AVT Corporation Announces Record Financial Results for Its Quarter Ended September 30, 1998.KIRKLAND, Wash.--(BUSINESS WIRE)--Oct. 21, 1998--AVT Corporation (Nasdaq:AVTC AVTC Antivirus Test Center (informatics, University of Hamburg) AVTC Automatic Vehicular Traffic Control ) today reported its financial results for the quarter ended September 30, 1998. Sales and earnings were at record levels for the quarter, with sales of $20,834,000 and earnings of $3,031,000, a 41% increase in sales and 44% increase in earnings over the comparable prior-year quarter. Earnings per share (diluted) were $0.22 as compared to $0.17 in the prior-year quarter. For the nine months ended September 30, 1998 sales were $57,439,000, a 42% increase over the comparable prior-year period. Excluding non-recurring charges described below, earnings increased 51% and were $7,843,000 or $0.60 earnings per share (diluted), as compared with $5,181,000 or $0.42 earnings per share (diluted) in the prior-year period. "I'm pleased to report that sales in the third quarter continued at record levels and tight controls over spending helped us achieve new records in 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. and earnings." stated Richard J. LaPorte, Chairman and Chief Executive Officer. "We saw little slow down in demand for our unified messaging and fax server product lines, duri during the quarter. In our CTG CTG Cartridge CTG Center for Technology in Government (SUNY, Albany, New York) CTG Center for Technology in Government CTG Computer Task Group (IT consulting company; Buffalo, NY, USA) business unit, our CTI (Computer Telephone Integration) Combining data with voice systems in order to enhance telephone services. For example, automatic number identification (ANI) allows a caller's records to be retrieved from the database while the call is routed to the appropriate party. products, which include our Windows NT family, continreas of the company." Non-recurring chargethe offering. In January 1997, the Company acquir 30, 1998 quarter and $0.22 per share in the comparable prior-year period. AVT AVT avian arginine vasotocin. See vasotocin. Corporation develops, ma, Washington and through its wholly owned subsid Dubai. 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. RightFAX is a registered trademark of AVT Corporation. Windows Act of 1995. These forward-looking statements le from AVT's Newsroom fax server. Call 425-820-4089 and follow the prompts. This is document number 71000. News releases can also be found on AVT's World Wide Web site 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 $ 20,834 $ 14,781 $ 57,439 $ 40,503 Cost of sales 6,937 5,475 20,250 15,023 -------- -------- -------- -------- Gross profit 13,897 9,306 37,189 25,4 13,422 Non-recurring charges (1) 26,018 22,067 ------- ------- ------- ------- Operating inc -------- -------- -------- -------- Net income $ 3,031 $ 2,109 $ 7,659 $ 2,686 ======== ======== ======== ======== Basic net income per share $ 0.25 $ 0.19 $ 0.64 $ 0.24 Diluted net income per share $ 0.22 ======== ======== =====ing (1) 13,640 12,686 13,169 12,351 (1) Non-recurring charges consist of write-off of costs related to the withdrawal of the follow-on stock ofdited) (in thousands) Sept. 30, Dec. 31, 1998 5,325 4,90---- 7,601 8,815 Deferred income taxes 3,695 3,905 -------- -------- Total assets $ 68,533 $ 54,410 ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. : Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Accounts payable $ 2,985 $ 2,352 Other current liabilities Other Current Liabilities A balance sheet entry used by companies to group together current liabilities that are not assigned to common liabilities such as debt obligations or accounts payable. 7,271 6,427 Income taxes payable - 2,621 -------- ------- Total current liabilities 10,256 11,400 ======== ======= Commitments Shareholders' equity: 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. , par value $.01 per share, 2,000,000 Authorized, none outstanding - - Common stock, par value $.01 per share, 60,000,000 Authorized, 12,497,239 and 11,522,558 outstanding, respectively 125 115 Additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements 39,202 31,604 Retained earnings 18,950 11,291 ------- ------- Total shareholders' equity 58,277 43,010 ------- ------- Total liabilities and shareholders' equity $ 68,533 $ 54,410 ======= ======= |
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