Black Box Corporation Reports Earnings for First Quarter of Fiscal 2002.Business Editors PITTSBURGH--(BUSINESS WIRE)--July 24, 2001 Black Box Corporation (Nasdaq:BBOX) - EPS 89 cents prior to one-time charge vs. 72 cents for prior year's first quarter - - Free cash flow $8.1 million vs. $1.4 million for prior year's first quarter - - One-time charge of $5 million - Black Box Corporation (Nasdaq:BBOX) today announced earnings per share for the quarter ended June June: see month. 30, 2001 of 89 cents, prior to a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge, compared to 72 cents for the same period last year. Revenues for the quarter increased 21% to $207 million, up from $171 million for the same period last year. Net income for the quarter, prior to the one-time charge, was $18.3 million, or 8.8% of revenues, compared to $14.1 million, or 8.3% of revenues. Free cash flow for the quarter was $8.1 million, compared to $1.4 million for the same period last year. As seasonally expected, cash flow was down sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen due primarily to funding of tax payments and annual compensation programs. Earnings per share were impacted by a sequential One after the other in some consecutive order such as by name or number. quarter decline of 9 cents from three of the Company's offices. More specifically, these three operations contributed a positive 7 cents to earnings per share in 4Q01 versus a loss of 2 cents in 1Q02. This sequential impact was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the cost structures of these three offices relative to revenues. This out-of-balance is expected to be corrected in 2Q02 with an anticipated sequential benefit from these operations of 6 cents to earnings per share. The one-time pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $5 million is attributable primarily to two specific accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying from companies that filed for Chapter 11 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most protection during the quarter: Winstar Communications, Inc. and BroadBand broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). Office, Inc. The Company reserved for 100% of its open receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed from these two accounts. The Company adopted Statement of Financial Accounting Standard No. 142, related to the amortization of goodwill. As a result of adopting the new standard, the Company's earnings per share increased during the quarter by 13 cents. Under the new standard, proforma Proforma A financial projection based on assumptions. earnings per share for the prior year first quarter would have been 82 cents. Commenting on the first quarter Fiscal 2002 results, Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. C. Young, Chief Executive Officer, said, "Under the current economic climate we had a respectable quarter. We got it pretty much right except for 3 out of 77 offices and 2 out of 150,000 customers. "For the quarter our total operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: remained comparable with 4Q01 prior to the one-time charge. The operating margin for phone services was 20% and on-site on-site adj. Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. operating margin was 12%. Excluding the three under-performing offices, on-site operating margin was 15%, up from a comparable 13%." Mr. Young went on to say, "Even in today's challenging business climate, we expect to increase our profits and cash flow. The trick in today's environment is to keep costs in line with expected revenues. As an industry leader, we will continue to aggressively execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution our business model focused on profitable growth via market share expansion." The Company will conduct a conference call beginning at 5:00 p.m. Eastern Time today, July July: see month. 24, 2001. Fred Young For the Native American physicist of the same name, see . Fred Matthews Young (died December 1993) was a Canadian politician, ordained minister and long time organizer for the Co-operative Commonwealth Federation (CCF). , Chief Executive Officer, will host the call. To participate in the call, please dial 800-450-0786 approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10 minutes prior to the starting time Noun 1. starting time - the time at which something is supposed to begin; "they got an early start"; "she knew from the get-go that he was the man for her" commencement, get-go, offset, outset, showtime, start, kickoff, beginning, first and ask to be connected to the Black Box Earnings Call. This release contains 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. , which are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. The statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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 and speak only as of the date of this press release. Black Box is the world's largest technical services company dedicated to designing, building and maintaining today's complicated network infrastructure systems. Black Box services clients in 132 countries throughout the world.
BLACK BOX CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
June 30, March 31,
ASSETS 2001 2001
----------------------
Current assets:
Cash and cash equivalents $ 10,513 $ 6,209
Trade accounts receivable, net 150,249 160,917
Inventories, net 52,834 51,086
Costs and estimated earnings in excess of
billings on uncompleted contracts 30,401 30,067
Other current assets 25,012 19,069
----------------------
Total current assets 269,009 267,348
Property, plant and equipment, net 44,735 44,661
Intangibles, net 369,779 337,180
Other assets 3,378 3,741
----------------------
Total assets $ 686,901 $ 652,930
======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current debt $ 3,213 $ 5,371
Accounts payable 65,869 70,255
Billings in excess of costs and estimated
earnings on uncompleted contracts 6,838 6,013
Accrued expenses 28,481 33,137
Accrued taxes 11,562 13,650
----------------------
Total current liabilities 115,963 128,426
----------------------
Long-term debt 130,757 124,066
Other liabilities 9,380 11,487
Stockholders' equity:
Common stock 22 21
Additional paid-in capital 275,476 248,053
Retained earnings 265,329 250,246
Treasury stock, at cost (100,355) (100,355)
Other Comprehensive Income 53 --
Cumulative foreign currency
translation adjustment (9,724) (9,014)
----------------------
Total stockholders' equity 430,801 388,951
----------------------
Total liabilities and
stockholders' equity $ 686,901 $ 652,930
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BLACK BOX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended
June 30
-------
2001 2000
-------- --------
Revenues $207,116 $171,133
Cost of sales 128,172 100,608
-------- --------
Gross profit 78,944 70,525
Selling, general and
administrative expenses 52,654 42,503
-------- --------
Operating income before amortization 26,290 28,022
Intangibles amortization -- 2,648
-------- --------
Operating income 26,290 25,374
Interest expense, net 2,109 2,213
Other (income)/expenses, net 248 --
-------- --------
Income before income taxes 23,933 23,161
Provision for income taxes 8,850 9,033
-------- --------
Net income $ 15,083 $ 14,128
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Basic earnings per common share $ 0.77 $ 0.76
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Diluted earnings per common share $ 0.73 $ 0.72
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Weighted average common shares 19,495 18,625
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Weighted average common and common
equivalent shares outstanding 20,616 19,758
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