Alpha Microsystems Reports Third Quarter and Nine-Month Results; Bottom Line Improves 23 Percent Over Comparable Third Quarter.SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. , Calif.--(BUSINESS WIRE)--Jan. 5, 1998--Alpha Microsystems (Nasdaq NM:ALMI ALMI Application Level Multicast Infrastructure ALMI Automated Listing and Mapping Instrument (US Census Bureau) ) reported today that for its third fiscal quarter ended Nov. 23, 1997, losses narrowed 23 percent to a net loss of $688,000 or a $0.06 loss per share from a net loss of $890,000 or a $0.08 loss per share for last year's comparable third quarter. The Company posted third quarter revenues of $5.1 million compared with last year's third quarter revenues of $5.4 million, which included revenues of $580,000 from operations since divested. "This is the second consecutive quarter of improved revenue results with revenues for the third quarter rising 11 percent over second quarter revenues," commented Alpha Microsystems Alpha Microsystems is a computer company founded in 1977 by Dick Wilcox and Bob Hitchcock. The first Alpha Micro computer was based upon the WD16 microprocessor chip from Western Digital. 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. Douglas J. Tullio. "We expect to continue a quarter-to-quarter growth trend as we enter into a more aggressive acquisition mode within our Services division. AM Services Operation has continued to grow its revenue and is a consistent contributor to operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. for the company." "We are actively searching for key acquisitions within the service industry to augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: our internal growth rate. Currently producing annual revenues in excess of $13 billion, the service industry is highly fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. and mainly comprised of small local and regional companies without the infrastructure to meet the sophisticated needs of multiple-site, mid-size to large organizations requiring sophisticated information technology (IT) pre- pre- word element [L.], before (in time or space). pre- pref. 1. Earlier; before; prior to: prenatal. 2. and post installation support. We believe, with our 43 offices located throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and with strategic acquisitions, we can successfully leverage our infrastructure to take advantage of the economies of scale, thereby providing our AM Services division the platform to enhance its nationwide presence." Tullio continued, "Bookings for our AlphaCONNECT division have more than doubled since we announced our second quarter results last October. While we are pleased with the acclaim generated by our Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the products, the market is still developing and revenue for AlphaCONNECT is not currently projected to exceed investment. Our strategy is to continue to move forward with ongoing, high-level technology discussions that will potentially provide additional revenue opportunities for the AlphaCONNECT division." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Alpha Microsystems Chief Financial Officer Jeffrey J. Dunnigan, the Company's balance sheet is strong, with cash and short-term investments of $5.2 million, working capital of $6.1 million and a current ratio of 2.7:1. The company has no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Alpha Microsystems (Nasdaq NM:ALMI), is dedicated to providing a consistent level of high-quality computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. such as consulting, maintenance and networking for small, mid-sized and large corporations nationwide through its AM Services Operation division with over 40 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. locations. Alpha Microsystems -- a 20-year-old, Santa Ana, Calif. company -- also serves the Internet/intranet market through its AlphaCONNECT division, which includes business-to-business software and technologies. For more information, visit the Company's Web site at www.alphamicro.com . -0- Certain statements in this press release, including statements that Alpha Microsystems expects quarter-to-quarter growth in its services operation and when revenue will be recorded, constitute "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. Such forward-looking statements involve known and unknown risks and uncertainties, including the Company's ability to successfully complete acquisitions within the services industry, and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . -0-
ALPHA MICROSYSTEMS
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
---------------------- ---------------------
Nov 23, Nov 24, Nov 23, Nov 24,
1997 1996 1997 1996
-------- -------- -------- --------
Net sales:
Product $ 1,737 $ 2,007 $ 4,508 $ 6,940
Service 3,381 3,434 9,760 11,725
-------- -------- -------- --------
Total net
sales 5,118 5,441 14,268 18,665
-------- -------- -------- --------
Cost of sales:
Product 1,091 1,110 2,943 3,716
Service 2,526 2,583 7,154 8,494
-------- -------- -------- --------
Total cost
of sales 3,617 3,693 10,097 12,210
-------- -------- -------- --------
Gross Margin 1,501 1,748 4,171 6,455
Selling,
general and
administrative
expense 1,897 2,385 5,895 7,191
Engineering,
research and
development
expense 357 443 1,101 1,511
-------- -------- -------- --------
Total operating
expenses 2,254 2,828 6,996 8,702
-------- -------- -------- --------
Loss from
operations (753) (1,080) (2,825) (2,247)
Other income,
net 66 213 212 388
-------- -------- -------- --------
Loss before taxes (687) (867) (2,613) (1,859)
Provision for
income taxes 1 23 10 28
-------- -------- -------- --------
Net loss $ (688) $ (890) $ (2,623) $ (1,887)
======== ======== ======== ========
Net loss per
share $ (0.06) $ (0.08) $ (0.24) $ (0.19)
======== ======== ======== ========
Number of shares
used in the
computation
of per share
amounts 10,887 10,804 10,848 9,929
======== ======== ======== ========
CONTACT: Alpha Microsystems Denny Michael, 714/641-6373 dmichael@alphamicro.com or Sterling Hager Inc. Sterling B. Hager, Jr., 617/926-6665, Ext. 124 sterling@sterlinghager.com |
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