AMX Corporation Reports Record Sales For The Second Quarter.DALLAS--(BUSINESS WIRE)--Nov. 4, 1996--AMX Corporation (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 : AMXX) reported 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 for the quarter were $10,730,405, compared to $8,874,652 for the same quarter last year, an increase of $1,855,753, or 21 percent. For the quarter, system sales System sales is a business term used in the franchising industry. Franchisors provide supplies, marketing and administration services to franchisees in return for a part of the franchisees' revenues. Some franchisors also operate some outlets directly. were $9,952,989 and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and sales were $777,416. OEM sales were up 31 percent from the same quarter last year. For the six months ended Sept. 30, 1996, sales were $18,941,522, up 21 percent from $15,629,557 reported for the same period last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter ended Sept. 30, 1996, was $1,483,207, compared to $1,962,509 for the same quarter last year. Operating income for the six months ended Sept. 30, 1996, was $289,169 after one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges for acquired research and development, compared to $2,636,351 for the same period last year. AMX AMX American Motors Experimental AMX Aeromexico Aerovias de Mexico (ICAO code) AMX Air Mobility Express AMX Amberjacks (FAO fish species code) AMX Alabama Motor eXpress continues to invest in new products with increased spending on research and development. Recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. R & D charges against earnings in the six months ended Sept. 30, 1996, were $1,339,139 compared to $446,064 for the same period last year. Net income for the quarter was reported at $1,006,2547, or $.12 per share. Net income applicable to common shareholders for the September September: see month. quarter last year was $846,811, after adjustments for dividends and accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the on preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Net income for the six months ended Sept. 30, 1996, was $460,996, after the one-time charge of $1,230,000, or $.06 per share, compared to net income applicable to common shareholders of $844,581 and $.15 per share for the same period last year. AMX Chairman Scott Miller Scott Miller may refer to:
PHAST Prototype Hard and Soft Tooling (rapid prototyping) PHAST Practical Home Automation Systems Technology (AMX) products were introduced in September and the initial reaction has been very positive. We expect revenue from these products beginning in the March quarter." The sentence immediately above contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. with respect to financial results. Actual results for the year may differ materially as a result of a number of risks and uncertainties, including the acceptance of new products, competitive pricing, and performances of recent acquisitions. These risks and uncertainties could results in lower revenues, gross margin compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. , and higher expenses. AMX Corporation designs and manufactures control and automation systems for use in corporate boardrooms, homes, training rooms, schools, universities, and many other types of facilities. AMX systems interface with virtually any electronically controlled equipment and include a variety of simple-to-operate, custom-designed control panels. AMX Corporation is headquartered in Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. , and distributes its systems worldwide. AMX stock is traded on the NASDAQ stock exchange under the symbol AMXX. -0-
AMX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except for share and per share amounts)
Three Months Ended Six Months Ended
September 30, September 30,
------------------ ----------------
1996 1995 1996 1995
---- ---- ---- ----
System sales $ 9,953 $ 8,310 $17,579 $14,692
OEM and Custom Product sales 777 565 1,363 938
------- ------- ------- -------
Net sales 10,730 8,875 18,942 15,630
Cost of sales 3,914 3,312 7,332 5,905
------- ------- ------- -------
Gross profit 6,816 5,563 11,610 9,725
------- ------- ------- -------
Selling and marketing
expenses 3,631 2,591 6,943 5,320
General and administrative
expenses 1,116 729 1,808 1,275
