Ault Incorporated Reports Third 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 Up 13%; Modest Increases Across 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; Conference Call Set for Wednesday Wednesday: see week. , March 30 at 8:00 a.m. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. 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 $12.1 million, up 13% from $10.7 million reported for the third quarter of fiscal 2004. For the nine months ended February 27, 2005, net sales were $36.3 million up 11% from $32.6 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 2005, the Company recorded a net loss applicable to common stock of $(458,000) or $(0.10) 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 $(2,964,000), or $(0.63) per diluted share for the same period last fiscal year. For the first nine months of fiscal year 2005, the Company recorded a net loss applicable to common stock of $(875,000) or $(0.18) per diluted share, compared to a net loss applicable to common stock of $(4,644,000) or $(0.99) per diluted share for the first nine months of fiscal year 2004. The Company noted that revenue was less than expected due to a delayed product launch by one of the Company's 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. 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 obviously disappointed in our sales for the quarter. 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 improve productivity and efficiency while focusing on the execution of our sales plans globally. Our mission continues to drive our sales plans while managing expenses to return to profitability." For more information on this announcement, please join the Ault third quarter 2005 conference call on Wednesday, March 30, 2005 at 8:00 a.m. Central Standard Time. To join the conference call, please call 1-800-299-9630 and enter the passcode 86507662. 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 Standard Time Wednesday, March 30 through Wednesday, April 4, 2005 by dialing 1-888-286-8010 and then the passcode, 90614028. 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 27 February 29 February 27 February 29
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net Sales $12,141 $10,730 $36,327 32,680
Cost of Goods Sold 8,843 7,893 26,497 24,496
Inventory Writedown
From Exit - 545 - 545
----------- ----------- ----------- -----------
Gross Profit 3,298 2,292 9,830 7,639
Operating Expenses:
Marketing 1,102 972 3,183 2,911
Design Engineering 977 1,026 2,757 2,768
General and
Administrative 1,381 1,354 4,083 3,994
Exit Costs - 1,743 - 2,064
----------- ----------- ----------- -----------
3,460 5,095 10,023 11,737
----------- ----------- ----------- -----------
Operating Loss (162) (2,803) (193) (4,098)
Other Income (Expense):
Interest Expense (172) (168) (454) (466)
Other (85) 43 (109) 28
----------- ----------- ----------- -----------
(257) (125) (563) (438)
----------- ----------- ----------- -----------
Loss Before Income
Taxes (419) (2,928) (756) (4,536)
Income Tax Expense 3 - 11 -
----------- ----------- ----------- -----------
Net Loss (422) (2,928) (767) (4,536)
Preferred Stock
Dividends (36) (36) (108) (108)
----------- ----------- ----------- -----------
Net Loss Applicable to
Common Shareholders $(458) $(2,964) $(875) $(4,644)
=========== =========== =========== ===========
Loss Per Share
Basic: $(0.10) $(0.63) $(0.18) $(0.99)
Diluted: $(0.10) $(0.63) $(0.18) $(0.99)
Common and Equivalent
Shares Outstanding:
Basic 4,785,197 4,687,597 4,768,757 4,672,769
Diluted 4,785,197 4,687,597 4,768,757 4,672,769
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)
February 27, May 30,
2005 2004
------------ -----------
Assets:
Current Assets
Cash and Cash Equivalents $2,484 $1,058
Trade Receivables, Less Allowance for
Doubtful Accounts of $752 at February 27,
2005; $476 at May 30, 2004 7,399 8,399
Inventories 9,384 8,737
Prepaid and Other Expenses 1,946 1,384
------------ -----------
Total Current Assets 21,213 19,578
Other Assets 120 177
Property Equipment and Leasehold Improvements:
Land 1,735 1,735
Building and Leasehold Improvements 6,714 6,711
Machinery and Equipment 7,105 7,050
Office Furniture 1,993 1,911
E.D.P. Equipment 2,189 2,009
------------ -----------
19,736 19,416
Less Accumulated Depreciation 9,445 8,743
------------ -----------
10,291 10,673
------------ -----------
$31,624 $30,428
============ ===========
AULT INCORPORATED & SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Share and Per Share Amounts)
(Unaudited)
February 27, May 30,
2005 2004
------------ --------
Liabilities and Stockholders' Equity:
Current Liabilities
Note Payable to Bank $5,036 $4,650
Current Maturities of Long-Term Debt 451 460
Accounts Payable 7,334 6,265
Accrued Compensation 1,389 1,165
Accrued Commissions 234 281
Other 598 487
------------ --------
Total Current Liabilities 15,042 13,308
Long-Term Debt, Less Current Maturities 2,191 2,313
Retirement and Severance Benefits 355 203
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; None Issued.
Common Shares, No Par Value, Authorized
10,000,000 Shares; Issued and Outstanding
4,790,789 on February 27, 2005; and 4,705,083
on May 30, 2004; 21,354 21,173
Notes Receivable arising from the sale of
common stock (45) (45)
Accumulated Other Comprehensive Loss (744) (870)
Accumulated Deficit (8,603) (7,728)
------------ --------
11,962 12,530
------------ --------
$31,624 $30,428
============ ========
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