Black Box Corporation Reports Record Revenues and Strong Profits and Cashflow for First Quarter Fiscal 2000.PITTSBURGH--(BUSINESS WIRE)--July 15, 1999-- Completes Initial Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. and Announces Plan to Repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. Additional Shares Black Box Corporation (Nasdaq:BBOX) today reported record revenues and strong profits and cashflow for the first quarter ended June June: see month. 30, 1999. Revenues for the quarter increased 33% to $97.5 million, up from $73.1 million for the same period last year. Net income was $10.6 million, or 57 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 28% from $8.3 million, or 46 cents per share, for the same period last year. Free cash flow was $7.8 million for the quarter. The Company also announced that it has completed its initial plan to repurchase 1,000,000 shares of the Company's stock, or approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5% of the outstanding shares. Additionally, the Company intends to repurchase another 500,000 shares of its stock in the open market from time to time at prevailing market prices or in privately negotiated transactions. The Company intends to use its existing line of credit and future cashflow proceeds to repurchase its stock. The total 1,500,000 shares in the repurchase plan represents 7.5% of the outstanding shares. Revenues by 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. region for the first quarter were up 45% in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , 27% in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , 21% in the Pac Rim (Research In Motion Limited, Waterloo, Ontario, www.rim.com) The company that makes the popular BlackBerry device. It was established in 1984. See BlackBerry. See also RDRAM. and 14% in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). compared to the same period last year.Commenting on the quarter, 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, "We believe our first quarter growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. demonstrate the successful implementation of our strategy to provide our customers high quality hot-line 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. technical services. We also believe, over time, our income growth will approach our top-line growth through improved profitability of on-site services and realizing the full impact of the share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program currently underway, while maintaining our existing phone-support profit model." Black Box is a leading worldwide technical service provider of computer communications and networking services and related products to businesses of all sizes, operating in 77 countries throughout the world. -0-
BLACK BOX CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Quarter Ended
June 30,
-------------------------
1999 1998
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Revenues $ 97,520 $ 73,096
Cost of sales 52,053 36,911
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Gross profit 45,467 36,185
Selling, general and
administrative expenses 26,493 21,446
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Operating income before amortization 18,974 14,739
Intangibles amortization 1,289 948
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Operating income 17,685 13,791
Interest expense, net 50 183
Other expenses/(income), net 48 (77)
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Income before income taxes 17,587 13,685
Provision for income taxes 6,947 5,401
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Net income $ 10,640 $ 8,284
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Basic earnings per common share $ 0.60 $ 0.48
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Diluted earnings per common share $ 0.57 $ 0.46
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Weighted average common shares 17,767 17,237
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Weighted average common and common
equivalent shares outstanding 18,815 18,151
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BLACK BOX CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
June 30, March 31,
ASSETS 1999 1999
---------------- ---------------
Current assets:
Cash and cash equivalents $ 4,844 $ 5,946
Trade accounts receivable, net 60,052 62,841
Inventories, net 35,310 32,258
Other current assets 19,643 16,172
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Total current assets 119,849 117,217
Property, plant and equipment, net 26,472 24,190
Investments in and advances
to joint ventures 187 187
Intangibles, net 105,879 104,208
Other assets 896 473
---------------- ---------------
Total assets $ 253,283 $ 246,275
---------------- ---------------
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LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Current debt $ 1,869 $ 1,511
Accounts payable 20,053 18,210
Accrued expenses 14,184 19,549
Accrued taxes 7,077 4,685
---------------- ---------------
Total current liabilities 43,183 43,955
---------------- ---------------
Long-term debt 32,890 204
Other liabilities 9,429 9,464
Stockholders' equity:
Common stock 18 18
Treasury stock (41,981) -
Additional paid-in capital 66,693 59,272
Retained earnings 150,318 139,678
Cumulative foreign currency
translation adjustments (4,793) (3,842)
Dividend declared to former
shareholders prior to mergers (2,474) (2,474)
---------------- ---------------
Total stockholders' equity 167,781 192,652
---------------- ---------------
Total liabilities and
stockholders' equity $ 253,283 $ 246,275
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