Ault Incorporated Reports Third Quarter Fiscal Year 2004 Results; Sales Improve in North America; Conference Call Set for Tuesday, March 23 at 8:00 a.m. CT.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--March 22, 2004 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 $10.7 million, up 8% from $9.9 million reported for the third quarter of fiscal 2003. For the nine months ended February 29, 2004, net sales were $32.7 million up 4% from $31.3 million for the same period a year ago. Company officials noted improvement in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. market sales and continued strength in the Korean Korean, language of uncertain ancestry. It is thought by some scholars to be akin to Japanese, by others to be a member of the Altaic subfamily of the Ural-Altaic family of languages (see Uralic and Altaic languages), and by still others to be unrelated to any known market as the primary reasons for the increased revenue. For the third quarter of fiscal 2004, the Company recorded a net loss applicable to common stock of $(2,964,000) or $(0.63) 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 $(1,829,000), or $(0.40) per diluted share for the same period last fiscal year. For the first nine months of fiscal year 2004, the Company recorded a net loss applicable to common stock of $(4,644,000) or $(0.99) per diluted share, compared to a net loss applicable to common stock of $(3,845,000) or $(0.84) per diluted share for the first nine months of fiscal year 2003. The Company has been working since last summer on a plan to consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. all US-based production to its primary manufacturing facility in China. The final phase of this manufacturing consolidation plan was completed in February. The year to date net loss includes $2,064,000 expense related to the consolidation. The expense was larger than expected primarily due to the impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of assets no longer needed for operations. 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, "Now with consolidation and expense reductions behind us, we are currently focusing on increasing revenues through our sales channels worldwide by providing new products and added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
For more information on this announcement, please join the Ault third quarter 2004 conference call on Tuesday Tuesday: see week. , March 23, 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 1-800-901-5217 and enter the passcode 58828100. 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, March 23 through Tuesday, March 30, 2004 by dialing 1-888-286-8010 and then the passcode, 16940533. 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 wire line 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 Per Share Amounts)
(Unaudited)
----------------------------------------------
Three Months Ended Nine Months Ended
----------------------- ----------------------
February 29 March 2 February 29 March 2
2004 2003 2004 2003
----------- ---------- ----------- ----------
Net Sales $10,730 $9,940 $32,680 $31,311
Inventory Writedown From
Exit 545 - 545 -
Cost of Goods Sold 7,893 8,078 24,496 24,448
----------- ---------- ----------- ----------
Gross Profit 2,292 1,862 7,639 6,863
Operating Expenses:
Marketing 972 1,185 2,911 3,485
Design Engineering 1,026 1,154 2,768 3,062
General and
Administrative 1,354 1,320 3,994 4,010
Exit Costs 1,743 - 2,064 -
----------- ---------- ----------- ----------
5,095 3,659 11,737 10,557
----------- ---------- ----------- ----------
Operating Loss (2,803) (1,797) (4,098) (3,694)
Other Income (Expense):
Interest Expense (168) (94) (466) (329)
Interest Income - 6 - 29
Other 43 62 28 (62)
----------- ---------- ----------- ----------
(125) (26) (438) (362)
----------- ---------- ----------- ----------
Loss Before Income Taxes (2,928) (1,823) (4,536) (4,056)
Income Tax Benefit - (30) - (302)
----------- ---------- ----------- ----------
Net Loss (2,928) (1,793) (4,536) (3,754)
Preferred Stock
Dividends (36) (36) (108) (91)
----------- ---------- ----------- ----------
Net Loss Applicable to
Common Shareholders $(2,964) $(1,829) $(4,644) $(3,845)
=========== ========== =========== ==========
Loss Per Share
Basic: $(0.63) $(0.40) $(0.99) $(0.84)
Diluted: $(0.63) $(0.40) $(0.99) $(0.84)
Common and Equivalent
Shares Outstanding:
Basic 4,687,597 4,597,283 4,672,769 4,583,374
Diluted 4,687,597 4,597,283 4,672,769 4,583,374
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
February 29, June 1,
2004 2003
------------ ----------
Assets:
Current Assets
Cash and Cash Equivalents $989 $1,100
Trade Receivables, Less Allowance for
Doubtful Accounts of $629 at February 29,
2004; $500 at June 1, 2003 7,618 7,417
Inventories 9,331 9,868
Assets Held for Sale 10 -
Prepaid and Other Expenses 1,486 1,064
------------ ----------
Total Current Assets 19,434 19,449
Other Assets 166 333
Property Equipment and Leasehold Improvements:
Land 1,735 1,735
Building and Leasehold Improvements 6,711 7,845
Machinery and Equipment 7,093 8,961
Office Furniture 1,890 1,887
E.D.P. Equipment 2,001 2,226
------------ ----------
19,430 22,654
Less Accumulated Depreciation 8,617 9,371
------------ ----------
10,813 13,283
------------ ----------
$30,413 $33,065
============ ==========
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
February 29, June 1,
2004 2003
------------ ----------
Liabilities and Stockholders' Equity:
Current Liabilities
Note Payable to Bank $4,927 $3,104
Current Maturities of Long-Term Debt 475 560
Accounts Payable 5,705 5,696
Accrued Compensation 1,171 1,162
Accrued Commissions 236 300
Other 418 195
------------ ----------
Total Current Liabilities 12,932 11,017
Long-Term Debt, Less Current Maturities 2,352 2,483
Deferred Tax Liability 23 23
Retirement and Severance Benefits 236 148
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 Shares, No Par Value, Authorized
10,000,000 Shares; Issued and Outstanding
4,695,465 on February 29, 2004; and
4,648,499 on June 1, 2003; 21,136 21,026
Notes Receivable arising from the sale of
common stock (45) (45)
Accumulated Other Comprehensive Loss (876) (886)
Accumulated Deficit (7,419) (2,775)
------------ ----------
12,796 17,320
------------ ----------
$30,413 $33,065
============ ==========
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