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WALTHAM, Mass.--(BUSINESS WIRE)--June 13, 1997--Kurzweil Applied Intelligence, Inc. (NASDAQ:KURZ) today released its unaudited financial results for the first quarter ended April 30, 1997.
The Company reported total revenue of $2,449,000 for the quarter ended April 30, 1997, which is a 43% increase over the total revenue of $1,710,000 reported for the same period of the prior year and a 12% increase over the reported revenue of $2,193,000 for the previous quarter ended January 31, 1997. The increasing market acceptance for Kurzweil Voice for Windows products has resulted in increased shipments that were primarily responsible for the revenue increase.
The Company reported a loss of $553,000 or ($0.06) per share for the quarter ended April 30, 1997 as compared to a loss of $1,294,000 or ($0.19) per share for the same period of the prior year.
On April 14, 1997, the Company entered into a definitive merger agreement which provides for a merger with a subsidiary of Lernout & Hauspie Speech Products N.V., a Belgian corporation listed on the Nasdaq National Market (NASDAQ:LHSPF). Lernout & Hauspie is a developer of advanced speech technology for various commercial applications and products.
The terms of the merger agreement have been approved by the Boards of Directors of both companies. As a result of the transaction, Kurzweil A.I. will become a wholly-owned subsidiary of Lernout & Hauspie. The merger will be accounted for using purchase accounting, and the closing is subject to the approval of Kurzweil A.I.'s stockholders at the Company's annual meeting of stockholders scheduled for June 26, 1997. In addition, to finance Kurzweil A.I.'s working capital needs prior to the closing of the merger, Lernout & Hauspie has made available a line of credit to Kurzweil A.I. of $1,500,000.
Except for the historical information contained herein, the matters discussed in this press release are forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors such as the availability and market acceptance of new products and product reliability, which may cause the actual results, performance or achievements of Kurzweil Applied Intelligence, Inc. to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. For further information, refer to the risk factors and discussion of certain factors that may affect the Company's future results contained from time to time in the Company's filings with the Securities and Exchange Commission.
The Company has attached its unaudited statement of operations and balance sheet data for the first quarter ended April 30, 1997.
Kurzweil Applied Intelligence, Inc., headquartered in Waltham, Mass., was founded in 1982. The Company develops, markets, and supports automated voice recognition systems used to create documents and interact with personal computers by voice. Kurzweil VOICE is an easy-to-use voice recognition system for Windows-based PCs; and Kurzweil VoicePad pro for Windows is a voice-enabled word processing application. The Company's medical reporting systems, VoiceMED and Kurzweil Clinical Reporter, are used in over 500 healthcare institutions nationwide.
All product names referenced herein are trademarks of their respective companies.
This release and other information related to Kurzweil Applied Intelligence, Inc. can be referenced on Kurzweil AI's home page on the World Wide Web at http://www.kurzweil.com, or by calling (617) 893-5151
Kurzweil AI FY98 Q1 10-Q including Statement of Operations, Cash Flow and Balance Sheet.
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