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Notify Technology Reports Results for the Fiscal Quarter Ended December 31, 2012

SAN JOSE, Calif., Feb. 22, 2013 /PRNewswire/ -- Notify Technology Corporation (Pink Sheets: NTFY.PK) today announced financial results for its fiscal quarter ended December 31, 2012.

Total revenue in the three-month period ended December 31, 2012 decreased 21% to $1,275,975 from $1,606,851 during the same period in the prior year.  The net loss for the three-month period ended December 31, 2012 was $202,955 or $3.16 per diluted share which was an improvement from a net loss of $410,761, or $5.82 per diluted share, reported for the same period in the prior year. The decrease in revenue for the fiscal quarter reflects a combination of a reduction in sales of the NotifyLink and NotifySync products and the slower than anticipated growth of the NotifyMDM product line.

"Fiscal 2013 will be a transition year as we expect a continued reduction in demand for our NotifyLink products while ramping up sales of our new NotifyMDM product." said David Hanabusa, President and Chief Executive Officer of the company. "We are continually improving our MDM product and have invested heavily in development assets to do so.  We have also streamlined our operation where we can without sacrificing product design."

Sales and Marketing expenses were $489,025 in the three-month period ended December 31, 2012 compared to $741,899 in the three-month period ended December 31, 2011.  The significant decrease in spending was primarily due to reductions in compensation expense.

Research and Development expenses were $689,450 in the three-month period ended December 31, 2012 compared to $855,594 in the three-month period ended December 31, 2011.  The decrease was due to reductions in compensation expense. We continue to invest heavily in the development of the NotifyMDM product line while still maintaining the capability to improve and support the NotifySync and NotifyLink products.

General and Administrative expenses decreased to $289,382 in the three-month period ended December 31, 2012 compared to $409,159 for the three-month period ended December 31, 2011.  The decrease was primarily due to incurring minimal SEC filing costs and reducing executive compensation.

About Notify Technology Corporation
Founded in 1994, Notify Technology Corporation is an independent software vendor (ISV) who has specialized in wireless mobility solutions and services for the past 11 years. Notify's products including NotifyLink, NotifySync and NotifyMDM support all major smart phone and tablet platforms independent of wireless carrier or network.  Notify sells its mobility products directly and through authorized resellers internationally. Notify is an official Apple iOS Enterprise Development Partner, Android Development Partner, BlackBerry Development Partner, Windows Mobile and Windows Phone Development Partner, and Symbian Alliance Member. The Company is headquartered in San Jose, California with product development and technical support located in Canfield, Ohio. For more information, visit or contact 408-777-7930.

 (Financial Tables Follow)





Three-Month Periods

Ended December 31,






   Product revenue

$  1,275,975

$ 1,606,851

Total revenue



Cost of revenue:

   Product cost



   Royalty payments



Total cost of revenue



Gross profit



Operating expenses:

Research and development



Sales and marketing



General and administrative



Total operating expenses



Income from operations



Interest income and other, net



Net income (loss) before provision for income taxes



Provision for income taxes



Net income (loss)

$  (202,955)

$  (410,761)

Basic net income (loss) per share

$   (3.16)

$  (5.82)

Basic weighted average shares outstanding



Diluted weighted net income (loss) per share

$  (3.16)

$  (5.82)

Diluted weighted average shares outstanding






Condensed Balance Sheets


Dec. 31,

Dec. 31,






Current assets:

Cash and cash equivalents

$  1,358,963

$  1,430,748

Accounts receivable, net



Other assets



Total current assets



Non-current assets

Property and equipment, net



Lease deposits



Total non-current assets



Total assets

$ 1,699,148

$  2,652,854

Liabilities and shareholders' deficit

Current liabilities:

Current portion of capital lease obligation

$         2,872

$       2,706

Accounts payable



Accrued payroll and related liabilities



Deferred revenue



Other accrued liabilities



Total current liabilities



Long-term liabilities:

Long-term Deferred revenue



Long-term capital lease obligations



     Total long-term liabilities



Total liabilities



Shareholders' deficit:

Preferred stock

- -

- -

Common stock



Additional paid-in capital



Accumulated deficit



Total shareholders' deficit



Total liabilities and shareholders' deficit

$  1,699,148

$  2,652,854



At Notify Technology Corporation:
Jerry Rice, Chief Financial Officer
Phone: 408-777-7927
[email protected]

SOURCE Notify Technology Corporation

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