Avocent Reports First Quarter Results; David P. Vieau Named to Board of Directors.Business Editors & High Tech Writers HUNTSVILLE Huntsville, town, Canada Huntsville, town (1991 pop. 14,997), SE Ont., Canada, on the Muskoka River. It has lumber mills and a woodworking plant, but it is sustained mainly by its year-round tourist trade. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--April 19, 2001 Avocent Corporation (Nasdaq/NM:AVCT AVCT Advanced Vehicles Concept Team ) today reported its results for the first quarter ended March 30, 2001. The financial results prior to July 1, 2000, reflect the historical combined operations For the department of the British War Office during World War II, see . In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
"First quarter sales rose 16.5% to $73.2 million as a result of demand for newer products and the contribution of the Equinox equinox (ē`kwĭnŏks), either of two points on the celestial sphere where the ecliptic and the celestial equator intersect. The vernal equinox, also known as "the first point of Aries," is the point at which the sun appears to cross the acquisition completed on January 3, 2001," stated Stephen F. Thornton, president and chief executive officer of Avocent Corporation. "We continue to make significant investments in new product research and expect to release major products developed at all locations during the year. We anticipate our newer products, including the DS1800 introduced in the fourth quarter last year as the industry's first digital KVM switch (1) See also KVM. (2) (Keyboard Video Mouse switch) A device used to connect a keyboard, mouse and monitor to two or more computers. KVM switches are used to save space on a desktop when multiple computers are used by one user. and the recently announced CPS (1) (Characters Per Second) The measurement of the speed of a serial printer or the speed of a data transfer between hardware devices or over a communications channel. CPS is equivalent to bytes per second. line of products, will have a positive impact on sales as the economy strengthens." First Quarter Results Net sales Net Sales 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 for the first quarter rose to $73.2 million compared with combined Apex and Cybex net sales of $62.8 million in the first quarter a year ago. Sales in the U.S. accounted for 60%, or $44 million of first quarter sales; European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales totaled $21 million, or 29% of first quarter sales; and rest of world and other Americas' sales grew to $8 million, or 11% of first quarter sales. Sequential sales declined from $80.5 million in the fourth quarter of 2000 primarily due to a weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. economy.Gross profit for the first quarter rose 13.8% to $36.5 million with a gross margin of 49.9%, compared with a combined gross profit of $32.1 million in the first quarter of 2000. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter was down 6.8% to $15.7 million, excluding intangible amortization and merger-related expenses, compared with a combined operating income of $16.8 million, excluding intangible amortization and merger-related expenses, in the first quarter a year ago. Research and development expenses rose 33.9% to $4.5 million for the first quarter and represented 6% of sales. Income, excluding intangible amortization and merger-related expenses, was $11.9 million, or $0.26 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 with combined income of $12.1 million, or $0.27 per diluted share, in the first quarter of last year. David P. Vieau Elected to Board of Directors David P. Vieau was recently elected to Avocent's Board of Directors as a Class I Director. Class I directors' terms expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. at the Company's annual meeting in June 2001, and Avocent's Board has nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. Mr. Vieau for election to a full three-year term to be voted on at the annual meeting. "We are delighted to have David join us on the Avocent Board," stated Mr. Thornton. "David's extensive management experience in the technology industry and his sales and marketing background bring added depth to our board. We look forward to his participation." Mr. Vieau served as Vice President of Worldwide Business Development of American Power Conversion American Power Conversion, (formerly NASDAQ: APCC) based in West Kingston, Rhode Island, is a maker of AC and DC-based back-up power products and services. APC is best known for their manufacture of uninterruptible power supplies, mostly used as a backup power system for Corporation, a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. that provides power protection, environmental control, and site monitoring See Web