Ault Incorporated Reports First Quarter Fiscal Year 2005 Results.MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. -- Sales Increase, Return to Profitability; Conference Call Set for Tuesday Tuesday: see week. , September September: see month. 28 at 8:00 a.m. CT Ault Ault as a personal name can refer to:
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 were $13.1 million, up 21 percent from $10.8 million reported for the first quarter of fiscal 2004. Company officials noted the increase is due to the continued improvement in activity throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. . For the first quarter of fiscal 2005, the Company recorded a net income applicable to common stockholders of $117,000 or $0.02 per 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, compared to a net loss applicable to common stockholders of $(960,000), or $(0.21) per diluted share for the same period last fiscal year. Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, M. Green, Ault president and chief executive officer, commented, "It has been our goal to return to profitability and we have achieved it. This accomplishment is the result of several expense reduction initiatives taken over the last three years. We are now in a position to pursue other strategies that will grow our revenue in niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. . We will also continue our expense reduction efforts in order to remain competitive in the global marketplace. Our goal is to remain profitable and to achieve revenue gains throughout fiscal 2005 and beyond." For more information on this announcement, please join the Ault first quarter 2005 conference call on Tuesday, September 28, 2004 at 8:00 a.m. Central Daylight For other uses, see Daylight (disambiguation). Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight). Time. To join the conference call, please call 1-800-510-9691 and enter the pass code 32882620. Please call five to ten minutes before the designated start time. The live webcast of the call may be accessed online on StreetEvents at www.streetevents.com or on Ault's web site at www.aultinc.com. The call will be archived at StreetEvents and Ault's web site for 90 days. You may also listen to an encore recording of the conference call from 10:00 a.m. Central Daylight Time Tuesday, September 28 through Tuesday, October October: see month. 5, 2004 by dialing 1-888-286-8010 and then the pass code, 14420856. Ault is a leading manufacturer of power conversion products headquartered in North America. The Company is a major supplier to original equipment manufacturers of wireless and wireline communications infrastructure, computer peripherals and handheld handheld: see personal digital assistant. devices, medical equipment, industrial equipment and printing/scanning equipment. Statements regarding Ault's anticipated future performance are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and therefore involve risks and uncertainties that could cause results or developments to differ significantly from those indicated in 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. . These include, but are not limited to: market conditions in the global electronics industry, buying patterns of major customers, competitive products and technologies, the ability to control expense growth, and other factors set forth in the Company's filings with the Securities and Exchange Commission.
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Share and Amounts Per Share)
(Unaudited)
Three Months Ended
---------------------
August 29, August 31,
2004 2003
---------- ----------
Net Sales $13,139 $10,816
Cost of Goods Sold 9,576 8,276
---------- ----------
Gross Profit 3,563 2,540
Operating Expenses:
Marketing 972 954
Design Engineering 866 879
General & Administrative 1,433 1,404
Plant Closing Costs - 98
---------- ----------
3,271 3,335
---------- ----------
Operating Income (Loss) 292 (795)
Non Operating Income (Expense):
Interest Expense (138) (159)
Other 7 30
---------- ----------
(131) (129)
---------- ----------
Income (Loss) Before Income Taxes 161 (924)
Income Tax Expense 8 -
---------- ----------
Net Income (Loss) 153 (924)
Redeemable Convertible Preferred Stock Dividends (36) (36)
---------- ----------
Net Income (Loss) Applicable to Common
Stockholders $117 $(960)
========== ==========
Earnings (Loss) Per Share:
Basic $0.02 $(0.21)
Diluted $0.02 $(0.21)
Common and equivalent shares outstanding:
Basic 4,787,937 4,657,421
Diluted 4,826,587 4,657,421
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
August 29, May 30,
2004 2004
---------- ---------
Assets:
Current Assets
Cash and Cash Equivalents $1,820 $1,058
Trade Receivables, Less Allowance for Doubtful
Accounts of $621 at August 29, 2004; $476 at
May 30, 2004 8,384 8,399
Inventories 9,378 8,737
Prepaid and Other Expenses 1,997 1,384
---------- ---------
Total Current Assets 21,579 19,578
Other Assets 136 177
Property Equipment and Leasehold
Improvements:
Land 1,735 1,735
Building and Leasehold Improvements 6,711 6,711
Machinery and Equipment 7,059 7,050
Office Furniture 1,933 1,911
Data Processing Equipment 2,009 2,009
---------- ---------
19,447 19,416
Less Accumulated Depreciation 8,986 8,743
---------- ---------
10,461 10,673
---------- ---------
Total Assets $32,176 $30,428
========== =========
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
August 29, May 30,
2004 2004
---------- ---------
Liabilities and Stockholders' Equity:
Current Liabilities
Note Payable to Bank $4,666 $4,650
Current Maturities of Long-Term Debt 442 460
Accounts Payable 7,599 6,265
Accrued Compensation 1,426 1,165
Accrued Commissions 279 281
Other 412 487
---------- ---------
Total Current Liabilities 14,824 13,308
Long-Term Debt, Less Current Maturities 2,276 2,313
Retirement and Severance Benefits 249 203
Redeemable Convertible Preferred Stock, No Par
Value, 2,074 Shares Issued and Outstanding 2,074 2,074
Stockholders' Equity:
Preferred Stock, No Par Value, Authorized,
1,000,000 Shares;
Common Shares, No Par Value, Authorized
10,000,000 Shares; Issued and Outstanding
4,765,291 on August 29, 2004; and 4,705,083
on May 30, 2004; 21,279 21,173
Notes Receivable arising from the sale of
common stock (45) (45)
Accumulated Other Comprehensive Loss (870) (870)
Accumulated Deficit (7,611) (7,728)
---------- ---------
12,753 12,530
---------- ---------
$32,176 $30,428
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