Aspeon Inc. Reports Financial Results for Second Quarter 2000.Business Editors IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--Feb. 3, 2000 Aspeon Inc. (Nasdaq:ASPE ASPE Assistant Secretary for Planning and Evaluation (US Department of Health and Human Services) ASPE American Society of Plumbing Engineers ASPE American Society for Precision Engineering ASPE Association of Standardized Patient Educators ), formerly Javelin Systems Inc., today announced revenues and earnings for its fiscal second quarter ended Dec. 31, 1999. Revenues for the second quarter of fiscal 2000 were $24.3 million, up 36 percent from last year's revenues for the second quarter of $17.9 million. Revenues for the second quarter 2000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our recently formed subsidiary, Aspeon Solutions Inc., amounted to $3.9 million. These revenues included services revenues of $3.3 million at a gross margin of 42 percent. For the current quarter, earnings per share reflect the effect of Javelin's follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. completed in February February: see month. 1999 and have been calculated using 70 percent more 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. weighted average shares outstanding as compared to the same period for the prior year. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income for the second quarter of fiscal 2000 rose to $1.4 million, or $0.15 per diluted share, increasing 122 percent over pro forma net income of $636,700, or $0.12 per diluted share, for the comparable period in fiscal 1999. Pro forma results are presented for informational purposes only and are not prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Pro forma net income presents the operating results of Aspeon Inc. excluding charges of $585,300 and $84,800 for the 3-months periods ended December December: see month. 31, 1999 and 1998, respectively, relating to the amortization of goodwill. On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, net income for the second quarter of fiscal 2000 rose to $1.1 million, or $0.12 per diluted share, increasing 84 percent over net income of $574,000, or $0.11 per diluted share, for the comparable period in fiscal 1999. Revenues for the six months ended Dec. 31, 1999 amounted to $44.5 million, up 45 percent from last year's revenues for the six months ended Dec. 31, 1998 of $30.8 million. Pro forma net income for the six months ended Dec. 31, 1999 rose to $2.3 million, or $0.25 per diluted share, increasing 97 percent over pro forma net income of $1.2 million, or $0.24 per diluted share, for the comparable period in fiscal 1999. Pro forma net income presents the operating results of Aspeon Inc. excluding charges of $1.1 million and $148,500 for the 6-months periods ended Dec. 31, 1999 and 1998, respectively, relating to the amortization of goodwill. On a GAAP basis, net income for the six months ended Dec. 31, 1999 was $1.7 million, or earnings per share of $0.18, increasing 58 percent over net income of $1.0 million, or earnings per share of $0.22, for the comparable period in fiscal 1999. &uot;We are extremely pleased with the results of our operations. These results demonstrate the ability of our management team to operate profitably the original hardware business while incubating a sizable siz·a·ble also size·a·ble adj. Of considerable size; fairly large. siz  a·ble·ness n. ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). business,&uot; said 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 P. Stack (1) A Macintosh folder view (see Stacks). (2) A set of hardware registers or a reserved amount of memory used for arithmetic calculations, local variables or to keep track of internal operations (the sequence of routines called in a program). , Javelin's president and chief executive officer. &uot;The recent formal separation of our businesses will allow us to focus on the continued growth of each of the businesses.&uot; About Aspeon Inc. Aspeon Inc. operates in two lines of business. Aspeon Solutions Inc., a wholly-owned subsidiary, is the first &uot;Next Generation&uot; Application Service Provider (ASP) focused on delivering pre-integrated mission-critical business applications customized to meet industry-specific needs. Javelin Systems is the leading provider of integrated touchscreen See touch screen. computers and system integration services to the global foodservice The foodservice (or food service) industry (US English; catering industry in British English) encompasses those places, institutions, and companies responsible for any meal eaten away from home. industry. Visit Aspeon at www.aspeon.com The statements in this news release that relate to future financial results, future plans by the Company, customer contracts or financial performance by the Company are 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. that involve risks and uncertainties pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to customer orders, demand for products and services, development of markets for the Company's products and services and other risks identified in the Company's SEC filings. The Company's actual results and performance may differ materially; therefore, 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" . The Company undertakes no obligation to release publicly the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to these forward-looking statements that may be made to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof or to reflect the occurrence of unanticipated events.
