Ampex Corporation Reports First Quarter Net Income of $3.5 Million - Earnings of $0.09 Per Share.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--April 17, l996--Ampex Corporation (Amex:AXC AXC Chief Aviation Antisubmarine Warfare Technician (Naval Rating) AXC Add Cross-Connect Card ) reported today net income of approximately $3.5 million for the first quarter of 1996, resulting in both primary and fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.09. Earnings for the period included income equivalent to approximately $0.02 per share from non-recurring royalty settlements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc prior periods and expenses equivalent to approximately $0.01 per share related to patent infringement patent infringement n. the manufacture and/or use of an invention or improvement for which someone else owns a patent issued by the government, without obtaining permission of the owner of the patent by contract, license or waiver. litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with a foreign consumer products manufacturer. In the first quarter of 1995, the Company reported net income of $5.6 million and fully diluted earnings per share of $0.12. Earnings for the first quarter of 1995 included income of approximately $0.11 per fully 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. share from non-recurring royalty settlements relating to prior periods. There was no significant patent infringement litigation expense in the first quarter of 1995. Sales in the first quarter of 1996 were $24.2 million compared with $24.1 million in the first quarter of 1995, and gross margins increased to 44.8% in the first quarter of 1996 from 43.4% in the first quarter of the prior year. Revenues from data storage and instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. products increased by 11% from the first quarter of 1995 which more than offset declines in sales of television and television aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. products. The Company reported that 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. declined from $31.6 million at December December: see month. 31, 1995, to $1.7 million at March 31, 1996, due to the conversion of substantially all of its convertible notes into common stock during the quarter and due to the repayment of mortgage debt in connection with the sale of its Redwood City, California Redwood City is a suburb located on the San Francisco Peninsula in the San Francisco Bay Area of California. Redwood City is the county seat of San Mateo County. As of the 2005 census, the city had a total population of 76,000. , real estate. Ampex (Ampex Corporation, Redwood City, CA, www.ampex.com) A manufacturer of video storage and image processing products. Founded in 1944 by Alexander M. Poniatoff, Ampex pioneered the video recording industry, introducing the first videotape recorder in 1956 and providing innovative products Corporation is one of the world's leading innovators innovators people who will try new things. early innovators important figures in the farming or client community because they are the leaders in the introduction of new techniques and management systems. in the fields of magnetic recording, digital image processing Digital image processing is the use of computer algorithms to perform image processing on digital images. Digital image processing has the same advantages over analog image processing as digital signal processing has over analog signal processing — it allows a much wider and high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" digital storage for the visual information age. Ampex is currently focusing its technology on the emerging market for mass data storage. During its 52-year history of innovation, Ampex has been granted thousands of patents and numerous awards for technical achievement. Headquartered in Redwood City, California, Ampex's customers today include such leading organizations as Boeing, Eastman Kodak, Mobil Oil, Time Warner Time Warner Inc. (NYSE: TWX), formerly known as AOL Time Warner, is the world's largest media and entertainment conglomerate headquartered in New York City, with major operations in film, television, publishing, Internet service and telecommunications. and NASA NASA: see National Aeronautics and Space Administration. NASA in full National Aeronautics and Space Administration Independent U.S. . -0-
Ampex Corporation
Consolidated Statements of Operations
(in thousands, except share data)
(unaudited)
For the three months ended
March 31, March 31,
1996 1995
Net sales $ 24,232 $ 24,115 Cost of sales 13,371 13,644 Gross profit 10,861 10,471 Selling and administrative 5,711 5,226 Research, development and engineering 3,912 4,087 Royalty income (2,930) (6,021) Operating income 4,168 7,179 Interest expense 671 934 Amortization of debt financing costs 18 49 Interest income (751) (281) Other (income) expense, net 347 121 Income before income taxes 3,883 6,356 Provision for income taxes 410 727 Net income $ 3,473 $ 5,629 Primary income per share: Income per share $0.09 $ 0.16 Weighted average number of common shares outstanding 39,785,140 29,719,520 Fully diluted income per share: Income per share $ 0.09 $0.12 Weighted average number of common shares outstanding 45,982,319 52,652,752
Ampex Corporation
Consolidated Balance Sheets
(in thousands, except share data)
(unaudited)
March 31, December 31,
1996 1995
ASSETS
Current assets:
Cash and cash equivalents $17,003 $ 6,765
Short-term investments 10,228 12,885
Notes receivable 8,044 --
Accounts receivable (net of allowances
of $2,513 and $2,541) 14,886 15,394
Inventories 14,180 12,512
Other current assets 2,732 2,915
Total current assets 67,073 50,471
Property, plant and equipment 10,964 37,759
Other assets 7,651 421
Total assets $85,688 $88,651
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Notes payable $1,138 $2,246
Accounts payable 7,835 9,745
Income taxes payable 407 1,334
Accrued restructuring costs 2,335 2,464
Other accrued liabilities 24,775 23,940
Total current liabilities 36,490 39,729
Long-term debt 1,727 31,585
Other liabilities 69,017 65,080
Deferred income taxes 1,379 1,379
Accrued restructuring costs 7,290 8,265
Total liabilities 115,903 146,038
Redeemable nonconvertible preferred stock, $1,000 liquidation value: Authorized: 69,970 shares 1996 and 1995 Issued and outstanding - 69,970 shares 1996 and 1995 69,970 69,970
Stockholders' deficit:
Preferred stock, $1.00 par value:
Authorized: 842,838 shares 1996 and 1995
Issued and outstanding - none 1996 and
1995 -- --
Common stock, $.01 par value:
Class A:
Authorized: 125,000,000 shares 1996
and 1995
Issued and outstanding - 43,436,539 shares
1996; 32,309,662 shares 1995 434 323
Class C:
Authorized: 50,000,000 shares 1996
and 1995
Issued and outstanding - 1,188,743 shares
1996; 2,107,807 shares 1995 12 21
Other additional capital 378,720 355,172
Note receivable from stockholder (2,053) (2,053)
Accumulated deficit (464,139) (467,612)
Cumulative translation adjustments 494 445
Minimum pension liability adjustment (13,653) (13,653)
Total stockholders' deficit (100,185) (127,357)
Total liabilities and stockholders'
deficit $85,688 $88,651
CONTACT: Ampex Corporation Karen D. Schweikher, 415/367-4111 |
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