analytics. services for the personal computer and information systems markets, from September 1995 through November 2000. Prior to that time, he served as Vice President of Marketing of American Power Conversion from September 1991 though August 1995. About Avocent Corporation Avocent Corporation is the leading supplier of connectivity solutions for enterprise data centers, service providers and financial institutions worldwide. Branded products include switching, extension, remote access and video display solutions. Additional information is available at: www.avocent.com 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. This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These include statements regarding earnings expectations, product development, engineering and design activities, and integration of the Apex, Cybex, and Equinox operations and businesses. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with general economic conditions, risks related to continued integration of the combined Apex, Cybex, and Equinox businesses, risks attributable to future sales and expenses, risks associated with reliance on a limited number of component suppliers and single source components, and risks associated with product design efforts. Other factors that could cause operating and financial results to differ are described in Avocent's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission on March 27, 2001, and in Avocent's Form S-4 filed on March 31, 2000 (under Avocent's former name, Aegean Sea Aegean Sea, Gr. Aigaion Pelagos, Turkish Ege Denizi, arm of the Mediterranean Sea, c.400 mi (640 km) long and 200 mi (320 km) wide, off SE Europe between Greece and Turkey; Crete and Rhodes mark its southern limit. Inc.). Other risks may be detailed from time to time in reports to be filed with the SEC. Avocent does not undertake any obligation to publicly release the result of any revisions to forward-looking statements that may be made to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events. Conference Call Information Avocent will provide an on-line, real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. Web-cast and rebroadcast of its first quarter results conference call to be held today, April 19, 2001. The live broadcast will be available on-line at www.vcall.com and www.streetevents.com beginning at 10:00 a.m. central time. The on-line replay will follow immediately and continue for 30 days.
AVOCENT CORPORATION
Unaudited Income Statements
(Dollars in thousands, except per share data)
Combined
Results for the
For the Three Three Months
Months Ended Ended
March 30, March 31,
2001 2000
------------- ------------
Net sales $ 73,174 $ 62,834
Cost of sales 36,675 30,765
----------- ----------
Gross profit 36,499 32,069
Research and development expenses 4,505 3,365
Selling, general and
administrative expenses 16,333 11,900
----------- ----------
Operating income, excluding
intangible amortization 15,661 16,804
and merger-related expenses
Other income 1,300 1,149
----------- ----------
Income before provision for income
taxes, excluding intangible
amortization and merger-related
expenses 16,961 17,953
Provision for income taxes 5,028 5,860
----------- ----------
Income, excluding intangible
amortization and
merger-related expenses 11,933 12,093
Intangible amortization and
merger-related expenses 40,056 906
----------- ----------
Net income (loss) $ (28,123) $ 11,187
=========== ==========
Earnings per share, excluding
intangible amortization and
merger-related expenses:
Basic $ 0.27 $ 0.29
Diluted $ 0.26 $ 0.27
Earnings per share:
Basic $ (0.64) $ 0.26
Diluted $ (0.64) $ 0.25
Weighted average shares outstanding:
Basic 43,982 42,244
Diluted 45,757 45,359
AVOCENT CORPORATION
Unaudited Balance Sheets
(Dollars in thousands)
March 30, December 31,
2001 2000
------------- ------------
Cash, cash equivalents
and short-term investments $ 105,710 $ 121,478
Accounts receivable, net 60,163 63,532
Current and deferred income
tax receivable 12,386 10,047
Other receivable - 10,800
Inventories 52,316 34,458
Other current assets 3,746 3,029
------------ ------------
Total current assets 234,321 243,344
Investments 7,879 5,993
Property and equipment, net 22,712 16,062
Intangible assets 548,411 549,910
Other assets 732 580
------------ ------------
Total assets $ 814,055 $ 815,889
============ ============
Accounts payable and other
accrued expenses $ 12,365 $ 12,834
Income tax payable 6,603 1,610
Other current liabilities 13,589 13,523
------------ ------------
Current liabilities 32,557 27,967
Non-current liabilities 31,293 27,742
------------ ------------
Total shareholders' equity 750,205 760,180
------------ ------------
------------ ------------
Total liabilities and
shareholders' equity $ 814,055 $ 815,889
============ ============
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