Business News

Notify Technology Reports Results for the Fiscal Quarter Ended June 30, 2008

2008-08-13 08:15:00

  NotifyLink revenue increases over 22 percent from same quarter in prior

                                fiscal year.

    SAN JOSE, Calif., Aug. 13 /EMWNews/ -- Notify Technology

Corporation (OTC Bulletin Board: NTFY) today announced financial results

for its fiscal quarter ended June 30, 2008.

    Revenue from the NotifyLink(R) software product line increased 22% to

$1,144,800 for the three month period ended June 30, 2008, from $937,607

during the same period last year. The gross margin remained consistent at

97.1% and 96.7% for the three month periods ending June 30, 2008 and 2007,

respectively. The Company showed a net loss for the fiscal quarter ended

June 30, 2008, of $83,067 or a net loss per share of $(0.01), compared to a

net loss of $93,766, or a net loss per share of $(0.01), reported for the

three month period ended June 30, 2007.

    Sales expenses were $472,378 in the three month period ended June 30,

2008 compared to $369,618 in the same period of fiscal 2007. Research and

development spending increased to $414,788 in the three month period ended

June 30, 2008 compared to $328,035 in the same period of fiscal 2007. The

overall increase in research and development expense is a direct result of

adding engineering expenses to support additional email platforms and new

wireless devices. General and administrative expenses were $310,079 in the

three month period ended June 30, 2008 compared to $302,926 in the same

period of fiscal 2007.

    "We are excited to announce another quarter of over 20% growth from the

same quarter in the prior year. Our increased R&D spending is driven by our

increased investment in expanding both the email platforms and the devices

we support. Our recent announcement of adding wireless synchronization

support for Google Gmail and Google Calendar services and the imminent

release of our iPhone solution are examples of that commitment," said Paul

DePond, President of Notify Technology. "We are looking forward to reaping

the rewards of our investment in our new development programs throughout

the coming year."

    About Notify Technology Corporation

    Founded in 1994, Notify Technology Corporation, (OTC Bulletin Board:

NTFY) is an innovative software company developing mobility products for

organizations of all sizes. Notify's wireless solutions provide secure

synchronized email and PIM access and management to any size organization

on a variety of wireless devices and networks. Notify sells its wireless

products directly and through authorized resellers internationally. The

company is headquartered in San Jose, California. For more information,

visit or contact 408-777-7920.

    Forward-Looking Statements: This press release contains forward-looking

statements related to Notify Technology that involve risks and

uncertainties, including, but not limited to, statements regarding the

improving performance and growth of our wireless product. Those statements

are based on current information and expectations and there are important

factors that could cause actual results to differ materially from those

anticipated by such statements. These risks include, but are not limited

to, our ability to deliver products and manage growth, continue to improve

our existing products, release support for additional email platforms and

additional devices and develop software compatible with the Apple iPhone

within the fiscal year or ever, as well as other risks detailed from time

to time in our periodic reports filed with the Securities and Exchange

commission. In particular, we cannot predict future NotifyLink revenues

with any accuracy and do not know whether NotifyLink revenues will continue

to grow at the rates we have recently experienced. These forward-looking

statements are made in reliance on the "safe harbor" provisions of the

Private Securities Litigation Reform Act of 1995. For further information

about these factors that could affect Notify Technology's future results,

please see our filings with the Securities and Exchange Commission.

Prospective investors are cautioned that forward-looking statements are not

guarantees of performance. Actual results may differ materially from

management's expectations.

Contacts: At Notify Technology Corporation: Jerry Rice, Chief Financial Officer Phone: 408-777-7927 [email protected] (Financial Tables Follow) NOTIFY TECHNOLOGY CORPORATION CONDENSED UNAUDITED STATEMENTS OF OPERATIONS Three-Month Periods Nine-Month Periods Ended June 30, Ended June 30, 2008 2007 2008 2007 Revenue: Product revenue $1,144,800 $937,607 $3,331,443 $2,720,694 Service revenue -- -- -- 237,991 Total revenue 1,144,800 937,607 3,331,443 2,958,685 Cost of revenue: Product cost 2,590 5,371 11,455 13,677 Royalty payments 30,647 25,543 105,284 75,656 Total cost of revenue 33,237 30,914 116,739 89,333 Gross profit 1,111,563 906,693 3,214,705 2,869,352 Operating expenses: Research and development 414,788 328,035 1,186,960 945,062 Sales and marketing 472,378 369,618 1,374,160 1,247,004 General and administrative 310,079 302,926 956,859 977,692 Total operating expenses 1,197,245 1,000,579 3,517,979 3,169,758 Loss from operations (85,682) (93,886) (303,274) (300,406) Other interest (expense), net 2,615 120 6,479 2,677 Net loss $(83,067) $(93,766) $(296,795) $(297,729) Basic net loss per share $(0.01) $(0.01) $(0.02) $(0.02) Basic weighted average shares outstanding 14,075,662 13,968,995 14,046,336 13,968,995 NOTIFY TECHNOLOGY CORPORATION Condensed Balance Sheets June 30, Sept. 30, 2008 2007 (Unaudited) (1) Assets: Current assets: Cash and cash equivalents $971,318 $839,775 Accounts receivable, net 519,641 588,295 Other assets 28,732 51,692 Total current assets 1,519,691 1,479,762 Non-current assets Property and equipment, net 107,502 98,983 Deposit on property and equipment 56,228 -- Total non-current assets 148,108 98,983 Total assets $ 1,683,421 $1,578,745 Liabilities and shareholders' deficit Current liabilities: Current portion of capital lease obligation $4,373 $7,243 Accounts payable 21,587 31,915 Accrued payroll and related liabilities 254,183 260,216 Deferred revenue 2,480,425 2,126,518 Other accrued liabilities 180,936 143,189 Total current liabilities 2,941,504 2,569,081 Long-term capital lease obligations 11,823 15,519 Total liabilities 2,953,327 2,584,600 Shareholders' deficit: Common stock 14,076 13,969 Additional paid-in capital 23,387,395 23,354,759 Accumulated deficit (24,671,377) (24,374,583) Total shareholders' deficit (1,269,906) (1,005,855) Total liabilities and shareholders' deficit $1,683,421 $1,578,745 (1) The information in this column was derived from our audited financial statements for the year ended September 30, 2007

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