Antec Corp. announces improved profitability in quarter over quarter performance.ROLLING MEADOWS Rolling Meadows, city (1990 pop. 22,591), Cook co., NE Ill., a suburb of Chicago; inc. 1955. There is research and development and the manufacture of office supplies and electronic components. , Ill.--(BUSINESS WIRE)--July 25, 1996--ANTEC Corp. (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 : ANTC ANTC Advanced Networking Test Center ANTC Alliance for a New Transportation Charter ANTC Adjusted Net Tax Capacity ANTC Antennapedia Complex ANTC Advanced National Technical Certificate (Nigeria) ANTC Anticipated Net Tax Capacity ) today announced that net income for the second quarter was up 173 percent to $3.0 million, or $0.13 a share, compared to $1.1 million, or $0.05 a share for the second quarter of 1995. These results were achieved on revenues of $162.8 million for the second quarter of 1996 compared to revenues of $165.3 million for the second quarter of 1995. This improvement in operating results is due principally to an increase in the gross margin percentage reflecting a greater mix of higher margin manufactured products, as well as a reduction in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc ANTEC's new reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. management structure. The company's second quarter 1996 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. of $8.5 million compared to $5.8 million for second quarter 1995 was positively impacted by an improvement in second quarter 1996 gross profit percent to 23.5 compared to 22.8 for second quarter 1995. This improved gross profit percentage is a result of product mix, notably an increase in ANTEC manufactured product sales. During the quarter, the ANTEC Network Technologies division introduced several new products including a family of new laser transmitters, coaxial co·ax·i·al adj. Having or mounted on a common axis. coaxial Adjective 1. Electronics (of a cable) transmitting by means of two concentric conductors separated by an insulator connectors and an expanded line of fiber optic storage devices. These products, coupled with planned multi-year system upgrades by several major cable TV system operators, should provide the foundation for continued growth in sales and earnings. Operating expenses of $28.5 million in the second quarter were approximately $2 million lower than the second quarter of 1995 and essentially flat with the first quarter of 1996. As a percent of sales, second quarter operating expenses improved from 18.5 percent in 1995 to 17.5 percent in 1996. ``We're pleased with the results of the management controls and organizational structures  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. that we implemented in late 1995,'' said John Egan JOHN EGAN John Egan may refer to:
Interest expense and other, net, decreased from $2.8 million in the second quarter 1995 to $2.2 million in the second quarter 1996, primarily due to a sharp reduction in debt caused by a combination of inventory reduction and improvement in inventory turns. The two new ANTEC-Northern Telecom joint venture companies, Arris ar·ris n. pl. arris or ar·ris·es The sharp edge or ridge formed by two surfaces meeting at an angle, as in a molding. [Alteration of Old French areste, fishbone, spine Interactive and Integration Technologies, are proceeding on plan. Arris Interactive's Cornerstone cable telephony See cable telephone. products are now in production and Integration Technologies' digital network design and software products are becoming an integral part of cable TV system operators' engineering activities. ``The enthusiasm with which ANTEC's new products have been received is encouraging,'' said Egan. ``Substantial laser and fiber optic distribution equipment purchases by 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. for their Brooklyn/Queens and San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. operations as well as orders for other system upgrades indicates that demand may be beginning to improve from the flat industry spending patterns that we saw in the first and second quarters of 1996.'' ANTEC Corp. is an international communications technology Noun 1. communications technology - the activity of designing and constructing and maintaining communication systems engineering, technology - the practical application of science to commerce or industry company headquartered in Rolling Meadows, Ill., with major offices in Atlanta and Denver. ANTEC specializes in the design and engineering of hybrid fiber/coaxial (HFC 1. (networking) HFC - Hybrid Fiber Coax. 2. (hardware) HFC - hydrofluorocarbon. ) architectures used in today's broadband networks  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. and the engineering, manufacturing, product development and distribution of products for these networks. The 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. in this report are subject to a number of factors that could cause actual results to differ materially. Such factors include acceptance of product under cancelable orders, performance of new products, ability of ANTEC to deliver new products in a timely and profitable manner, developments and competition in customers' markets, general economic conditions, availability and cost of capital, other demands and opportunities for capital (such as acquisitions), regulatory developments, and other factors more fully described in ANTEC's reports to the Securities and Exchange Commission, including its report on Form 10K for 1995. -0-
ANTEC CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share information)
Three months ended Six months ended
June 30, June 30,
-------------------- --------------------
1996 1995 1996 1995
-------- -------- -------- --------
Net sales $162,784 $165,332 $325,176 $324,179
Cost of sales 124,522 127,704 249,104 245,618
-------- -------- -------- --------
Gross profit 38,262 37,628 76,072 78,561
Operating expenses:
Selling, general and
administrative
expenses 28,474 30,625 56,854 59,045
Amortization of
goodwill 1,245 1,185 2,489 2,366
-------- -------- -------- --------
29,719 31,810 59,343 61,411
-------- -------- -------- --------
Operating income 8,543 5,818 16,729 17,150
Interest expense
and other, net 2,216 2,834 4,918 5,692
-------- -------- -------- --------
Income before
income taxes 6,327 2,984 11,811 11,458
Income tax expense 3,321 1,902 6,243 5,982
-------- -------- -------- --------
Net income $3,006 $1,082 $5,568 $5,476
======== ======== ======== ========
Net income per
common and common
equivalent share: $0.13 $0.05 $0.24 $0.24
======== ======== ======== ========
Weighted average
common and common
equivalent shares: 23,499 23,077 23,514 23,064
======== ======== ======== ========
ANTEC CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, Dec. 31,
1996 1995
(Unaudited)
ASSETS
Current assets
Cash and cash equivalents $1,012 $979
Accounts receivable, net 105,291 106,547
Inventories, primarily
finished goods 112,915 122,231
Other current assets 3,160 2,477
-------- --------
Total current assets 222,378 232,234
Property, plant and
equipment, net 26,036 25,937
Goodwill, net 169,326 171,815
Deferred income
taxes, net 13,499 13,824
Other assets 10,086 13,108
-------- --------
$441,325 $456,918
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $50,898 $63,482
Accrued liabilities 37,170 38,294
-------- --------
Total current liabilities 88,068 101,776
Long-term debt 110,164 117,920
Stockholders' equity 243,093 237,222
-------- --------
$441,325 $456,918
======== ========
CONTACT: Antec Jim Bauer, 847/439-4444 or jbauer1(at sign)aol.com |
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