Advanced Logic Research reports profitable first quarter of fiscal 1995.IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--Jan. 19, 1995-- Advanced Logic Research, 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 :AALR AALR American Association for Leisure and Recreation AALR General Company for Land Reclamation, Development and Reconstruction (stock symbol) ) reported net income of $0.6 million, 6 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. , for its first quarter of fiscal 1995 ended December 31, 1994. This compares to net income of $0.5 million, 5 cents per share, for the first quarter of fiscal 1994. Revenue for the first quarter of fiscal 1995 totaled $45.7 million compared to $49.6 million for the year-ago quarter. In its immediately preceding quarter ended September 30, 1994, ALR ALR Administrative License Revocation ALR Agricultural Land Reserve (Canada) ALR Automatic Locking Retractor (seat belts) ALR Australian Law Reports (University of Tasmania Library) reported revenue of $47.7 million and net income of $0.4 million, 3 cents per share. ALR's gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. increased to 17.6% in the first quarter of fiscal 1995 primarily due to an improvement in system mix. The Company reported gross profit margins of 16.5% and 16.0% for the quarters ended December 31, 1993 and September 30, 1994. Though revenue declined from the previous quarter, the company experienced an increase in its booking rate during the latter half of the first quarter of fiscal 1995 resulting in a book/bill ratio of approximately 110%. Consequently, the Company's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. increased during the first quarter of fiscal 1995. The higher backlog was attributable to longer order lead times associated with 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 customers and a shortage of the Company's Express system. Sales of systems based on PENTIUM microprocessors This is a list of microprocessors. Intel
ALR's consolidated tax rate declined to 25% in the first quarter of fiscal 1995 from 30% in fiscal 1994. This decline is primarily attributable to improving operating performance by the Company's international subsidiaries and the resulting utilization of net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. . ALR's cash position (cash less bank debt) totaled $44.3 million at December 31, 1994 compared to $28.0 million at December 31, 1993. This $16.3 million increase in the Company's cash position was achieved primarily through a $15.2 million reduction in inventories. The Company's inventory turn rate increased to 6.5 turns from 4.3 turns in the comparable year-ago quarter ended December 31, 1993. ALR's Chairman of the Board, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Gene Lu stated, "Our first quarter operating results reflect the progress made by the Company towards implementing its client/server and high-end/mid-range strategy. Recent industry awards garnered by ALR's products and the OEM agreement with UNISYS (Unisys Corporation, Blue Bell, PA, www.unisys.com) An information technology company that was created in 1986 as a merger of the Burroughs and Sperry corporations. At that time, it was the largest merger of computer manufacturers in history. , executed in October 1994, serve to reinforce ALR's leadership role in the high-end market. Industry awards received by ALR's products during the last few months include PC/Computing's `MVP' award at Comdex for our Revolution Q-4SMP (Symmetric MultiProcessing) A multiprocessing architecture in which multiple CPUs, residing in one cabinet, share the same memory. SMP systems provide scalability. As business increases, additional CPUs can be added to absorb the increased transaction volume. ; this four processor, scaleable architecture system was also selected as the server of choice in a survey of U.S. resellers by VARBusiness. ALR's high-end desk-top products also continue to receive significant media attention, for example, the January 5, 1995 issue of Advanstar CADalyst Magazine awarded ALR's EVOLUTION family its `BEST OF '94' award for the demanding CAD/CAM CAD/CAM in full computer-aided design/computer-aided manufacturing. Integration of design and manufacturing into a system under direct control of digital computers. market," concluded Mr. Lu. Founded in 1984, ALR is an industry leader in the design, manufacture, marketing and support of computer systems targeted at the client/server and mid-range/high-end desktop markets. ALR's comprehensive portfolio of upgradeable, affordably priced products includes sophisticated multiprocessor Multiple processors. A multiprocessor machine uses two or more CPUs for routine processing. See multiprocessing. multiprocessor - parallel processing network servers, high-performance workstations, multimedia PCs and multimedia kits. ALR markets its products through a worldwide network of resellers, dealers and distributors. The Company also sells direct through ALR's PrimeLine, which can be reached by dialing 1-800-444-4ALR. -0-
ADVANCED LOGIC RESEARCH, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
December 31, September 30,
ASSETS 1994 1994
Cash $44,305 $40,836
Accounts receivable, net 25,403 24,507
Inventories, net 23,140 22,555
Other current assets 5,071 6,137
Total current assets 97,919 94,035
Equipment, furniture and fixtures, net 2,966 3,316
Other assets 579 578
Total assets $101,464 $97,929
LIABILITIES AND STOCKHOLDERS' EQUITY Bank debt $ --- $ --- Other current liabilities 23,847 21,068 Total liabilities 23,847 21,068
Common stock and additional
paid-in capital 53,957 53,957
Retained earnings 23,660 22,904
Total stockholders' equity 77,617 76,861
Total liabilities and
stockholders' equity $101,464 $97,929
-0-
ADVANCED LOGIC RESEARCH, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
(unaudited)
Three Months Ended
December 31,
1994 1993
Net sales $ 45,718 $ 49,617
Cost of sales 37,665 41,433
Gross profit 8,053 8,184
Operating expenses:
Selling, general and administrative 5,318 4,886
Engineering, research and development 1,116 1,036
Royalty expense, net 1,310 1,723
Total operating expenses 7,744 7,645
Operating income 309 539
Interest income, net 557 206
Income before taxes 866 745
Income taxes 217 224
Net income $ 649 $ 521
Net income per common and common equivalent share $ 0.06 $ 0.05 Common and common equivalent shares used in per share calculation 11,555 11,445 -0- CONTACT: Ron Sipkovich, Vice President & CFO See Chief Financial Officer. , 714/581-6770 or Vic Sial sial: see continent. , Treasurer, 714/581-6770, ext. 4458 |
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