SANTA BARBARA, Calif., Oct. 15, 2003 (PRIMEZONE) -- Roaming Messenger (OTCBB:RMSG) today reported revenue of $899,732 for the fiscal year ended June 30, 2003, compared to revenue of $811,289 for the same period in the prior year, an increase of $88,433 representing an 11% gain.
For the Fourth Quarter ended June 30, 2003, the company reported revenue of $231,540 compared to revenue of $199,383 for the same period in the prior year, an increase of $32,157, or 16%.
For the twelve months ended June 30, 2003, the Company's consolidated net loss was $424,047, or less than $0.01 per share, as compared to a consolidated net loss of $586,630, or less than $0.01 per share, for the twelve months ended June 30, 2002. This $162,583 decrease in consolidated net loss represents a 38% improvement.
For the quarter ended June 30, 2003, the Company's consolidated net loss was $153,244 as compared to a consolidated net loss of $143,346 for the quarter ended June 30, 2002. This $9,898 increase in consolidated net loss represents a percentage increase of seven percent.
This primary source of revenue is recurring revenue from the company's web-based products, which have an 85% gross margin.
Year In Review Highlights
"This has been a very exciting year in our company's growth," said Mr. Jon Lei, the company's President and CEO "We have made our transition to a public company, which has allowed us to access additional growth capital sufficient to increase our sales and marketing efforts, while also building out our engineering group to meet the demands we are experiencing."
Strategic Alliances
While discussing the company's strategic alliances as means of driving sales growth, Mr. Lei said, "We have announced multiple strategic alliances and VAR (Value Added Reseller) agreements in several markets, including the multi-billion dollar Homeland Security, Military, and Public Safety sectors. The initial integration of Roaming Messenger into our partners' applications has been very well received by the end customers. The positive responses from the recent debut of Roaming Messenger at industry tradeshows reinforce this."
"Taking a longer term view, we are enthusiastic about early developments in the Enterprise sector, where we are working on several projects to integrate Roaming Messenger's capabilities into the Automated Process Control and the Wireless Retailing marketplace. We believe these are very large market opportunities for us."
Record New Proposals
Commenting on the growth of the sales pipeline, Mr. Lei said, "We have been asked to respond to multiple Requests-For-Quote (RFQs), and as a result we have several sizable proposals on the table, any of which should materially increase our financial strength, and get us down the road toward the bright future we all envision for our company."
Validation of strategic growth plan
Mr. Lei, in discussing various elements of the company's growth plan, concluded with the following, "These indications of market acceptance are significant because they continue to validate our strategic business plan and channel distribution strategy, as the means to accelerate the market adoption of our unique technology."
"We are well positioned to capture a significant share of the exploding wireless markets."
About Roaming Messenger
Roaming Messenger is a breakthrough wireless solution for delivering real-time actionable information, to the right person, right away. With applications in homeland security, emergency response, military and enterprise automation, Roaming Messenger provides capabilities beyond existing e-mail, text messaging and voicemail solutions. Roaming Messenger packages time-critical information and decision points into a "smart courier" message. The result is a messenger that roams throughout the wired and wireless worlds -- from mobile devices to desktop PCs to central servers -- tracking down people and getting responses in real-time.
ROAMING MESSENGER, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
JUNE 30, 2003 AND 2002
2003 2002
REVENUE $899,732 $ 811,289
Cost of revenue, 106,011 176,608
Selling, general and
administrative expenses 999,135 1,014,025
Depreciation and amortization 49,162 44,297
Research and development 145,004 145,341
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TOTAL COSTS AND EXPENSES 1,299,312 1,380,271
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OPERATING LOSS (399,580) (568,982)
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OTHER INCOME (EXPENSES)
Interest income -- 3,688
Interest expense (24,467) (21,336)
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TOTAL OTHER INCOME (EXPENSES) (24,467) (17,648)
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NET LOSS $ (424,047) $ (586,630)
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Basic and diluted loss per share $ (0.00) $ (0.00)
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Weighted average number of shares 133,280,601 125,418,673
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Safe Harbor Statement
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should" and "will" and similar expressions as they relate to Roaming Messenger are intended to identify such forward-looking statements. Roaming Messenger undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect Roaming Messenger's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ("SEC"), including Roaming Messenger's Form 10KSB for 2003 filed with the SEC on October 14, 2003. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.