Ault Incorporated Reports First Quarter Fiscal Year 2006 Results; Conference Call Set for Tuesday, October 11 at 8:00 A.M. CT.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. -- 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 $9.2 million, down 11 percent from $10.3 million reported for the first quarter of fiscal 2005. Company officials noted two reasons for the decline: 1) shifts in strategic market focus for China that decreased sales by $550,000; and 2) orders scheduled for shipment at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. of fiscal 2004 that shipped in the first quarter of fiscal year 2005 amounting to $588,000. For the first quarter of fiscal 2006, the Company recorded a net loss applicable to common stockholders of $(458,000) or $(0.09) 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 $(119,000), or $(0.02) per diluted share for the same period last fiscal year. Professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. and a severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when payment totaled $446,000 for the quarter ended August 28, 2005, an increase of $327,000 over the comparable quarter of the prior 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, "We continue to make significant progress toward our goal of achieving profitability in fiscal 2006 and remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about sales increases through the end of the year. The expected increases in sales are driven primarily by two existing customers that have new product launches planned during our second quarter." For more information on this announcement, please join the Ault first quarter 2006 conference call on Tuesday Tuesday: see week. , October October: see month. 11, 2005 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 1-800-638-5439 and enter the pass code 11632370. 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 11:00 a.m. Central Daylight Time Tuesday, October 11 through Tuesday, October 18, 2005 by dialing 1-888-286-8010 and then the pass code, 42107555. Ault is a leading manufacturer of power conversion products headquartered in 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. . 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 28, August 29,
2005 2004
------------ ------------
Net Sales $9,198 $10,336
Cost of Goods Sold 6,593 7,575
------------ ------------
Gross Profit 2,605 2,761
Operating Expenses:
Marketing 798 784
Design Engineering 697 721
General & Administrative 1,571 1,299
------------ ------------
3,066 2,804
------------ ------------
Operating Loss (461) (43)
Non Operating Income (Expense):
Interest Expense (49) (88)
Other 90 13
------------ ------------
41 (75)
------------ ------------
Loss Before Income Taxes (420) (118)
Income Tax Expense 2 1
------------ ------------
Loss From Continuing Operations (422) (119)
Discontinued Operations - 36
------------ ------------
Net Loss (422) (83)
Redeemable Convertible Preferred Stock
Dividends (36) (36)
------------ ------------
Net Loss Applicable to Common Stockholders $(458) $(119)
============ ============
Net Basic and Diluted Loss Per Common Share:
Continuing Operations $(0.09) $(0.03)
Discontinued Operations - 0.01
------------ ------------
Loss Per Common Share $(0.09) $(0.02)
============ ============
Weighted average common shares outstanding:
Basic 4,831,546 4,787,937
Diluted 4,831,546 4,787,937
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
August 28, May 29,
2005 2005
------------ ------------
Assets:
Current Assets
Cash and Cash Equivalents $2,918 $2,191
Trade Receivables, Less Allowance for
Doubtful Accounts of $786 at August 28,
2005; $781 at May 29, 2005 6,197 5,766
Inventories 3,283 3,377
Note Receivable JEC - Current Portion 1,125 563
Prepaid and Other Expenses 796 741
------------ ------------
Total Current Assets 14,319 12,638
Note Receivable JEC - Non-current portion 1,125 1,687
Property Equipment and Leasehold
Improvements:
Building and Leasehold Improvements 764 764
Machinery and Equipment 5,302 5,314
Office Furniture 378 344
Data Processing Equipment 1,669 1,630
------------ ------------
8,113 8,052
Less Accumulated Depreciation 5,718 5,677
------------ ------------
2,395 2,375
Other Assets 92 106
------------ ------------
Total Assets $17,931 $16,806
============ ============
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
August 28, May 29,
2005 2005
------------ ------------
Liabilities and Stockholders' Equity:
Current Liabilities
Current Maturities of Long-Term Debt $296 $290
Accounts Payable 6,495 4,892
Accrued Compensation 934 978
Accrued Commissions 239 272
Other 370 350
------------ ------------
Total Current Liabilities 8,334 6,782
Redeemable Convertible Preferred Stock, No
Par Value, 2,074 Shares Issued and
Outstanding; Liquidation Preference of
$1,000 Per Share 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
4,861,192 on
August 28, 2005; and 4,806,116 on May 29,
2005; 21,520 21,390
Notes Receivable arising from the sale of
common stock (43) (44)
Accumulated Other Comprehensive Income
(Loss) (45) 55
Accumulated Deficit (13,909) (13,451)
------------ ------------
7,523 7,950
------------ ------------
$17,931 $16,806
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