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Phoenix — Duraswitch announces financial results for the quarter and year ended December 31, 2003.
Duraswitch reported a net loss of $2.6 million, or 27 cents per share, for the year ended December 31, 2003, compared to a net loss of $4.7 million, or 49 cents per share, during fiscal 2002. Revenue during 2003 included $760,000 in licensing revenue, generating a gross profit of $657,000. During the comparable period in fiscal 2002, revenue included $747,000 in licensing revenue and $25,000 in product revenue, generating a gross profit of $616,000.
For the fourth quarter of 2003, Duraswitch reported a net loss of $529,000 or 6 cents per share, compared to a net loss of $1.2 million, or 12 cents per share, during the fourth quarter period of fiscal 2002. Revenue for the fourth quarter of fiscal 2003 included $247,000 in licensing revenue, generating a gross profit of $205,000.Revenue for the fourth quarter of fiscal 2002 included $175,000 in licensing revenue, generating a gross profit of $85,000.
Duraswitch licensees continued their record pace of design reviews in 2003, with 96 designs versus 51 in 2002. Design reviews submitted by licensees are generally the step before a project goes to prototype with potential production following. Licensees show penetration in new markets, follow-on business with current customers, and have demonstrated design wins with thiNcoder and MagnaMouse Duraswitch technologies.
Duraswitch is an innovator in the design and development of electronic switch technologies. For more information, visit www.duraswitch.com.