Acquired research and
development -- -- 1,230 --
Research and development
expenses 586 280 1,339 494
------- ------- ------- -------
Total Operating Expenses 5,333 3,600 11,320 7,089
------- ------- ------- -------
Operating income 1,483 1,963 290 2,636
Interest expense (2) 194 4 423
Other income 68 42 141 78
------- ------- ------- -------
Income before income taxes 1,553 1,811 427 2,291
Income tax provision 782 656 201 830
Minority interest (235) -- (235) --
------- ------- ------- -------
Net income $ 1,006 1,155 $ 461 1,461
======= ======= ======= =======
Preferred stock dividends,
including accretion -- 308 -- 616
------- ------- ------- -------
Net income applicable to
common shareholders -- $ 847 -- $ 845
======= ======= ======= =======
Earnings per common share $ 0.12 $ 0.15 $ 0.06 $ 0.15
======= ======= ======= =======
Common and common equivalent
shares outstanding 8,277,994 5,434,322 8,266,203 5,720,753
========= ========= ========= =========
AMX CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
September 30, March 31,
1996 1996
------------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 4,911 $ 4,859
Receivables - trade and other,
less allowance for doubtful
accounts of $91 at Sept. 30,
1996 and $125 at March 31, 1996 5,075 4,260
Inventories 3,752 2,866
Prepaid expenses 231 175
Deferred income tax 218 218
Income taxes recoverable -- --
-------------- --------------
Total current assets 14,187 12,378
Property and equipment, at cost, net 2,504 1,613
Capitalized software 204 123
Goodwill, net 206 177
Deposits and other 1,253 361
-------------- --------------
Total assets $ 18,354 $ 14,652
============== ==============
AMX CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except for share and per share amounts)
Sept. 30, 1996 March 31, 1996
-------------- --------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,160 $ 1,473
Accrued compensation 881 835
Accrued sales commissions 525 387
Other accrued expenses 641 769
Current portion of long-term debt 6 --
Notes payable 134 --
Income taxes payable 319 350
-------------- --------------
Total current liabilities 4,666 3,814
Long-term debt, less current portion 118 54
Deferred tax liability 69 69
Contingencies -- --
Minority interest in subsidiary 715 1
Shareholders' equity:
Common stock, $.01 par value:
Authorized shares - 40,000,000
Issued shares - 7,798,548 at
Sept. 30, 1996 and 7,552,120
at March 31, 1996 78 76
Additional paid-in capital 1,784 131
Retained earnings 10,971 10,507
Less common treasury stock
of 5,208 shares (47) --
-------------- --------------
Total shareholders' equity 12,786 10,714
-------------- --------------
Total liabilities and
shareholders' equity $ 18,354 $ 14,652
============== ==============
AMX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
As a Percentage of Net Sales
(Unaudited)
Three Months Ended Six Months Ended
Sept. 30, Sept. 30,
------------------------------------
1996 1995 1996 1995
---- ---- ---- ----
System sales 92.8% 93.6% 92.8% 94.0%
OEM and custom product
sales 7.2 6.4 7.2 6.0
------- ------- ------- -------
Net sales 100.0 100.0 100.0 100.0
Cost of sales 36.5 37.3 38.7 37.8
------- ------- ------- -------
Gross profit 63.5 62.7 61.3 62.2
------- ------- ------- -------
Selling and marketing
expenses 33.8 29.2 36.7 34.0
General and administrative
expenses 10.4 8.2 9.5 8.1
Acquired research and
development -- -- 6.5 --
Research and development
expenses 5.5 3.2 7.1 3.2
------- ------- ------- -------
Total Operating Expenses 49.7 40.6 59.8 45.3
------- ------- ------- -------
Operating income 13.8 22.1 1.5 16.9
Interest expense (0.0) 2.2 0.0 2.7
Other income 0.6 0.5 0.7 0.5
------- ------- ------- -------
Income before income taxes 14.4 20.4 2.2 14.7
Income tax provision 7.3 7.4 1.1 5.3
Minority interest (2.3) -- (1.3) --
------- ------- ------- -------
Net income 9.4% 13.0% 2.4% 9.3%
======= ======= ======= =======
For more information, contact AMX Corporation, 11995 Forestgate Drive, Dallas, Texas 75243, 800/222-0193. CONTACT: David E. Chisum Chisum is a 1970 Warner Bros. western motion picture starring John Wayne, Forrest Tucker, Christopher George, Ben Johnson, Glenn Corbett, Andrew Prine, Bruce Cabot, Patric Knowles, and Richard Jaeckel. Directed by Andrew V. , chief financial officer, AMX Corporation, 972/644-3048 or 800/222-0193 |
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