Exhibit 99.1
Press Release For Immediate Release
Company Contact:
Company Contact:
William Swain, GraphOn Corporation
1.800.GRAPHON
Bill.Swain@GraphOn.com
GraphOn Corp. Today Announces First Quarter 2003 Results; Will
Host First Quarter Investors Teleconference on Wednesday, May 21,
2003
MORGAN HILL, CA, USA - May 14, 2003 - GraphOn(R) Corporation, (OTCBB: GOJO)
(www.graphon.com) a leading developer of business software for remote computing,
today announced it will host an investor conference call at 1:30 pm Pacific
Coast Time (4:30 pm East Coast Time) on Wednesday, May 21, 2003, moderated by
GraphOn CEO and Chairman, Robert Dilworth and Chief Financial Officer, William
Swain. Discussions will include a review of financial results of the first
quarter, which ended March 31, 2003. The GraphOn management team will discuss
the company's business and will take questions for a limited time following the
presentation.
U.S. and Canada participants may access the call by phone by dialing (877)
591-1124 ten minutes prior to the call; international participants may dial
(706) 643-0488 and state GraphOn Conference Call.
GraphOn Corporation also reported results for the first quarter, which ended
March 31, 2003.
Financial Highlights
Revenues were approximately $1.0 million for the three-month period ended March
31, 2003, as compared to approximately $586 thousand recorded in the same period
of 2002. The net loss for the three-month period ended March 31, 2003 was
approximately $380 thousand, as compared to the approximate $3.6 million net
loss for the same period of 2002. The loss per common share on a basic and
diluted basis for the current quarter was $0.02 per share as compared with a
loss of $0.21 per share for the first quarter of 2002.
"We are pleased with the increase in revenue and the greatly reduced operating
loss that we achieved this quarter as compared to the first quarter of last
year," Robert Dilworth, CEO, said. "We continue to successfully increase revenue
while at the same time decrease operating expenses, and are gratified by the
increased acceptance by our customer base of the enhancements in our Windows(R)
and UNIX product offerings."
About GraphOn Corporation
For over a decade, GraphOn Corporation has been an innovator and developer of
business connectivity software. GraphOn's high performance software provides
fast remote access, cross platform capability, and a centralized architecture
that delivers a dramatically lower cost of ownership to the user. Using
GO-Global, any application can be simply and easily Web enabled without any
software modification required, allowing applications to be run from browsers or
portals. GraphOn, which markets its solutions through OEM licenses, independent
software vendors (ISVs), application service providers (ASPs), value-added
resellers (VARs) and systems integrators, is headquartered in Morgan Hill, CA
and is quoted on the Over the Counter Bulletin Board under the ticker GOJO
(OTCBB:GOJO). For more information, please visit the company's Web site at
http://www.graphon.com.
This press release contains statements that are forward looking as that term is
defined by the United States Private Securities Litigation Reform Act of 1995.
These statements are based on current expectations that are subject to risks and
uncertainties. Actual results will differ due to factors such as shifts in
customer demand, product shipment schedules, product mix, competitive products
and pricing, technological shifts and other variables. Readers are referred to
GraphOn's most recent periodic and other reports filed with the Securities and
Exchange Commission.
GraphOn and GO-Global are a registered trademarks of GraphOn Corp. All other
trademarks belong to their respective owners.
# # #
GRAPHON CORPORATION
Condensed Balance Sheets
UNAUDITED AUDITED
March 31, December 31,
2003 2002
-------------- --------------
Cash and cash equivalents $ 1,620,600 $ 1,958,200
Accounts receivable, net 451,700 337,900
Other current assets 69,200 192,000
-------------- --------------
Total current assets 2,141,500 2,488,100
Property and equipment, net 354,400 421,900
Purchased technology, net 956,100 1,163,100
Capitalized software, net 475,800 406,500
Other assets 70,000 70,000
-------------- --------------
Total assets 3,997,800 4,549,600
============== ==============
Current liabilities 1,647,800 1,819,900
Stockholders' equity 2,350,000 2,729,700
-------------- --------------
Total liabilities and
stockholders' equity $ 3,997,800 $ 4,549,600
============== ==============
Condensed Statements of Operations
UNAUDITED
Three months ended March 31,
----------------------------
2003 2002
-------------- --------------
Revenue $ 1,044,000 $ 585,700
Cost of revenue 324,600 454,600
-------------- --------------
Gross Profit 719,400 131,100
-------------- --------------
Selling and marketing 420,900 808,800
General and administrative 356,400 643,700
Research and development 328,000 812,800
Restructuring charge - 1,490,400
-------------- --------------
Total operating expenses 1,105,300 3,755,700
-------------- --------------
Loss from operations (385,900) (3,624,600)
Other income (expense), net 5,800 34,100
-------------- --------------
Loss before income taxes (380,100) (3,590,500)
Income taxes - -
-------------- --------------
Net loss $ (380,100) $ (3,590,500)
============== ==============
Basic and diluted loss
per share $ (0.02) $ (0.21)
============== ==============
Weighted average shares
outstanding 16,594,408 17,353,663
============== ==============