NESTOR Reports Results
PROVIDENCE, R.I., Sept. 29 — September 29, 1992 — NESTOR, INC (OTC) announced operating results for the fiscal year ended June 30, 1992. Revenues for the year were approximately $2.22 million resulting in an operating loss of $1.81 million compared to revenues of $2.46 million and a loss of $1.05 million for the year earlier.
Dr. David Fox, president and chief executive officer, in commenting on the year-end results, stated "We continue to generate interest from new customers and proceed with engineering work on existing contracts. Engineering contracts have been extended by three major customers on the basis of outstanding technical success in their early phases. These contracts are with Fujitsu Personal Systems (formerly Poqet Computer), which is using our NestorWriter(TM) handwriting recognition software and our new PenShell(TM) pen-enabled DOS environment software in their new palm-top, pen-based computer; DARPA, who is funding our development with Intel Corporation of a neural-network chip; and Westinghouse Corporation, who is using NestorReader(TM) intelligent character recognition in new systems for postal sorting applications. Other new products have already been introduced using NestorReader which read machine- and hand-printed characters on faxes and other documents. We expect that as these products using our technology find their way to market, they will lead to a growing stream of royalty revenue.
"We successfully completed, in August, a private placement raising $1.18 million, and we are continuing to explore other funding options."
All NESTOR products are based on the Company's proprietary neural-network technology, which operates as adaptive information-processing systems that "learn" from experience. These products can be taught to recognize complex configurations of data, and to interpret patterns.
NESTOR, INC.
SELECTED OPERATING RESULTS (audited)
YEAR ENDED JUNE 30
1992 1991
Total Revenues 2,219,425 2,460,900
Interest Income 3,137 45,785
Net Income (Loss) (1,814,856) (1,048,902)
Net Income (Loss) Per Share (0.27) (0.16)
Weighted Average Number
of Shares Outstanding 6,788,006 6,690,632
CONTACT:
David Fox of Nestor, 401-331-9640;
or
Burton Arkin of Arkin Associates, 212-599-2369, for Nestor