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Kronos Releases First Quarter Financial Results
Company Continues to Grow Revenue while Reducing Operating Expenses
Belmont, MA - November 14, 2003: Kronos Advanced Technologies, Inc. (OTC BB: KNOS) announced its first quarter fiscal 2004 financial results. Kronos increased its revenues from its wholly owned subsidiary, Kronos Air Technologies, Inc., by 20%, increased its gross profit by 185% and reduced its operating expenses by 25% for the quarter ended September 30, 2003 compared with the first quarter of fiscal 2003.
Kronos recognized $130,000 in revenues during the quarter ended September 30, 2003. Revenues during the quarter were generated primarily from key contracts with HoMedics and the U.S. Navy, as the Company continued its focus on coming to market with a consumer product line of Kronos™ based air purifiers and on developing a more efficient embedded air handling system for naval ships.
Kronos increased its gross margin during the three-months ending September 30, 2003 by 185% to $47,000 compared to $16,000 for the corresponding period of the prior year. This increase was primarily the result of the higher gross margin earned from its HoMedics contract.
Kronos reduced its operating expenses during the quarter ended September 30, 2003 by $144,000 or 25% compared with the prior year. This decrease was principally the result of a concerted effort to reduce the Company's reliance on professional service firms, including a reduction in business consulting ($153,000) and legal and auditing ($87,000). The reduction in business consulting included the benefit to the Company from converting its Chief Operating Officer from a consulting agreement to a full time employment contract.
Details of the Company's results can be found in its quarterly report filed November 13, 2003 on SEC Form 10-QSB, at www.sec.gov and at www.kronosati.com.
Other Developments
Kronos also filed amended fiscal 2003 quarterly reports on SEC Form 10-QSB/A for the quarters ended September 30, 2002, December 31, 2002 and March 31, 2003 to reflect the reports have been reviewed by the Company's independent auditors, Sherb & Co., LLP.
About Kronos Advanced Technologies, Inc.
Through its wholly-owned subsidiary, Kronos Air Technologies, Inc., Kronos Advanced Technologies focuses on the development and commercialization of a new, proprietary air movement and purification technology. Kronos's technology utilizes state-of-the-art high voltage electronics and electrodes to create an efficient but simple electrical device. As a result of this combined technology, the Kronos™ air movement and purification device can move and clean air without any moving parts. The device is versatile, energy and cost-efficient and exhibits multiple design attributes, creating a broad range of applications. More information about Kronos Advanced Technologies is available at www.kronosati.com.
Contact: Kronos Advanced Technologies: Daniel R. Dwight at 617-993-9965 or email: investors@kronosati.com.
With the exception of historical information contained in this press release, this press release includes forward-looking statements and comments. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond the Company's control. Forward-looking statements, by their nature, involve substantial risks and uncertainties. As a result, actual results may differ materially depending on many factors, including those described above. The Company cautions that historical results are not necessarily indicative of the Company's future performance. Other risks are summarized under the caption "Factors Affecting Kronos' Business and Prospect " in the Company's Annual Report on Form 10-KSB for the year ended June 30, 2003 as filed with the Securities and Exchange Commission.
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