Ault Incorporated Reports Fourth Quarter Fiscal Year 2004 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 Up 25% Over Last Year, Efficiencies Increase and Asian Market Strong; Conference Call Set for Wednesday Wednesday: see week. , July July: 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 $12,429,000, compared to $10,168,000 reported for the fourth quarter of fiscal 2003. The Company reported sales of $45,109,000 for fiscal 2004, compared to $41,479,000 for fiscal 2003. Company officials noted that the general economic upturn positively impacted sales in the broad business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. sector throughout the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. , European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Asian markets. The Company also noted that sales increased significantly in Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. due to the development of major OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers in the electronics industry for digital cameras, large format LCDs and cable modems cable modem Modem used to convert analog data signals to digital form and vise versa, for transmission or receipt over cable television lines, especially for connecting to the Internet. . For the fourth quarter of fiscal 2004, the Company recorded a net loss applicable to common stock of $(309,000) or $(0.07) 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 stock of $(3,847,000), or $(0.83) per diluted share for the same period last fiscal year. For the twelve months ended May 30, 2004, the Company reported a net loss applicable to common stock of $(4,953,000), or $(1.06) per diluted share, compared to a net loss of $(7,692,000), or $(1.67) per share for fiscal 2003. The fiscal 2004 year loss includes manufacturing exit costs totaling nearly $2.1 million and inventory writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. of $0.5 million for a total of $2.6 million. 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 are pleased with the progress and improvements we have made in this fiscal year. We have worked diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to reduce expenses and improve operational efficiencies. We made tough decisions to bring our expense structure in line with our business level. We also have seen sales increasing across all of our major geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. markets. All of these factors combined brought us very close to attaining our goal of being profitable in the fourth quarter. With the positioning accomplished in 2004, we are poised for a return to profitability as we begin the 2005 fiscal year." For more information on this announcement, please join the Ault Fiscal 2004 conference call on Wednesday, July 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 1-800-299-7098 and enter the pass code 35621148. Please call five to ten minutes before the designated start time. The live web cast 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 Thursday Thursday: see week. , July 29 through 11:00 a.m. Central Daylight Time Thursday, August 5, 200 by dialing 1-888-286-8010 and then the confirmation code/pass code, 46636791. Ault designs, manufactures and markets power conversion products. The Company is a leading supplier to original equipment manufacturers of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. equipment, computer peripherals and medical equipment. Ault's power conversion products provide power at various levels from 1 to 1200 watts for a wide variety of applications. 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 AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Amounts Per Share)
---------------------------------------
Three Months Ended Twelve Months Ended
------------------ -------------------
May 30 June 1 May 30 June 1
2004 2003 2004 2003
-------- -------- --------- ---------
Net Sales $12,429 $10,168 $45,109 $41,479
Cost of Goods Sold 9,227 8,612 34,268 33,060
-------- -------- --------- ---------
Gross Profit 3,202 1,556 10,841 8,419
Operating Expenses:
Marketing 1,075 1,449 3,986 4,934
Design Engineering 894 1,164 3,662 4,226
General and Administrative 1,305 1,607 5,299 5,617
Exit Costs 2,064
Goodwill Impairment 1,153 1,153
-------- -------- --------- ---------
3,274 5,373 15,011 15,930
-------- -------- --------- ---------
Operating Loss (72) (3,817) (4,170) (7,511)
Other Expense: (153) (32) (591) (394)
-------- -------- --------- ---------
Loss Before Income Taxes (225) (3,849) (4,761) (7,905)
Income Tax (Benefit) Expense 47 (38) 47 (340)
-------- -------- --------- ---------
Net Loss (272) (3,811) (4,808) (7,565)
Preferred Stock Dividends (37) (36) (145) (127)
-------- -------- --------- ---------
Net Loss Applicable to Common
Stockholders $(309) $(3,847) $(4,953) $(7,692)
======== ======== ========= =========
Net Loss Per Share
Basic: $(0.07) $(0.83) $(1.06) $(1.67)
Diluted: $(0.07) $(0.83) $(1.06) $(1.67)
Common and Equivalent Shares
Outstanding:
Basic 4,701 4,637 4,680 4,597
Diluted 4,701 4,637 4,680 4,597
AULT INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
ASSETS May 30, June 1,
2004 2003
-----------------
CURRENT ASSETS:
Cash and cash equivalents $1,058 $1,100
Trade receivables, less allowance for doubtful
accounts of $478 in 2004; $500 in 2003 8,399 7,417
Inventories 8,737 9,868
Assets held for sale 10 -
Prepaid and other expenses 1,374 1,064
-------- --------
Total current assets 19,578 19,449
OTHER ASSETS 177 333
PROPERTY, PLANT AND EQUIPMENT:
Land 1,735 1,735
Building and leasehold improvements 6,711 7,845
Machinery and equipment 7,050 8,961
Office furniture and equipment 1,911 1,887
Data processing equipment 2,009 2,227
-------- --------
19,416 22,655
Less accumulated depreciation 8,743 9,372
-------- --------
10,673 13,283
-------- --------
$30,428 $33,065
======== ========
AULT INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY May 30, June 1,
2004 2003
-----------------
CURRENT LIABILITIES:
Note payable to bank $4,650 $3,104
Current maturities of long-term debt 460 560
Accounts payable 6,265 5,696
Accrued compensation 1,165 1,162
Accrued commissions 281 300
Other 487 195
-------- --------
Total current liabilities 13,308 11,017
LONG-TERM DEBT, less current maturities 2,313 2,483
DEFERRED TAX LIABILITY - 23
RETIREMENT AND SEVERANCE BENEFITS 203 148
COMMITMENTS AND CONTINGENCIES
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; none issued - -
Common stock, no par value; authorized 10,000,000
shares; issued and outstanding 4,705,083 shares
in 2004; 4,648,499 shares in 2003 21,173 21,026
Notes receivable arising from the sale of common
stock (45) (45)
Accumulated other comprehensive loss (870) (886)
Accumulated deficit (7,728) (2,775)
-------- --------
Total stockholders equity 12,530 17,320
-------- --------
$30,428 $33,065
======== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion