ADFlex Solutions Inc. reports significant increase in earnings for 1994.CHANDLER Chandler, city (1990 pop. 90,533), Maricopa co., S central Ariz., in the Salt River valley; inc. 1920. It is both a residential community and a center for research and technology. Tourism is also important, and the San Marcos Golf Resort is in Chandler. , Ariz.--(BUSINESS WIRE)--Jan. 24, 1995--ADFlex Solutions Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AFLX) Tuesday Tuesday: see week. announced significant increases in both sales and earnings for its fourth quarter and year ended Dec. 31, 1994, highlighted by a greater than 200 percent increase in net income for the year as compared with 1993. For 1994, net income reached $7.0 million, or $1.26 per share, on net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $77.7 million vs. pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $2.2 million, or 48 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on net sales of $48.9 million in 1993. For the fourth quarter of 1994, net income increased more than four-fold Adj. 1. four-fold - having four units or components; "quadruple rhythm has four beats per measure"; "quadruplex wire" quadruple, quadruplex, quadruplicate, fourfold , reaching $1.9 million, or 28 cents per share, on net sales of $20.6 million, compared with pro forma net income of $478,000, or 10 cents per share, on net sales of $11.5 million, for the same period of 1993. Weighted average number of shares outstanding for the quarter and year ended Dec. 31, 1994, were 7,035,000 and 5,578,000 respectively and 4,578,000 for both periods in 1993. Earnings per share for 1994 reflect the effect of the company's Sept. 27, 1994, initial public offering of 1.7 million shares of its common stock on the weighted average number of shares outstanding. Commenting on the company's results, ADFlex president and chief executive officer Rolando Rolando Jorge Pires da Fonseca (born 31 August, 1985 in São Vicente, Cape Verde) is a Portuguese football player. He currently plays for Belenenses. C.F. C. Esteverena said, "We are very pleased with our results for the year, which reflect the health of the markets and customers we serve and the continuing success of our efforts to develop and leverage our core compentencies -- advanced flex circuit See flexible circuit. design, highly efficient manufacturing and superior customer service. "These key strengths have made it possible for us to increase the level of sales to our traditional customers in the computer and computer peripherals industries. "In 1995, we anticipate that these factors will enable us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. other rapidly growing markets, such as for portable communications and high-end consumer products, where we believe our proven ability to develop cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. solutions to complex packaging problems gives us a strong competitive advantage." ADFlex Solutions is a leading U.S. supplier of flexible circuit-based interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. solutions to the computer, computer peripheral and communication industries. Applications for flex-based interconnects include cellular telephones, hard disk drives and other storage systems, high-end consumer products, notebook computers A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. , pagers and personal communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. . -0-
ADFlex Solutions Inc.
Summary consolidated statements of operations
(in thousands, except per share data)
Three months ended 12 months ended
Dec. 31 Dec. 31
1994 1993 1994 1993(a)
Net sales $20,582 $11,536 $77,733 $48,892 Cost of sales 14,470 8,275 53,812 37,651 Gross profit 6,112 3,261 23,921 11,241 Total operating expenses 2,756 2,401 11,804 7,267 Operating income 3,356 860 12,117 3,974 Other income (expense) net 230 (60) 59 (314) Income before income taxes 3,586 800 12,176 3,660 Income taxes 1,599 322 5,130 1,469 Net income $1,987 $478 $7,046 $2,191 Net income per share 28 cents 10 cents $1.26 48 cents Number of shares used in computing income per share 7,035 4,578 5,578 4,578
(a) Pro-forma combined
ADFlex Solutions Inc.
Summary consolidated balance sheets
(in thousands)
Dec. 31, Dec. 31
1994 1993
Assets
Current assets:
Cash & cash equivalents $ 241 $ 471
Short-term investments 22,702 --
Accounts receivable, net 11,761 5,865
Inventories 5,927 2,621
Other current assets 1,128 708
Total currents assets 41,759 9,665
Property & equipment, net 5,847 631
Other assets 97 174
$47,703 $10,470
Liabilities and equity
Current liabilities:
Accounts payable $ 4,774 $ 2,160
Accrued liabilities 4,267 2,143
Line of credit -- 2,805
Current portion of
capitalized leases 121 --
Total current liabilities 9,162 7,108
Capitalized leases & deferred
tax liabilities 623 --
Stockholders' equity 37,918 3,362
$47,703 $10,470
CONTACT: Adflex Solutions Inc., Chandler Robert G. Pape, 602/963-4584 or Silverman Heller Associates Eugene G. Heller, 310/208-2550 |
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