Press Release For Immediate Release
Company Contact:
William Swain, GraphOn Corporation
1.800.GRAPHON
Bill.Swain@GraphOn.com
GraphOn Corp. Today As Previously Announced Second Quarter 2003
Results; Reconfirms it will Host Second Quarter Investors
Teleconference on Friday, August 22, 2003
MORGAN HILL, CA, USA - August 20, 2003 - GraphOn(R) Corporation, (OTCBB: GOJO)
(www.graphon.com) a leading developer of business software for remote computing,
reconfirms it will host an investor conference call at 1:30 pm Pacific Coast
Time (4:30 pm East Coast Time) on Friday, August 22, 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 second quarter,
which ended June 30, 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 second quarter, which ended
June 30, 2003.
Financial Highlights
As previously announced, revenue was approximately $1.2 million for the
three-month period ended June 30, 2003, as compared to approximately $525
thousand recorded in the same period of 2002. Revenue was approximately $2.2
million for the six-month period ended June 30, 2003, as compared to
approximately $1.1 million for the same period of 2002. The net loss for the
three-month period ended June 30, 2003 was approximately $418 thousand, as
compared to the approximate $2.2 million net loss for the same period of 2002.
The net loss for the six-month period ended June 30, 2003 was approximately $798
thousand, as compared to the approximate $5.7 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 $0.03 per share as compared with a loss of $0.12 per share
for the same quarter of 2002. The loss per common share on a basic and diluted
basis for the six-month period ended June 30, 2003 was $0.05 per share as
compared with a loss of $0.33 per share for the same period in 2002.
"We continue to be pleased with the increase in revenue and decrease in expenses
that we have been able to achieve both this quarter and for the six month period
as compared to the comparable periods last year," Robert Dilworth, CEO, said.
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 traded 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
June, 30 December 31,
2003 2002
----------- -----------
Cash and cash equivalents $ 1,155,900 $ 1,958,200
Accounts receivable, net 562,700 337,900
Other current assets 16,600 192,000
----------- -----------
Total current assets 1,735,200 2,488,100
Property and equipment, net 286,000 421,900
Purchased technology, net 749,100 1,163,100
Capitalized software, net 603,900 406,500
Other assets 29,600 70,000
----------- -----------
Total assets $ 3,403,800 $ 4,549,600
=========== ===========
Current liabilities $ 1,471,500 $ 1,819,900
Stockholders' equity 1,932,300 2,729,700
----------- -----------
Total liabilities and stockholders' equity $ 3,403,800 $ 4,549,600
=========== ===========
Condensed Statements of Operations
UNAUDITED UNAUDITED
Three months ended June Six months ended June 30,
------------------------ ------------------------
2003 2002 2003 2002
----------- ----------- ----------- -----------
Revenue $ 1,175,300 $ 525,400 $ 2,219,100 $ 1,111,100
Cost of revenue 343,000 461,900 667,500 916,500
----------- ----------- ----------- -----------
Gross Profit 832,300 63,500 1,551,600 194,600
----------- ----------- ----------- -----------
Selling and marketing 448,300 516,700 869,200 1,325,500
General and administrative 481,700 835,800 838,000 1,479,400
Research and development 318,800 884,600 646,800 1,697,400
Restructuring charge - - - 1,490,400
----------- ----------- ----------- -----------
Total operating expenses 1,248,800 2,237,100 2,354,000 5,992,700
----------- ----------- ----------- -----------
Loss from operations (416,500) (2,173,600) (802,400) (5,798,100)
Other income (expense), net (1,200) 25,600 4,600 59,700
----------- ----------- ----------- -----------
Loss before income taxes (417,700) (2,148,000) (797,800) (5,738,400)
Income taxes - - - -
----------- ----------- ----------- -----------
Net loss $ (417,700) $(2,148,000) $ (797,800) $(5,738,400)
=========== =========== =========== ===========
Basic and diluted loss per share $ (0.03) $ (0.12) $ (0.05) $ (0.33)
=========== =========== =========== ===========
Weighted average shares outstanding 16,602,719 17,353,663 16,598,708 17,428,431
=========== =========== =========== ===========