Affinity Announces Second Quarter Results

Affinity Announces Second Quarter Results
Aug 15, 2000 08:42 AM ET Business Wire
COLUMBIA, S.C., Aug 15, 2000 (BUSINESS WIRE) -- Affinity Technology Group, Inc.
(NASDAQ: AFFI) today announced financial results for the second quarter and six
months ended June 30, 2000.
Revenues for the quarter were $679 thousand, with a net loss of $1.5 million,
or $0.05 per share. Second quarter 1999 revenues were $1.2 million and the
Company reported a net loss of $2.5 million, or $0.08 per share. The weighted
average number of shares outstanding during the three months ended June 30,
2000 was 30.0 million, compared to 29.8 million for the same period in 1999.
For the first six months of 2000, revenues were $1.0 million, with a net loss
of $3.3 million, or $0.11 per share. Revenues for the comparable period in 1999
were $1.5 million, with a net loss of $5.0 million, or $0.17 per share. The
weighted average number of shares outstanding during the six months ended June
30, 2000 was 29.9 million, compared to 29.7 million for the same period in
1999.
Joe Boyle, President and Chief Executive Officer, stated, "During the second
quarter we continued to focus on our key priorities: the continued development
of the multi-lender decisioning system for Auto Credit Acceptance Ltd.; the
deployment of additional Mortgage ALMs through our subsidiary, Surety Mortgage,
Inc.; solidification and expansion of our intellectual property rights under
our patents; and, the continued evaluation of capital raising alternatives. We
believe we have made solid progress in these areas."
Affinity's technology enables financial institutions to link their branches,
call centers, Internet customers, and indirect agents electronically to their
credit departments, providing fully automated lending - and, if necessary,
connectivity to a loan officer - through every channel. For financial
institutions, Affinity's solutions expedite loan decisioning and processing and
increase productivity and capacity of branch personnel, call center agents,
loan officers, and indirect agents, while improving the overall customer
experience. Affinity is located on the World Wide Web at www.affi.net.
Forward-looking statements in this news release, including statements regarding
the multi-lender decisioning system, the deployment of ALMs through Surety
Mortgage, Inc., patents, and capital raising initiatives, are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that forward-looking statements involve risks and
uncertainties, including those related to general economic conditions, delays,
risks, and uncertainties associated with the development and deployment of new
technologies, consumer and industry acceptance of automated delivery channels,
and regulatory risks, that may cause actual results to differ materially from
those projected.
NOTE TO INVESTORS AND EDITORS: Affinity's press releases are available on the
Internet through Business Wire's web site at http://www.businesswire.com. The
releases are also available at no extra charge through Business Wire's Company
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Affinity Technology Group, Inc
Statements of Operations
Three months ended Six months ended June 30, June 30, 2000 1999 2000 1999
----------- ----------- ----------- ----------- Revenues: Transactions $
150,355 $ 94,389 $ 312,151 $ 217,935 Mortgage processing services 113,307
153,851 187,168 267,250 Sales and rental - 34,213 3,000 38,963 Professional
services 309,503 790,452 319,503 790,452 Patent license fees 65,000 - 90,000 -
Other income 41,096 95,447 120,556 179,711 ----------- ----------- -----------
----------- Total revenues 679,261 1,168,352 1,032,378 1,494,311
Costs and expenses: Cost of revenues 223,969 1,030,673 335,296 1,200,501
Research & development 153,063 519,353 482,996 818,478 Selling, general and
administrative expenses 1,842,449 2,244,311 3,615,339 4,675,993 -----------
----------- ----------- ----------- Total costs and expenses 2,219,481
3,794,337 4,433,631 6,694,972 ----------- ----------- ----------- -----------
Operating loss (1,540,220) (2,625,985) (3,401,253) (5,200,661) Interest income
34,957 113,853 84,831 234,818 ----------- ----------- ----------- -----------
Net loss $(1,505,263)$(2,512,132)$(3,316,422)$(4,965,843) ===========
=========== =========== =========== Net loss per share - basic and diluted $
(0.05)$ (0.08)$ (0.11)$ (0.17) =========== =========== =========== ===========
Shares used in computing net loss per share 30,021,808 29,755,930 29,949,436
29,697,963 =========== =========== =========== ===========
Balance Sheets June 30, 2000 1999 ----------- -----------
Cash and Short Term Investments $ 1,728,462 $ 6,182,907
Total Current Assets 5,017,738 10,882,937
Total Assets 10,597,451 19,222,441
Total Liabilities 2,508,594 1,522,320
Stockholders' Equity 8,088,857 17,700,121
CONTACT: Affinity Technology Group, Inc., Columbia, S.C. Joe Boyle,
803/758-2528 Chief Executive Officer
URL: http://www.businesswire.com Today's News On The Net - Business Wire's full
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Copyright (C) 2000 Business Wire. All rights reserved.
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KEYWORD: SOUTH CAROLINA INDUSTRY KEYWORD: BANKING NETWORKING SOFTWARE EARNINGS

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