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The company said that highlights for the quarter include:
Total revenue for the third quarter increased to approximately $4.2 million compared to $3.4 million for the same quarter of 2007, a 26 percent increase. Net loss from continuing operations was approximately $1.0 million or ($0.02) per basic and diluted share, compared to $1.3 million or ($0.02) for the same period in 2007.
For the nine months ended September 30, the Company recorded a 5 percent increase in revenues to $10 million as compared to $9.5 million for the same period last year. Net loss was reduced by 14 percent to $3.5 million or ($0.07) per share as compared to ($0.08) per share for the nine month period of 2007.
Cash and equivalents at September 30, totaled $1.8 million as compared to $4.9 million at December 31, 2007. The Company reported $5.6 million in Accounts Receivable of which over $3.3 million relating to two recently signed commercial transactions was paid shortly after the quarter end.
The company also noted that given recent extraordinary market conditions, NASDAQ has determined to suspend the bid price and market value of publicly held shares requirements through Friday, January 16, 2009. To that end, on October 16, NASDAQ filed an immediately effective rule change with the Securities and Exchange Commission. Under the new rule, NASDAQ will not take any action through January 16, 2009 to delist companies for a bid price or market value of publicly held shares deficiency. Accordingly, a decision on Zi's appeal of a previously received delisting notice, which appeal was presented to a panel at NASDAQ on September 18, will not be issued until after January 16, 2009, unless Zi regains compliance with the bid price requirements before that date. If the Company remains bid price deficient at the close of business on January 16, 2009, then the Company must provide the Panel with an updated plan of compliance on or before Tuesday, January 20, 2009 in order for the appeal to be considered further.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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