What won't happen at this year's call

This was an amusing exchange from the previous annual conference call, from 2003 (there was no conference call in 2004). Doubtless, anything like this will not be permitted to occur this afternoon.

Unofficial Transcript of a portion of the 3/31/03 REFR conference call:

[TRANSCRIPT REFERS TO MR. LEVITSON AS HECKLER #1, FOR REASONS THAT SHOULD BECOME OBVIOUS]

BEGIN 28:35

Moderator: Sir, your first question comes from Andrew Levitson (?) of Levitson (?) Asset management. Sir, please state your question.

Heckler #1: Hi. Do you have a revenue forecast for the next year?
Joe H.: No, we don't. Basically, our revenue forecasts would require us to reveal projections made by our licensees and some of these licensees don't separately report sales or even projections for specific product lines, so, and some of them are private companies.
Heckler #1: All right. All right. Do you ever expect to have revenue over half a million dollars?
Joe H.: Of course we do. We expect to have substantially higher revenue income this year, in excess of half a million, which is what you indicated.
Heckler #1: Okay, because revenue in 1991 were $352,000. Revenues eleven years later are $217,000 and you are working on an advanced technology but in eleven years the internet has come and gone, cell phones have come and gone, satellite TV, laptops, and God knows what else and this company continues to generate no revenue, just fraudulently issues press releases every week. Do you have any comment on that?
Joe H.: I guess I feel how General Tommy Franks may feel getting a question from Al Jazeera. First of all...
Heckler #1: Yes Tommy Franks is not a criminal though.
Joe H.: Yes. I think you are getting abusive sir and I also think there are many legitimate questions that probably should be answered. As far as the change in royalty income, I will say that part of it depends on the minimum royalties paid by our licensees and you sited a particular year when royalty income was high but not at its highest and basically, in some cases licensees will pay substantial amounts to become licensees.
Heckler #1: Did it ever exceed half a million dollars really?
Joe H.: Right. With products that only came out last year I don't expect it would have.
Heckler #1: Yes but you have been working on this for what, at least eleven years UNINTELLIGIBLE (of SPD?) financials as far as I can tell. And then probably another fifteen more if we went back and look, and you expect this technology to be...
Joe H: We went public in 1986. We spent $46 million to date to develop the technology and I think if you compare the development times to other broad based enabling technologies sometimes it takes a while for these products to come out in the market.
Heckler #1: After twenty years?
Joe H.: The photocopier took twenty-seven years. The light bulb actually took sixty years before it happened and I can give you other examples.
Heckler #1: So you are comparing yourself to the light bulb? UNITELLIGIBLE
Joe H.: I am comparing ourselves to other broad based enabling technologies, yes sir. I think I'd like to take the next question.

31:35 END