Press Release
For Immediate Release
Company Contact:
William Swain
GraphOn Corporation
1.800.GRAPHON
Bill.Swain@GraphOn.com
GraphOn Corp. Announces Third Quarter Financial Results
SANTA CRUZ, CA, USA - November 4, 2008 - GraphOn Corporation (OTCBB: GOJO), a
leading worldwide developer of thin-client application publishing and
Web-enabling solutions, today announced financial results for the third quarter
of 2008.
Financial Highlights
Revenue was approximately $1.6 million for the three months ended September 30,
2008, as compared to approximately $1.3 million for the same period of 2007.
Revenue was approximately $4.3 million for the nine months ended September 30,
2008, as compared to approximately $3.7 million for the same period of 2007. The
net loss for the three months ended September 30, 2008 was approximately $0.6
million, as compared to the approximately $1.0 million net loss for the same
period of 2007. The net loss for the nine months ended September 30, 2008 was
approximately $2.0 million, as compared to the approximately $3.0 million net
loss for the same period of 2007. The loss per common share for the three months
ended September 30, 2008 was $0.01 per share, as compared to $0.02 per share for
the same period of 2007. The loss per common share for the nine months ended
September 30, 2008 was $0.04 per share as compared with a loss of $0.07 per
share for the same period in 2007.
"We are pleased with the progress that we have achieved in both the current
quarter and nine-month period as compared to the same periods in 2007," Robert
Dilworth, Chairman and CEO, said. "We remain cautiously optimistic about the
future growth of our GO-Global revenue during this year of financial turmoil in
other business markets. We are continuing to invest in new capabilities for our
GO-Global products and in the development of new products which are proceeding
on schedule and are expected to provide growth in the future."
About GraphOn Corporation
GraphOn Corporation is a publicly-traded company headquartered in Santa Cruz,
California. For over a decade, GraphOn has been an innovator of cost-effective,
advanced solutions that help customers access applications from anywhere.
GraphOn's high-performance software provides fast remote access, cross-platform
connectivity, and a centralized architecture that delivers a dramatically lower
cost of ownership. The company's solutions run under Microsoft (MSFT) Windows,
Linux and UNIX, including Sun (JAVA) Solaris, IBM AIX, Hewlett-Packard (HPQ)
HP-UX, and others. For more information, call 1.800.GRAPHON or visit
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-lobal are registered trademarks of GraphOn Corp. All other
trademarks belong to their respective owners.
# # #
GRAPHON CORPORATION
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, December 31,
2008 2007
Assets ------------- -------------
Cash and cash equivalents $ 4,201,900 $ 5,260,800
Accounts receivable, net 852,400 886,600
Prepaid expenses 62,100 42,600
------------- -------------
Total current assets 5,116,400 6,190,000
------------- -------------
Patents, net 2,074,500 2,741,300
Other assets, net 203,000 143,100
------------- -------------
Total assets $ 7,393,900 $ 9,074,400
============= =============
Liabilities and stockholders' equity
Accounts payable and accrued liabilities $ 907,800 $ 867,200
Deferred revenue - short term 1,588,900 1,475,000
Deferred revenue - long term 1,806,500 1,833,100
Other long term liability 28,400 -
Stockholders' equity 3,062,300 4,899,100
------------- -------------
Total liabilities and stockholders' equity $ 7,393,900 $ 9,074,400
============= =============
Condensed Consolidated Statements of Operations
Three months ended Nine months ended
September 30, September 30,
------------------------------ --------------------------------
2008 2007 2008 2007
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------- ------------- -------------- --------------
Revenue $ 1,594,100 $ 1,270,300 $ 4,279,500 $ 3,715,700
Cost of revenue 136,600 113,900 441,900 356,100
------------- ------------ -------------- --------------
Gross profit 1,457,500 1,156,400 3,837,600 3,359,600
------------- ------------ -------------- --------------
Selling and marketing 473,700 438,100 1,309,400 1,291,500
General and administrative 1,015,000 1,261,000 2,925,500 3,372,400
Research and development 628,600 446,600 1,714,400 1,757,300
------------- ------------ -------------- --------------
Total operating expenses 2,117,300 2,145,700 5,949,300 6,421,200
------------- ------------ -------------- --------------
Loss from operations (659,800) (989,300) (2,111,700) (3,061,600)
Other income, net 17,700 11,400 70,300 45,400
------------- ------------ -------------- --------------
Loss before income taxes (642,100) (977,900) (2,041,400) (3,016,200)
Income taxes 1,100 1,700 2,700 5,600
------------- ------------ -------------- --------------
Net loss $ (643,200) $ (979,600) $ (2,044,100) $ (3,021,800)
============= ============= ============== ==============
Loss per common share
- basic and diluted $ (0.01) $ (0.02) $ (0.04) $ (0.07)
============= ============= ============== ==============
Weighted average shares outstanding
- basic and diluted 47,084,241 46,764,015 47,090,128 46,418,462
============= ============= ============== ==============