Science & Technology
Science and Technology
Science and Technology
Mon, January 12, 2009 Nighthawk Systems Chief Executive Officer Comments on 2008 Results and Prospects for 2009
SAN ANTONIO--([ BUSINESS WIRE ])--[ Nighthawk Systems, Inc. ] (OTCBB: NIHK) CEO H. Douglas Saathoff issued a statement today discussing key accomplishments from 2008 and prospects for 2009. Nighthawk Systems is a leading provider of wireless and IP-based control devices and solutions, with a primary focus on power control devices for the electric utility industry and high definition set top boxes in the hospitality industry.
Mr. Saathoff stated, "We finished the 2008 year very strongly. In fact, the four fiscal quarters in 2008 were the four highest revenue producing quarters in the Company's history. Based on record sales of our legacy power control products, and revenues generated by our newly acquired set top box operation, we nearly doubled the revenue total from 2007. More importantly, we made changes during the year that significantly improved the margins on our set top box sales, enabling the Company to easily produce more gross margin dollars during 2008 than in any previous year in its history. By keeping overhead expenses in check and improving margins, we've made the road to positive cash flow much shorter. As a result, we look to achieve positive cash flows during 2009 based on our forecasted growth."
Mr. Saathoff continued, "I expect to see continued growth in 2009 due to a variety of factors. We spent a good deal of time and financial resources during 2008 developing power control and set top box products that are just now being introduced to our customer and markets. We aligned ourselves with key partners during 2008 that will contribute to our growth in 2009. While I expect our recently announced agreement with Itron to lead to increased sales of our whole house disconnect products, I also believe it will serve as a channel to introduce and sell other downstream products that incorporate two-way communications protocols. On the set top box front, we have continued to make inroads with our IP3000 high definition unit, one of only a handful of set top boxes capable of producing full 1080p output resolution. It serves as the cornerstone of the in-room video offering of Guest-Tek Interactive Entertainment Ltd, the world's largest provider of IP based technology solutions for the hospitality industry. Our continued success with Guest-Tek has already led to opportunities with other customers seeking a reliable, affordable set top box to enable their high-definition offerings. I'm excited about the opportunities that we have in front of us in 2009, and look forward to continued improvement operationally and financially."
About Nighthawk Systems, Inc.
Nighthawk is a leading provider of intelligent devices and systems that allow for the centralized, on-demand management of assets and processes. Nighthawk products are used throughout the United States in a variety of mission critical applications, including remotely turning on and off and rebooting devices, activating alarms, and emergency notification, including the display of custom messages. Nighthawk's IPTV set top boxes are utilized by the hospitality industry to provide in-room standard and high definition television and video on demand. Individuals interested in Nighthawk Systems can sign up to receive email alerts by visiting the Company's website at [ www.nighthawksystems.com ].
Statements contained in this release, which are not historical facts, including statements about plans and expectations regarding business areas and opportunities, acceptance of new or existing businesses, capital resources and future business or financial results are "forward-looking" statements.You should not place undue reliance on these forward-looking statements. Such forward-looking statements are subject to risks and uncertainties, including, but not limited to, customer acceptance of our products, our ability to raise capital to fund our operations, our ability to develop and protect proprietary technology, government regulation, competition in our industry, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations.We donot intend to update any of the forward-looking statements after the date of this press release to conform these statements to actual results or to changes in our expectations, except as required by law.