ASPEON INC
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
1999 1998 1999 1998
Revenues:
Product
Sales $ 16,657,500 $ 13,997,500 $ 30,115,200 $ 25,585,400
Services 7,649,100 3,870,000 14,426,300 5,214,300
------------ ------------ ------------ ------------
Total revenues 24,306,600 17,867,500 44,541,500 30,799,700
------------ ------------ ------------ ------------
Cost of sales:
Product Sales 11,728,500 10,165,400 21,122,300 18,321,700
Services 5,660,500 2,940,400 11,074,300 4,050,900
------------ ------------ ------------ ------------
Total cost
of sales 17,389,000 13,105,800 32,196,600 22,372,600
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Gross profit 6,917,600 4,761,700 12,344,900 8,427,100
------------ ------------ ------------ ------------
Operating expenses:
Research and
development 492,800 285,200 961,900 583,200
Selling and
marketing 1,931,200 1,038,700 3,650,100 1,405,400
General and
administrative 2,905,700 2,241,900 5,022,100 4,217,600
------------ ------------ ------------ ------------
Total operating
expenses 5,329,700 3,565,800 9,634,100 6,206,200
------------ ------------ ------------ ------------
Income from
operations 1,587,900 1,195,900 2,710,800 2,220,900
Interest expense (144,200) (234,700) (277,400) (469,200)
Other income
(expense) 286,800 (2,200) 278,600 25,900
------------ ------------ ------------ ------------
Income before
income taxes 1,730,500 959,000 2,712,000 1,777,600
Provision for
income taxes (674,900) (385,000) (1,057,700) (731,000)
============ ============ ============ ===========
Net income $ 1,055,600 $ 574,000 $ 1,654,300 $ 1,046,600
============ ============ ============ ============
Earnings per
common share:
Basic $ 0.12 $ 0.11 $ 0.18 $ 0.22
============ ============ ============ ===========
Diluted $ 0.12 $ 0.11 $ 0.18 $ 0.22
============ ============ ============ ============
Shares used in computing
earnings per share:
Basic 9,020,679 5,251,180 8,957,059 4,691,368
============ ============ ============ ============
Diluted 9,148,186 5,390,930 9,161,315 4,831,333
============ ============ ============ ============
ASPEON INC.
CONSOLIDATED BALANCE SHEETS
December 31, June 30,
1999 1999(a)
ASSETS
Current assets:
Cash and cash equivalents $ 5,798,900 $ 5,641,500
Investment in securities 3,745,000 7,472,000
Accounts receivable, net 17,194,300 16,000,200
Inventories 17,083,300 14,565,700
Deferred income taxes 530,900 530,900
Other current assets 1,398,100 823,500
------------ ------------
Total current assets 45,750,500 45,033,800
Property and equipment, net 4,993,500 2,861,400
Excess of cost over net
assets of purchased businesses 30,524,800 27,021,200
Deferred financing costs 466,900 617,600
Other assets, net 249,600 273,600
------------ ------------
Total assets $ 81,985,300 $ 75,807,600
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit $ 1,788,100 $ 2,056,600
Accounts payable 10,618,100 7,681,800
Accrued expenses 2,380,400 2,446,200
Current maturities of
long-term debt 300,000 300,000
Customer deposits 2,700 2,700
Deferred maintenance revenues 1,536,100 397,500
Income taxes payable 575,300 1,517,400
------------ ------------
Total current liabilities 17,200,700 14,402,200
Deferred rent expense 28,600 21,000
Long-term debt, net of current portion 1,329,500 1,774,000
Stockholders' equity:
Preferred stock, $0.01 par value:
authorized shares--1,000,000;
issued and outstanding
shares--none -- --
Common stock, $0.01 par value:
authorized shares--20,000,000;
issued and outstanding
shares--9,115,771 at
December 31, 1999 and
8,887,203 at June 30, 1999 91,200 88,900
Additional paid in capital 57,928,600 55,800,700
Deferred compensation (6,700)
Retained earnings 5,454,000 3,799,700
Accumulated other comprehensive
income (loss) (47,300) (72,200)
------------ ------------
Total stockholders' equity 63,426,500 59,610,400
============ ============
Total liabilities and
stockholders' equity $ 81,985,300 $ 75,807,600
============ ============
(a) The balance sheet at June 30, 1999 has been derived from
audited financial statements.
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