Black Box Corporation Reports Record Revenues, Net Income and EPS With Strong Cashflow for Fourth Quarter and Fiscal Year.Business Editors PITTSBURGH--(BUSINESS WIRE)--May 10, 2000 Black Box Corporation (Nasdaq:BBOX) today reported record revenues and net income and strong cashflow for the fourth quarter ended March 31, 2000. Revenues for the quarter increased 69% to $157 million, up from $93 million for the same period last year. Net income was $14.3 million, or 75 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. , an increase of 25% from $11.5 million, or 62 cents per share, for the same period last year. Free cashflow was $12.1 million for the quarter. Revenues for the fiscal year ended March 31, 2000 also set a new record, increasing to $500 million, up 52% from $330 million for last year. Net income for the year increased to a record $48.9 million, or $2.60 per share, up 28% from $38.1 million, or $2.09 per share, for last year. Free cashflow was $38.2 million for the year. The Company's net income excluding amortization for the quarter ended March 31, 2000 was $16.2 million, or 84 cents per share, an increase of 31% from $12.4 million, or 67 cents per share, for last year. Net income excluding amortization for the year was $54.4 million, or $2.89 per share, an increase of 31% from $41.5 million, or $2.27 per share, for last year. Commenting on the year, 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 of Black Box Corporation, said, "FY2000 was undoubtedly the strongest year in the history of Black Box. The strength of our worldwide performance is readily apparent in our financial results. What may not be so obvious is the future impact this year will have generating consistent, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth in shareholder value." Mr. Young went on to say, "We have successfully evolved from a world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. technical phone support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services company to a broader network services company. We now provide our customers the highest quality integrated phone 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. infrastructure services available in the marketplace today. The combination of quality services and expansive 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. coverage, which allows us to manage any size multi-location project, provides Black Box with exciting growth potential in revenue and profit. Continued execution will be key, which is traditionally our greatest strength." 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. that 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 a leading worldwide technical service provider of network services and related products to businesses of all sizes, servicing 132 countries throughout the world.
BLACK BOX CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
March 31, March 31,
2000 1999
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ASSETS
Current assets:
Cash and cash equivalents $ 8,643 $ 5,946
Trade accounts receivable, net 115,958 62,841
Inventories, net 44,582 32,258
Other current assets 24,851 16,172
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Total current assets 194,034 117,217
Property, plant and equipment, net 40,445 24,190
Investments in and advances to joint ventures -- 187
Intangibles, net 215,366 104,208
Other assets 1,944 473
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Total assets $ 451,789 $ 246,275
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current debt $ 969 $ 1,511
Accounts payable 38,374 18,210
Accrued expenses 30,242 19,549
Accrued taxes 8,468 4,685
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Total current liabilities 78,053 43,955
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Long-term debt 105,374 204
Other liabilities 10,035 9,464
Stockholders' equity:
Common stock 20 18
Treasury stock (67,253) --
Additional paid-in capital 144,828 59,272
Retained earnings 188,530 139,678
Cumulative foreign currency
translation adjustments (5,324) (3,842)
Dividend declared to former
shareholders prior to mergers (2,474) (2,474)
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Total stockholders' equity 258,327 192,652
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Total liabilities and
stockholders' equity $ 451,789 $ 246,275
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BLACK BOX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Twelve Month
Quarter Ended Period Ended
March 31, March 31,
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2000 1999 2000 1999
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Revenues $ 157,279 $ 92,959 $ 499,816 $ 329,974
Cost of sales 90,478 47,511 280,868 167,672
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Gross profit 66,801 45,448 218,948 162,302
Selling, general
and administrative
expenses 39,837 25,605 129,488 94,674
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Operating income before
amortization 26,964 19,843 89,460 67,628
Intangibles amortization 2,130 1,172 6,410 4,263
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Operating income 24,834 18,671 83,050 63,365
Interest expense, net 1,557 33 3,243 552
Other expenses/
(income), net (215) (264) (270) (237)
--------- --------- --------- ---------
Income before income taxes 23,492 18,902 80,077 63,050
Provision for
income taxes 9,162 7,410 31,225 24,905
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Net income $ 14,330 $ 11,492 $ 48,852 $ 38,145
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Basic earnings per
common share $ 0.79 $ 0.65 $ 2.74 $ 2.19
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Diluted earnings per
common share $ 0.75 $ 0.62 $ 2.60 $ 2.09
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Weighted average
common shares 18,188 17,778 17,835 17,435
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Weighted average
common and common
equivalent shares
outstanding 19,228 18,543 18,785 18,281
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