainties, which could cause the actual results, performance or
achievements of the company to be materially different from those
that may be expressed or implied. Please refer to the company's
risk factors as set forth in the company's filings with the
Securities and Exchange Commission, including its reports on Forms
10-KSB and 10-QSB. -0- *T APOGEE TECHNOLOGY, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS JUNE 30, DECEMBER 31, 2005 2004
---------------------------- (Unaudited) (Audited) ASSETS Current
assets Cash and cash equivalents $ 363,944 $ 1,886,883 Accounts
receivable, net of allowance for doubtful accounts of $130,000 and
$105,000, respectively 581,953 533,113 Inventories, net 2,620,487
2,725,308 Prepaid expenses and other current assets 149,971 252,728
---------------------------- Total current assets 3,716,355
5,398,032 ---------------------------- Property and equipment, net
of accumulated depreciation of $408,193 and $376,951, respectively
134,133 103,189 ---------------------------- Other assets Patent,
net of accumulated amortization of $140,675 and $127,442,
respectively 246,615 211,901 ---------------------------- $
4,097,103 $ 5,713,122 ---------------------------- LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIENCY) Current liabilities Accounts
payable and accrued expenses $ 1,906,544 $ 1,107,111 Deferred
distributor revenue 2,100,479 1,955,563 Officer and shareholder
loans 500,000 -- Deferred contract revenue 72,686 95,788
---------------------------- Total current liabilities 4,579,709
3,158,462 ---------------------------- Commitments and
Contingencies -- -- Stockholders' equity (deficiency) Common stock,
$.01 par value; 20,000,000 shares authorized, 11,838,332 issued and
outstanding 118,383 118,383 Additional paid-in capital at June 30,
2005 and December 31, 2004 18,073,223 18,073,223 Accumulated
deficit (18,674,212) (15,636,946) ----------------------------
Total stockholders' equity (deficiency) (482,606) 2,554,660
---------------------------- $ 4,097,103 $ 5,713,122
---------------------------- The accompanying notes in the
Company's 10-QSB filing for the three-month period ending June 30,
2005 are an integral part of these consolidated financial
statements. APOGEE TECHNOLOGY, INC. AND SUBSIDIARY CONSOLIDATED
STATEMENTS OF OPERATIONS (Unaudited) THREE MONTHS ENDED SIX MONTHS
ENDED June 30, June 30,
------------------------------------------------------- 2005 2004
2005 2004 -------------------------------------------------------
(Restated) (Restated) Revenues Product sales $ 1,154,661 $ 899,247
$ 2,168,449 $ 2,538,710 Royalties 159,978 238,396 260,931 443,973
Consulting -- 200,000 -- 504,484
------------------------------------------------------- 1,314,639
1,337,643 2,429,380 3,487,167
------------------------------------------------------- Costs and
expenses Product sales 885,885 1,076,876 1,853,228 2,086,740
Research and development 732,868 606,227 1,523,007 1,318,593
Selling, general and administrative 1,293,144 623,523 2,093,084
1,272,860 -------------------------------------------------------
2,911,897 2,306,626 5,469,319 4,678,193
------------------------------------------------------- Operating
(loss) income (1,597,258) (968,983) (3,039,939) (1,191,026) Other
(expense) income Interest expense (3,452) -- (3,452) -- Interest
income 1,728 5,662 6,125 10,977
------------------------------------------------------- (1,724)
5,662 2,673 10,977
------------------------------------------------------- Net (loss)
income (1,598,982) (963,321) (3,037,266) (1,180,049) Accumulated
deficit - beginning (17,075,230) (12,468,475) $(15,636,946)
$(12,251,748)
------------------------------------------------------- Accumulated
deficit - ending $(18,674,212) $(13,431,796) $(18,674,212)
$(13,431,797)
------------------------------------------------------- Basic and
diluted (loss) income per common share $ (0.14) $ (0.08) $ (0.26) $
(0.10) -------------------------------------------------------
Weighted average common shares outstanding - basic and diluted
11,838,332 11,380,790 11,838,332 11,359,469
------------------------------------------------------- The
accompanying notes in the Company's 10-QSB filing for the
three-month period ending June 30, 2005 are an integral part of
these consolidated financial statements. *T
Safety First Trust Principal-Protected Certificates Linked TO A U.S.-Europe-Japan Basket (AMEX:ATA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Safety First Trust Principal-Protected Certificates Linked TO A U.S.-Europe-Japan Basket (AMEX:ATA)
Historical Stock Chart
From Jul 2023 to Jul 2024