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Duraswitch Announces Results for Three and Six Months Ended June 30
August 9, 2004 |Estimated reading time: Less than a minute
Phoenix — Duraswitch announces financial results for the three and six months ended June 30, 2004.
Duraswitch reported net income of $446,000, or 5 cents per share, for the second quarter of 2004, compared to a net loss of $821,000, or 9 cents per share, for the second quarter of 2003. Revenue for the second quarter of 2004 was $1.18 million, generating gross profit of $1.13 million. Revenue for the quarter included $1 million cash payment from Delphi Corp. related to the first payment of minimum guaranteed royalty commitments in Delphi's exclusive license agreement for the automotive industry. The agreement has an additional $11 million in guaranteed minimum royalties, with $2 million due in 2005, $3 million in 2006 and $6 million in 2007. Total revenue for the comparable quarter of 2003 was $161,000, generating a gross profit of $148,000.
For the six months ended June 30, 2004, Duraswitch recorded net income of $27,000, or nothing per share, compared to a net loss of $1.55 million, or 16 cents per share, for the six months ended June 30, 2003. Revenue for the six months ended June 30, 2004 was $1.36 million, which generated a gross profit of $1.27 million. Revenue for the comparable six-month period in 2003 was $320,000, which generated a gross profit of $290,000.
Duraswitch is a licensor of patented, enabling technologies. For more information, visit www.duraswitch.com.