Applied Voice Technology announces financial results for its quarter ended March 31, 1997.KIRKLAND, Wash.--(BUSINESS WIRE)--April 22, 1997--Applied Voice Technology 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 : AVTC AVTC Antivirus Test Center (informatics, University of Hamburg) AVTC Automatic Vehicular Traffic Control ) today reported its financial results for the first quarter ended March 31, 1997. Sales for the quarter were $12,062,000, a 26% increase from $9,556,000 in the comparable prior-year quarter. Due to the $3,898,000 nonrecurring charge Nonrecurring Charge An expense occurring only once on a company's financial statement. Notes: An extraordinary item is an example of a nonrecurring charge. Also known as "nonrecurring item". for the write-off of in-process research and development resulting from the previously announced acquisition of selected assets of Telcom Technologies (January 3, 1997), the company reported a net loss for the quarter of $1,195,000, or $.21 per share. Excluding this nonrecurring charge, first-quarter earnings would have been $1,300,000 or $0.21 per share, as compared with $1,101,000 or $0.19 per share in the comparable prior-year quarter. "We are pleased to report a 26% increase in sales over last year's first quarter," said Richard J. LaPorte, Chairman and Chief Executive Officer. "Our increased sales volume continues to be positively affected by sales of our advanced 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. and "CTI-ready" application products, which represented 65% of total company sales, up from 59% in the first quarter 1996. These advanced CTI application products include the CallXpress3 suite of applications; our RightFAX line of enhanced fax servers; and for the first time, the call center products recently acquired from Telcom Technologies. We continue to be encouraged by the strong shift in sales to these higher margin products, from sales of lower margin basic call processing In telecommunication, the term call processing has the following meanings:
LaPorte added, "We are especially pleased with first-quarter 1997 earnings of $.21 per share, exclusive of the write-off of in-process research and development. As we discussed in our year-end 1996 earnings release conference call, we anticipated our first quarter results would be impacted by one-time expenses associated with the launch of CallXpressNT and AgentXpressNT, along with the addition of the Telcom Technologies operations. Expenses for these programs were in line with our expectations, and we're pleased to report that AgentXpressNT has been released as planned and CallXpressNT is in the final stages of beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the and scheduled for release this month. Due to the timing of these releases, these products had little material impact on first quarter revenue. However, we expect them to contribute to sales growth in the quarters which follow." "The favorable sales mix sales mix See product mix. again resulted in strong gross margins, 62.0% as compared to 60.5% in the 1st quarter 1996," said Roger A. Fukai, Chief Financial Officer. "Operating return on sales Return on sales A measurement of operational efficiency equalingnet pre-tax profits divided by net sales expressed as a percentage. return on sales The portion of each dollar of sales that a firm is able to turn into income. excluding the nonrecurring charge was 14.8% for the quarter. We expect operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: to improve in the future as CallXpressNT and AgentXpressNT become fully deployed into our distribution channels." Applied Voice Technology Inc. develops, manufactures, markets and supports a broad line of open systems-based advanced CTI software products and basic call answering and voice messaging systems. CTI encompasses a wide range of products that unite the two most essential business instruments -- personal computers and telephones. AVT AVT avian arginine vasotocin. See vasotocin. is headquartered in Kirkland, Washington Kirkland is a city in King County, Washington, United States. It is a suburb of Seattle located on the Eastside (of Lake Washington). As of April 1, 2005, the city had an estimated population of 45,740, making Kirkland the eighth largest city in King County and the eighteenth , USA, and has offices in the United Kingdom, Canada, Munich, Dubai and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . In addition, AVT has a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , RightFAX, Inc., based in Tucson, Arizona Tucson (pronounced /ˈtusɑn/, Spanish: Tucsón [tuk'son] . 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.appliedvoice.com . -0- (R)CallXpress3 is a registered trademark of Applied Voice Technology Inc. Other product names used in this document are trademarks of their respective owners. This press release contains 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. These forward-looking statements involve risks and uncertainties, including technical and competitive factors, which could cause results to differ materially. Such risks are detailed in AVT's latest Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarter Reports on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission. NOTE TO EDITORS: News releases are available from AVT's Newsroom fax server. Call 206-820-4089 and follow the prompts. This is document number 77065. News releases can also be found on AVT's World Wide Web site at www.appliedvoice.com . -0-
Applied Voice Technology Inc.
Consolidated Statements of Income (Unaudited)
(in thousands, except per share amounts)
Quarter ended
March 31,
1997 1996
Net sales $ 12,062 $ 9,556
Cost of sales 4,590 3,777
Gross profit 7,472 5,779
Operating expenses:
Research and development 1,498 935
Sales, general and administrative 4,183 3,308
Write-off of acquired, in-process
research and development 3,898 4,140
Total operating expenses 9,579 8,383
Operating (loss) (2,107) (2,604)
Other income, net 240 173
(Loss) before income tax expense (1,867) (2,431)
Income tax (benefit) expense (672) 608
Net (loss) $ (1,195) $ (3,039)
Net (loss) per common share (a) $ (0.21) $ (0.52)
Weighted average common shares
outstanding 5,574 5,793
(a) Net income per share for the quarters ended March 31, 1997 and
1996 was $0.21 and $0.19, respectively, excluding the nonrecurring
write-offs of acquired in-process research and development
associated with the acquisitions of Telcom Technologies in January
1997, and RightFAX Inc., in January 1996.
-0-
Applied Voice Technology Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands)
March 31, December 31,
1997 1996
ASSETS:
Current assets:
Cash, cash equivalents, and
short-term investments $ 23,741 $ 27,679
Accounts receivable, net 6,222 6,106
Inventories 4,031 2,458
Deferred income taxes 2,381 1,056
Prepaid expenses and other assets 845 502
Total current assets 37,220 37,801
Equipment and leasehold improvements, net 1,899 1,479
Intangibles, net 6,575 6,847
Total assets $ 45,694 $ 46,127
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 2,492 $ 2,033
Accrued liabilities 2,778 3,967
Note payable - current portion 599 586
Income taxes payable 896 345
Total current liabilities 6,765 6,931
Note payable 158 313
Shareholders' equity:
Preferred stock, par value $.01
per share, 1,000,000
authorized, none outstanding
Common stock, par value $.01
per share, 30,000,000
authorized, 5,614,322 and
5,425,713 outstanding, respectively 56 54
Additional paid-in capital 29,348 28,267
Retained earnings 9,367 10,562
Total shareholders' equity 38,771 38,883
Total liabilities and
shareholders' equity $ 45,694 $ 46,127
-0- CONTACT: Applied Voice Technology Michele Reid or Michelle Taylor 206-820-6000, ext. 3479 206-820-6000, ext. 3399 mreid@appliedvoice.com mtaylor@appliedvoice.com |
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