BRITE VOICE SYSTEMS REPORTS SECOND QUARTER RESULTS
BRITE VOICE SYSTEMS REPORTS SECOND QUARTER RESULTS WICHITA, Kan., July 24 /PRNewswire/ -- Brite Voice Systems Inc.
(NASDAQ: BVSI) announced a loss of $1,157,000, or 28 cents per share, for its second quarter ended June 30, 1992, compared to income of $532,000, or 13 cents per share, last year. The current quarters results include a one time charge of $800,000. Revenues for the quarter were $3,990,000 compared to $5,470,000 during the like period last year. The loss from operations was $1,564,000 compared to operating income of $564,000 in the prior year.
Revenues for the six months ended June 30, were $8,842,000 compared to $9,196,000 during 1991. The company incurred a loss from operations of $1,654,000 compared to operating income of $829,000 in 1991. The net loss was $1,122,000, or 27 cents per share, compared to net income of $846,000, or 21 cents per share in 1991. Stan Brannan, president and chief executive officer stated, "The second quarter of 1992 was one of the most difficult quarters in Brite's history. Domestic revenues have continued to fall short of our expectations, and our service offerings begun in the fourth quarter of last year are taking longer to turn profitable then we had hoped. The second quarter of 1991 included two large sales of our Gateway 5000, which we were unable to duplicate this year. In light of our current order shortfall, we have made the decision to reduce the size of our staff to more closely match our current revenues. In connection with this reduction, we have taken a one-time restructuring charge of $800,000, to reserve for severance costs, the settlement of certain consulting contracts, and the reduction of certain assets to net realizable value. "In addition to a slowdown in our current systems business, we continued to make sizable investments in developing new technology needed to meet the needs of tomorrow's markets," Brannan explained. "We have also continued to invest in developing our managed services business operations. These new services will help differentiate Brite from other competitors and build a recurring revenue stream, however, we anticipate that substantial time and effort will be required in order for these new business units to have a significant impact on earnings." Brannan continued, "We continue to believe the voice processing industry holds great promise, although in the short run we're seeing greater competition from more vendors offering similar equipment. We believe that Brite's continuing commitment to offering information content and managed services sets us apart from many of our competitors." Our company remains financially strong, with cash and investments of $10,232,000, equalling $2.50 per share, and a tangible book value of $18,357,000 or $4.48 per share. We are well positioned to take advantage of the growth that is expected in the voice processing industry over the next few years." BRITE VOICE SYSTEMS INC. Summary Financial Information (in thousands) Three Months Ended Six Months Ended June 30, June 30, 1992 1991 1992 1991 Revenues $3,990 $5,470 $8,842 $9,196 Operating income (1,564) 564 (1,654) 829 Net income (1,157) 532 (1,122) 846 Income per share (.28) .13 (.27) .21 Weighted average shares outstanding 4,118 4,119 4,128 4,119 -0- 7/24/92 /CONTACT: Glenn Etherington of Brite Voice Systems, 316-652-6500/ (BVSI) CO: Brite Voice Systems Inc. ST: Kansas IN: TLS SU: ERN
BB -- DV001 -- 2891 07/24/92 08:12 EDT
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|Date:||Jul 24, 1992|
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