Base Ten announces second quarter results and other charges.TRENTON Trenton, town, Canada Trenton, town (1991 pop. 16,908), SE Ont., Canada, on the Bay of Quinte at the mouth of the Trent River and at the south end of the Trent Canal. Its manufactures include textiles, electronic components, and paper and steel products. , N.J.--(BUSINESS WIRE)--June 17, 1996--Mike Kranzler, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Base Ten Systems Inc. (NASDAQ-NMS:BASE A), announced today that for the quarter ended April 30, 1996 the company experienced a net loss of $4.6 million or 59 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. after charges of $2.8 million which included a write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. software development costs aggregating $2.4 million and $.4 million of other capitalized items including inventory, professional fees, and patents costs. The write-off of capitalized software development costs included costs for Prenval and uPACS. In the comparable quarter of fiscal 1995, the company had net earnings of $7,000 or 1 cent per share. The charges of $2.8 million recorded in the second quarter of fiscal 1996 have no effect on the company's cash position. For the six month period ended April 30, 1996, the company experienced a net loss of $5.4 million or 70 cents per share after charges of $2.8 million or 36 cents per share as compared to a net loss of $1.0 million or 12 cents per share in the prior year. The net loss for the fiscal 1996 three month period reflects the reversal of an income tax benefit of $.5 million provided in the first quarter of fiscal 1996. The company also determined in the second quarter of fiscal 1996 that certain of its products had become standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. and, since orders for these products did not meet the criteria for percentage of completion accounting, the company determined that it should commence recognizing revenues upon delivery. As a result, revenues from certain orders for standardized products A product that conforms to specifications resulting from the same or equivalent technical requirements. NATO standardized products are identified by a NATO code number. that would have been recognized in the second and third quarters of fiscal 1996 if the percentage of completion method were appropriate, will not be recognized until a subsequent period. This determination was made since the current version of PHARMASYST requires significantly less customization than earlier versions and is more readily delivered. The charges referred to above that have been recorded in the second quarter have no effect on the company's cash position. -0-
Three Months Ended Six Months Ended
April 30, April 30,
1996 1995 1996 1995
Revenue $3,795,000 $5,257,000 $7,470,000 $8,134,000 Net earnings (loss) $(4,561,000) $ 7,000 $(5,431,000) $ (973,000) Net earnings (loss) per share $(.59) $.01 $(.70) $(.12) Average common shares outstanding 7,717,112 7,339,109 7,708,454 7,169,613 Base Ten Systems Inc. is a diversified diversified (di·verˑ·s technology company concentrating on safety critical products in Manufacturing Execution Systems – Manufacturing execution system (MES) describes a set of integrated functions within a packaged software system or it can also describe the accumulated functionality within the production management infrastructure of a manufacturing or production company. , medical imaging software, and weapons control systems. CONTACT: Base Ten Systems Inc. Edward J. Klinsport, 609/586-7010 or Strategic Growth International Inc. Richard E. Cooper, 516/829-7111 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion