AVT Corp. Announces Financial Results for Its Quarter and Year Ended Dec. 31, 2000.Business Editors/High-Tech Writers KIRKLAND Kirkland, city (1990 pop. 40,052), King co., W Wash., a suburb of Seattle on Lake Washington; inc. 1905. The city produces semiconductors, transformers, prefabricated metal buildings, heating and navigation equipment, computer peripherals, motor vehicles, apparel, , Wash.--(BUSINESS WIRE)--Jan. 25, 2001 AVT AVT avian arginine vasotocin. See vasotocin. Corp. (Nasdaq: AVTC AVTC Antivirus Test Center (informatics, University of Hamburg) AVTC Automatic Vehicular Traffic Control ) Thursday Thursday: see week. reported its financial results for the quarter and year ended Dec. 31, 2000. Sales for the quarter ended Dec. 31, 2000 were $25,010,000, a slight decrease when compared with the prior quarter, and a 31.0 percent decrease when compared to the same period in the prior year. The company continues to be profitable, reporting earnings of $2,625,000 or $0.08 per share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), as compared with $6,130,000 or $0.18 per share (diluted) for the same period in the prior year. In the quarter ended Dec. 31, 2000 the company adjusted the rate at which it provided for federal income taxes to reflect its anticipated effective rate for the year. Exclusive of this change in estimate, earnings per share (diluted) would have been $0.07. For the year ended Dec. 31, 2000 sales were $100,537,000, a 23 percent decrease over the prior year. Excluding a non-recurring gain in the first quarter related to a sale of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has , earnings were $9,539,000 or $0.30 per share (diluted), as compared with $20,798,000 or $0.65 per share (diluted) in the prior year, excluding the effects of the non-recurring charges incurred in the merger with MediaTel in the second quarter of 1999. Commenting on the quarter, David P. Anastasi ''For other uses, see Anastasi (disambiguation) Anastasi is a traditional weapon/tool used by the prehistoric settlers in the Maltese Islands. Fragments of anastasi weapons were discovered at the Ghar Dalam cave. , AVT's president and chief executive officer stated, "The year 2000 has been a challenging year in many markets. Although top line results were not up to our expectations, we are pleased that we maintained profitability and positive cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for both the quarter and the year. "We are excited about the opportunities in our markets and our entry into the mobile wireless arena as we enter 2001." The company announced that plans to form AVT Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control have been cancelled. Jeff deCillia, AVT's chief financial officer, stated, "Given our future plans, a separate entity to focus on technology investments was no longer deemed necessary." AVT Corp. also announced today that its board of directors has adopted a shareholder rights plan and declared a dividend distribution of one preferred share purchase right on each outstanding share of AVT common stock. The rights are designed to ensure that all of AVT's shareholders receive fair and equal treatment in the event of a proposed takeover of AVT, and to guard against the use of partial tender offers, squeeze-outs, open market accumulations or other abusive Tending to deceive; practicing abuse; prone to ill-treat by coarse, insulting words or harmful acts. Using ill treatment; injurious, improper, hurtful, offensive, reproachful. tactics to gain control of AVT without paying all shareholders a control premium. The company is not aware that AVT is the target of any takeover plans at the present time. The company will hold its regularly scheduled earnings conference call on Jan. 25, 2001 at 1:45 p.m. PST PST Paroxysmal supraventricular tachycardia, see there . The call may be accessed via live web cast at www.avtc.com. The conference call replay number is 800/633-9294 confirmation number 17309818 and will remain available through Feb. 1, 2001. AVT Corp. is the leading provider of e-Information Exchange solutions that provide the timely exchange of business information anytime, anywhere from virtually any communications device Typically refers to a terminal used to send voice, video or text. Mobile phones, wireless PDAs and personal computers equipped with microphones, speakers and cameras are all considered communications devices. See modem. , helping organizations manage their communications workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. . The company specializes in developing and marketing its CallXpress unified messaging Having access to e-mail, voice mail and faxes via a common computer application or by telephone. For example, unified messaging may send faxes and digitized voice mail to a mail server that turns them into e-mail attachments. solution, its RightFAX and CommercePath fax and communications servers See network access server, modem server, terminal server and communications controller. (operating system) Communications Server - IBM's rebranding of ACF. , its MediaLinq electronic document delivery services, and its new Infinite Technologies wireless applications and infrastructure solutions. AVT has over 65,000 systems installed worldwide, with 80 percent of the Fortune 100 using the company's award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" products and services. [pilcrow (paragraph sign)] AVT is headquartered in Kirkland and has main offices in Tucson, Ariz.; Portland, Ore.; San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden ; and Owings Mills, Md. In addition, AVT has sales and support offices in the United Kingdom, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Dubai, and Tokyo. Founded in 1982, AVT is publicly traded under the symbol "AVTC" on the Nasdaq National Market. AVT maintains a site on the World Wide Web at www.avtc.com. This press release 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements involve risks and uncertainties, including technical and competitive factors, which could cause the company's results and the timing of certain events to differ materially from those discussed in the forward-looking statements. Such risks are detailed in AVT's latest quarterly report on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission and on AVT's Web site.
AVT Corp.
Consolidated Statements of Income (Unaudited)
(in thousands, except per share amounts)
Quarter ended Year ended
Dec. 31, Dec. 31,
2000 1999 2000 1999
Net sales $ 25,010 $ 36,270 $100,537 $130,224
Cost of sales 8,038 11,904 33,407 44,958
Gross profit 16,972 24,366 67,130 85,266
Operating expenses:
Research and development 2,725 2,768 10,223 10,311
Sales, general and
administrative 12,151 11,782 46,768 44,282
Non-recurring charges (1) -- 867 -- 3,255
Total operating expenses 14,876 15,417 56,991 57,848
Operating income 2,096 8,949 10,139 27,418
Other income, net (2) 1,190 670 5,643 1,993
Income before income tax
expense 3,286 9,619 15,782 29,411
Income tax expense 661 3,489 5,086 11,556
Net income $ 2,625 $ 6,130 $ 10,696 $ 17,855
Basic net income per share $ 0.09 $ 0.20 $ 0.35 $ 0.60
Diluted net income per share $ 0.08 $ 0.18 $ 0.33 $ 0.56
Weighted average common
shares outstanding 30,664 30,464 30,898 29,652
Diluted weighted average
common shares outstanding 31,103 33,156 32,297 31,856
Net income excluding
non-recurring items (1) (2) $ 2,625 $ 6,685 $ 9,539 $ 20,798
Diluted net income per
common share excluding
non-recurring items (1) (2) $ 0.08 $ 0.20 $ 0.30 $ 0.65
(1) Non-recurring charges consist of costs incurred in the fourth
quarter of 1999 related to the consolidation of our RightFAX and
CommercePath divisions into the Document Exchange Software Group
and merger-related costs incurred in the merger with MediaTel in
April 1999.
(2) In the first quarter 2000 a non-recurring gain of $1,784,000 was
realized from the sale of marketable securities held for
investment.
AVT Corp.
Consolidated Balance Sheets (Unaudited)
(in thousands)
Dec. 31, Dec. 31,
2000 1999
ASSETS:
Current assets:
Cash, cash equivalents, and
short-term investments $ 88,423 $ 75,018
Accounts receivable, net 16,010 20,303
Inventories 6,249 5,319
Deferred and prepaid income taxes 3,007 3,000
Prepaid expenses and other assets 1,871 2,089
Total current assets 115,560 105,729
Equipment and leasehold improvements,
net 6,220 6,630
Intangibles and other, net 5,256 5,926
Deferred income taxes 3,208 3,424
Total assets $130,244 $121,709
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 4,914 $ 5,432
Other current liabilities 12,329 12,748
Income taxes payable -- 1,324
Total current liabilities 17,243 19,504
Shareholders' equity:
Preferred stock, par value $.01
per share, 2,000,000 authorized,
none outstanding -- --
Common stock, par value $.01 per
share, 120,000,000 authorized,
30,666,319 and 30,637,054
outstanding, respectively, and
additional paid-in capital 56,493 55,811
Retained earnings 56,508 45,812
Other comprehensive income -- 582
Total shareholders' equity 113,001 102,205
Total liabilities and
shareholders' equity $130,244 $121,709
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