Financial results
Total revenue for the first quarter ended June 30, 2005, was $1.1 million, compared to $100,000 in the same quarter of 2004. The increase is due to the recognition of engineering service and license deferred revenue from the company’s contracts with Nissan Motor Co., Ltd. As of June 30, 2005, the company had $3.1 million in deferred revenue, compared to $4.2 million as of March 31, 2005. The company’s deferred revenue is attributable to contracts with Nissan Motor Co., Ltd., and the United States Navy, and the decrease from March 31, 2005 to June 30, 2005 is a result of the recognition of $1.1 million of deferred revenue under contracts with Nissan Motor Co., Ltd. We expect to recognize the majority of this deferred revenue during the remainder of fiscal year 2006.
Net income for the first quarter ended June 30, 2005 was $341,000, or $0.03 per diluted share, compared to a net loss of $679,000, or $0.14 per diluted share for the quarter ended June 30, 2004. The company’s profitability is primarily attributable to the revenue from the contracts with Nissan Motor Co., Ltd.
Guidance
The company’s policy is only to provide guidance for the next fiscal quarter. Based on the company’s current outlook, it expects to recognize approximately $1.3 million of revenue in the three month period ending September 30, 2005, which will primarily consist of revenue from the company’s contracts with Nissan Motor Co., Ltd., that was deferred as of June 30, 2005. In addition, the company expects deferred revenue to be $2.7 million as of September 30, 2005. This will include deferred revenue from the company’s contracts with the U.S. Navy and Nissan Motor Co., Ltd
sämtliche Bilanzierung der letzten Earnings
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