Applied Voice Technology announces record sales and earnings for its quarter ended Sept. 30, 1995.KIRKLAND Kirkland, city (1990 pop. 40,052), King co., W Wash., a suburb of Seattle on Lake Washington; inc. 1905. The city produces semiconductors, transformers, prefabricated metal buildings, heating and navigation equipment, computer peripherals, motor vehicles, apparel, , Wash.--(BUSINESS WIRE)--Oct. 25, 1995--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 ), a leader in computer-telephony innovation, today reported record sales of $7,959,000 for the quarter ended Sept. 30, 1995, and record earnings of $1,502,000 ($0.26 per share) compared to $7,481,000 net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight and $1,052,000 net income in the comparable prior-year quarter. For the nine months ended Sept. 30, 1995, company earnings were $4,039,000, an increase of 46% over the comparable 1994 period. "We are pleased to have achieved record sales and earnings in the third quarter and continue to be encouraged by the growth in sales of our CallXpress3 advanced application modules to both new and existing customers," stated Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a J. LaPorte Laporte, LaPorte, or La Porte may refer to: Any of several communities or local governments in the United States of America:
"Higher gross margin software product sales continued to grow, more than offsetting increased 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. , thereby resulting in record operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 24% for the quarter." "Software kits increased to 58% of total unit shipments marking the first significant change in product and market mix in the past year," stated Roger A. Fukai, AVT's CFO See Chief Financial Officer. . "The mid-range market, 8 to 16 port systems, was again our largest market segment, representing 45% of net sales dollars. "The resulting gross margin reached an all-time high of 60% due to the continued unit mix shift towards software kits and the growing sales volume of CallXpress3 advanced application modules. Research and development expenses increased 8% over the second quarter, but were more than offset by the higher gross margin, resulting in the record 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. ." "Earnings per share for the nine months ended Sept. 30, 1995, $0.70 per share vs. $0.67 per share in the comparable 1994 period, was affected by the 39% higher share count that resulted from our December 1994 IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , and our higher current year effective income tax rate resulting from utilization of all remaining net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and research and experimentation credit carryforwards Carryforwards Tax losses allowed to be applied to offset future income in some specified number of future years. in 1994," continued Fukai. Regarding new distribution and new products, LaPorte said, "Due to increased demand for low cost `turnkey' voice and call processing In telecommunication, the term call processing has the following meanings:
avian arginine vasotocin. See vasotocin. as a strategic partner. North Supply will be distributing our full product line, including our px100 software pre-configured on a PC platform, through their vast network of resellers. "We anticipate increased volumes across all products in all segments of the market resulting from this marriage, with the most immediate benefit being increased momentum in the entry-level market. In addition, we have taken another important step in competing in the entry-level and mid-range markets with our recently announced version 2.0 of PhoneXpress. "The 2.0 software will contain most of the advanced call handling and message management features found in the latest version of our flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. -- CallXpress3, as well as an optional faxtext capability. Full production shipments will commence in November." Applied Voice Technology develops, manufactures, markets and supports a broad line of open systems-based computer-telephony software products and systems that automate To turn a set of manual steps into an operation that goes by itself. See automation. call processing and enable a user to manage different types of messages from either a personal computer or telephone. News releases are available from AVT's newsroom fax server, call 206/820-4089 and follow the prompts. This is document number 77020. -0- ADDITIONAL CONTACT: Applied Voice Technology Inc., Roger A. Fukai Sr., VP, Finance, and Administration, CFO, 206/820-6000, ext. 3338. -0-
Applied Voice Technology, Inc.
Consolidated Statements of Income (Unaudited)
(in thousands, except per share amounts)
Quarter Ended Nine Months Ended
Sep 30, Sep 30,
1995 1994 1995 1994
Net sales $ 7,959 $ 7,481 $ 22,883 $ 21,147
Cost of sales 3,199 3,252 9,475 9,152
Gross profit 4,760 4,229 13,408 11,995
Operating expenses:
Research and development 692 694 1,952 2,020
Sales, general and
administrative 2,154 2,162 6,345 6,332
Total operating expenses 2,846 2,856 8,297 8,352
Operating income 1,914 1,373 5,111 3,643
Other income, net 246 78 887 163
Income before income tax expense 2,160 1,451 5,998 3,806
Income tax expense 658 399 1,959 1,046
Net income $ 1,502 $1,052 $ 4,039 $ 2,760
Net income per common share $ .26 $ .25 $ .70 $ .67
Weighted average common shares
outstanding
5,705 4,149 5,740 4,127
Consolidated Balance Sheets (Unaudited)
(in thousands)
Sep 30, Dec 31,
1995 1994
ASSETS:
Current assets:
Cash and cash equivalents $ 4,158 $ 22,685
Short-term investments 20,347 --
Accounts receivable, net 3,843 3,023
Inventories 1,668 1,396
Prepaid expenses, deferred taxes, 1,477 1,136
and other assets
Total current assets 31,493 28,240
Equipment and leasehold improvements, net 909 700
Intangibles, net 3,280 4
Total assets $ 35,682 $ 28,944
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 1,241 $ 1,043
Accrued compensation and benefits 794 724
Other accrued liabilities 685 1,309
Note payable - current portion 503 --
Federal income taxes payable 120 870
Total current liabilities 3,343 3,946
Note payable 1,060 --
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, 5,129,260 and
4,903,592 outstanding, respectively 51 49
Additional paid-in capital 23,960 21,774
Retained earnings 7,334 3,294
Less deferred compensation (54) (119)
Unrealized loss on investments (12) --
Total shareholders' equity 31,279 24,998
Total liabilities and shareholders'
equity $35,682 $ 28,944
CONTACT: Michele Reid, 206/820-6000, x3479 |
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