InPlay Technologies has released their 1st quarter 2008 financial results. They posted a net loss for the quarter of $1.6 million. InPlay is seeing good growth from their DuraSwitch business, while their FinePoint business has continued to struggle. $9000 in revenue on the FinePoint side doesn’t look good at all.
In addition, InPlay received a letter from Nasdaq that the bid price for their common stock has closed below $1.00 for the last 30 consecutive days and is not in compliance with the minimum bid price requirement. According to InPlay, this notice has no immediate effect on their listing or trading.
PHOENIX, Ariz. (May 14, 2008) Ã¢â‚¬” InPlay Technologies (Nasdaq: NPLA) today announced financial results for the three months ended March 31, 2008.
Revenue for the first quarter 2008 was $388,000, down from $9.0 million in the comparable period during 2007. 2007 revenue included $7.6 million from the sale of the Company’s allowed claim against Delphi Automotive Systems, LLC for licensing fees, InPlay does not expect any future revenue related to Delphi. For the three month period in 2008, revenue included $9,000 from the FinePoint segment and $379,000 from the Duraswitch segment.
InPlay reported a net loss for the quarter of $1.6 million, or $0.14 per share, compared to net income of $6.2 million or $0.54 per share for 2007.
““As anticipated, revenue from our FinePoint segment was significantly lower during the first quarter. At the same time, we made substantial investments in customer support and technology development, in particular our integrated capacitive touch and digital pen platform. We believe that this investment is an important step to be able to deliver the products for our key markets. In the short term, however, our net loss and cash use increased,Ã¢â‚¬Â said InPlay chairman and CEO, Steve Hanson.
““Our Duraswitch business showed progress during the quarter, with revenue from non-exclusive licensees up 42 percent from the comparable quarter in 2007. We continue to explore alternatives to accelerate market penetration for our switch business,Ã¢â‚¬Â Hanson added.
““Our overriding goals for 2008 are to win new project designs, manage our cash resources and demonstrate a path to profitability,Ã¢â‚¬Â Hanson said. ““We have put resources in place that we believe will enable us to grow our business more effectively. While we continue to make progress with prospective customers and generate new interest, project lead times can be fairly lengthy. Given the current state of the economy, we do not expect any of our customers to accelerate these timelines. We do remain confident in our ability to earn design wins with prospective customers in 2008.Ã¢â‚¬Â