Press Release For Immediate Release
Company Contact:
William Swain, GraphOn Corporation
1.800.GRAPHON
Bill.Swain@GraphOn.com
GraphOn Corp. Today Announces First Quarter 2004 Results; Will Host
First Quarter Investors Teleconference on Wednesday, May 12, 2004
MORGAN HILL, CA, USA - May 11, 2004 - 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 12, 2004, 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, 2004. 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, 2004.
Financial Highlights
Revenues were $902,900 for the three-month period ended March 31, 2004, as
compared to $1,044,000 recorded in the same period of 2003. The net loss for the
three-month period ended March 31, 2004 was $431,100, as compared to the
$380,100 net loss for the same period of 2003. The loss per common share on a
basic and diluted basis for the quarter ended March 31, 2004 was $0.02 per share
as compared with a loss of $0.02 per share for the same quarter of 2003.
"As we have previously announced, we were able to obtain additional equity
financing during the first quarter of this year," Robert Dilworth, CEO, said.
"We are a small company with limited resources and with this additional resource
we are looking forward, with guarded optimism, at the future growth of our
business."
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
March 31, December 31,
2004 2003
-------------- -------------
Cash and cash equivalents ..........................$ 1,719,600 $ 1,025,500
Accounts receivable, net ........................... 368,800 521,100
Other current assets ............................... 27,700 23,100
-------------- -------------
Total current assets ............................... 2,116,100 1,569,700
-------------- -------------
Property and equipment, net ........................ 115,600 144,800
Purchased technology, net .......................... 167,500 335,000
Capitalized software, net .......................... 445,100 500,600
Other assets ....................................... 11,900 11,900
-------------- -------------
Total assets .......................................$ 2,856,200 $ 2,562,000
============== =============
Current liabilities.................................$ 454,500 $ 523,100
Deferred Revenue ................................... 1,011,500 1,192,000
Stockholders' equity ............................... 1,390,200 846,900
-------------- -------------
Total liabilities and stockholders' equity .........$ 2,856,200 $ 2,562,000
============== =============
Condensed Statements of Operations
UNAUDITED
Three months ended March 31,
---------------------------
2004 2003
------------ ------------
Revenue .................................. $ 902,900 $ 1,044,000
Cost of revenue .......................... 310,200 324,600
------------ ------------
Gross Profit ............................. 592,700 719,400
------------ ------------
Operating expenses
Selling and marketing .................... 358,100 420,900
General and administrative ............... 249,700 356,400
Research and development ................. 419,600 328,000
------------ ------------
Total operating expenses ................ 1,027,400 1,105,300
------------ ------------
Loss from operations ..................... (434,700) (385,900)
Other income (expense), net .............. 3,600 5,800
------------ ------------
Loss before income taxes ................. (431,100) (380,100)
Income taxes ............................. - -
------------ ------------
Net loss ................................. $ (431,100) $ (380,100)
============ ============
Basic and diluted loss per share ......... $ (0.02) $ (0.02)
============ ============
Weighted average shares outstanding ...... 20,036,876 16,594,408
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