ADD to BW1194, EXECUTONE Information Systems, Inc. Announces Second Quarter Results.MILFORD Milford. 1 Residential city (1990 pop. 49,938), New Haven co., SW Conn., on Long Island Sound; settled 1639, inc. as a city 1959. Oysters and clams are gathered there for commercial use, and the city also has light manufacturing, such as the production , Conn.--(BUSINESS WIRE)--Aug. 14, 1996-- -0-
Executone Information Systems Inc.
Consolidated Statements of Operations
(unaudited)
Executone Information Systems Inc.
Consolidated Statements of Operations
(unaudited)
(In Thousands Except Per Share Amounts)
3 Months Ended
June 30,
1996(a) 1995
Revenues 51,982 78,417 Cost of revenues 32,973 46,396 Gross profit 19,009 32,021
Operating expenses:
Product development and
engineering 3,611 3,720
Selling, general and
administrative 22,575 26,454
Provision for restructuring -- 44,042
------ ------
26,186 74,216
Operating Loss (7,177) (42,195) Interest expense (755) (1,043) Gain on sale of businesses 42,618 -- Acquisition Costs -- (1,006) Other income 315 19 Income (Loss) before taxes 35,001 (44,225) Tax (Provision) benefit (14,009) 4,289 Net income (loss) $20,992 ($39,936) Earnings (Loss) per share $0.40 ($0.86) Weighted shares of common stock & equivalents outstanding 52,803 46,590 -0-
6 Months Ended
June 30,
1996(a) 1995
Revenues 118,948 149,225 Cost of revenues 73,459 88,855 Gross profit 45,489 60,370
Operating expenses:
Product development and
engineering 7,375 7,427
Selling, general and
administrative 48,849 50,258
Provision for restructuring -- 44,042
------ -------
56,224 101,727
Operating Loss (10,735) (41,357) Interest expense (1,563) (1,958) Gain on sale of businesses 42,618 -- Acquisition Costs -- (1,006) Other income 531 295 Income (Loss) before taxes 30,851 (44,026) Tax (Provision) benefit (12,349) 4,209 Net income (loss) $18,502 ($39,817) Earnings (Loss) per share $0.35 ($0.86) Weighted shares of common stock & equivalents outstanding 52,773 46,268 (a) Due to the sale of the direct sales offices on May 31, 1996, the 1996 income statement for both the three and six month periods does not include the revenue and the related operating profit for the direct offices for the month of June. -0-
Executone Information Systems Inc.
Consolidated Balance Sheets
June 30, Dec. 31,
1996 1995
(Unaudited)
In Thousands
Assets Current assets Cash and cash equivalents $ 43,552 $ 8,092 Accounts receivable, net 26,228 48,531 Inventories 22,288 32,765 Prepaid expenses and other current assets 3,298 6,584 Total current assets 95,366 95,972 Property & equipment, net 8,311 18,462 Intangible Assets, net 19,958 20,022 Deferred Taxes 21,367 29,616 Other Assets 9,615 3,772 Total assets $ 154,617 $ 167,844 Liabilities and stockholders' equity Current Liabilities Current portion of long-term debt $ 993 932 Accounts payable 33,664 30,676 Accrued payroll and related costs 3,612 6,870 Accrued liabilities 17,023 11,851 Deferred revenue and customer deposits 2,981 19,781 Total current liabilities 58,273 70,110 Long-term Debt 14,006 29,829 Long-term Deferred Revenue -- 2,805 Total Liabilities 72,279 102,744 Stockholders' equity Common stock 517 517 Preferred stock 7,300 7,300 Additional paid-in capital 78,403 79,668 Retained earnings/(accumu- lated deficit) (3,882) (22,385) Total Stockholders' Equity 82,338 65,100 CONTACT: Executone Information Systems Inc., Milford Direct inquiries to: David Krietzberg 203/876-7600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion