PubliCARD, INC. REPORTS FIRST QUARTER RESULTS
New York -- May 11, 2001 - PubliCARD, Inc. (Nasdaq: CARD)) today reported financial results for the quarter ended March 31, 2001.
Revenues for the first quarter of 2001 were $1,520,000, down slightly from $1,551,000 a year ago but up 14 percent from $1,328,000 in the fourth quarter. The net loss for the quarter was $3,509,000, or $0.14 per share, compared with $4,771,000, or $0.21 per share, a year ago. The smaller net loss primarily reflects reductions of nearly 30 percent in both general and administrative expenses and sales and marketing expenses from last year`s first quarter. As of March 31, 2001, shareholders` equity was $19,830,000, and cash and short-term investments totaled $13,138,000.
During the quarter, the Company strengthened key alliances, further broadened and enhanced its product offerings, and continued to streamline its business. In late 2000, PubliCARD announced a strategic investment and partnership with TecSec, Inc., a closely held provider of encryption solutions; in the first quarter of 2001, the U.S. Postal Service launched its NetPost.Certified system for ultra-secure e-mail, which utilizes TecSec`s technology and PubliCARD`s smart card readers. PubliCARD also received substantial orders during the quarter for its smart card readers from SafeNet, Inc., which is deploying them in its Virtual Private Networks, and for its recently launched smart card computer keyboard interface chip from Dallant Bank, a Korean consulting company, to support a countrywide smart card project.
About PubliCARD, Inc.
Headquartered in New York, NY, PubliCARD, through its Infineer subsidiaries, is a smart card technology company providing infrastructure products and solutions to facilitate secure access and transactions for the broadband and enterprise security markets. The Company`s product range includes industry compliant smart card reader solutions and application specific integrated circuits, also known as ASICs, for television set-top boxes and PC keyboards for electronic commerce. The Company designs closed environment smart card transaction solutions, including small value electronic cash systems and database management solutions.
Special Note Regarding Forward-Looking Statements: Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. Such factors include general economic and business conditions, the ability to fund operations, business and product development, time to market, the loss of market share, ability to attract and retain employees, changes in consumer buying habits and other factors over which PubliCARD has no control. For more information on the potential factors, which could affect financial results, refer to the Company`s most recent SEC reports, including the Form 10-K for the year ended December 31, 1999, as amended, and the Form 10-Q for the quarters ended March 31, June 30 and September 30, 2000.
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