Boca Research announces record 1994 results.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Feb. 21, 1995--Boca Research Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BOCI BOCI Bank of China International BOCI Buckner Orphan Care International ) reported sales for the fourth quarter of 1994 at record levels of $23,248,000, a 21.7% increase over sales for the comparable quarter in 1993. Sales for the year ended 1994 were $83,594,000, which is also a record and represents a 29.2% increase from the previous year. Net income for the fourth quarter was $1,796,000, or $.21 per share, vs. a loss of $(1,937,000), or $(.23) per share, in the comparable quarter in 1993. Net income for the year was $5,736,000, or $.68 per share, compared to net income of $2,733,000, or $.33 per share, in 1993. The fourth quarter of 1993 was adversely affected because of a write down of goodwill, operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. incurred by The Complete PC, and inventory reserves. -0-
Boca Research Inc., Boca Raton, FL
(In thousands except per share data)
4th Quarter
1994 1993
---- ----
Net Sales $23,248 $19,103
Net Income (Loss) 1,796 (1,937)
Share Earnings (Loss) 0.21 ( 0.23)
YEAR
1994 1993
---- ----
Net Sales $83,594 $64,717
Net Income 5,736 2,733
Share Earnings 0.68 0.33
Tony Zalenski, Boca Research's president and chief executive
officer, commented: "We are pleased with our 4th quarter results, and
particularly encouraged by our strong 1994 sales. We have enjoyed
considerable growth in our Ethernet product family, and sales of our
new multimedia communications product, SoundExpression 14.4VSP, which
appeals to a wide range of personal computer users, have exceeded
our expectations.
"Our new management team is in place, and we are poised to
execute our 1995 game plan, focusing our efforts on global markets
and the retail channel. We plan to introduce products which take
advantage of market opportunities in both of these arenas, as well as
continuing our support of the OEM market place," he concluded.
Boca's balance sheet at Dec. 31, 1994, remained strong. Debt
remained at zero, cash and cash equivalents were $6,666,000 and the
current ratio was 6.2 to 1 at the end of 1994 vs. 4.8 to 1 at the
end of 1993. During the year, Boca expanded its production capacity
by approximately 50% and moved into a larger facility which resulted
in capital expenditures for equipment and leasehold improvements of
$4,151,000.
Gross margin was 25.8% of sales in the fourth quarter of 1994 vs.
19.7% in the corresponding period in 1993. The gross margin in the
fourth quarter of 1993 was adversely affected by increased inventory
reserves of $1,106,000. Gross margin for the 1994 year was 26.7% of
sales down from 30.2% in 1993. The decrease in gross margin for the
year was attributable primarily to reduced prices for the company's
modem products and lower margins associated with sales to OEMs
(original equipment manufacturers).
Boca Research was founded in 1985 and designs, manufactures,
markets and supports enhancement products that expand the
capabilities and improve the performance of personal computers and
networks. The company's product lines currently include video
graphics adapters; data communications (voice/data/fax modems);
multimedia communications; input/output (I/O), IDE interface, and
multiuser functions; and local area networks (LANs).
The company has shipped more than 4 million products worldwide
through a network of contracted distributors, OEMs and retailers.
All of the products are made in the U.S.A., carry a five year limited
warranty with technical support by telephone, a bulletin board
service, and a CompuServe forum.
For additional information about the company or its products,
contact Boca Research at 1377 Clint Moore Road, Boca Raton, FL 33487
or call 407/997-6227 or fax 407/997-0918.
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BOCA BOCA Building Officials and Code Administrators International, Inc. BOCA Bird Observers Club of Australia BOCA Business Object Component Architecture BOCA Borland Object Component Architecture (Borland) RESEARCH INC. CONSOLIDATED BALANCE SHEETS consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (In thousands except share and per share data) Dec. 31, Dec. 31, 1994 1993 --------- --------- ASSETS Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash and cash equivalents $ 6,666 $ 6,784 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 , net 12,991 11,503 Inventory, net 11,473 9,399 Prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. and other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 1,069 794 Recoverable and deferred income taxes 925 2,013 --------- --------- Total current assets 33,124 30,493 Property and equipment, net 7,547 4,749 Deferred income taxes, non-current 233 547 Goodwill, net 333 500 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 103 120 --------- --------- Total assets $41,340 $36,409 --------- --------- LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Accounts payable $ 3,065 $ 4,209 Accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. and other current liabilities 2,180 2,197 Income taxes payable 78 -- --------- --------- Total current liabilities $ 5,323 $ 6,406 --------- --------- STOCKHOLDERS' EQUITY Common stock, par value $.01 84 84 Additional paid-in capital additional paid-in capital Stockholder contributions that are in excess of a stock's stated or par value. For example, if a firm issues stock with a par value of $1 per share but sells the stock to investors at $10 per share, the firm's financial statements 22,424 22,146 Retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. 13,509 7,773 --------- --------- Total stockholders' equity 36,017 30,003 --------- --------- Total liabilities and stockholders' equity $41,340 $36,409 --------- --------- BOCA RESEARCH INC. SELECTED FINANCIAL DATA CONSOLIDATED INCOME STATEMENT consolidated income statement An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. (Dollars in Thousands, Except Per Share Data) Three Months Year Ended Dec. 31, Ended Dec. 31, 1994 1993 1994 1993 ---- ---- ---- ---- Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight $23,248 $19,103 $83,594 $64,717 Cost of sales 17,242 15,335 61,284 45,142 ------ ------ ------ ------ Gross profit 6,006 3,768 22,310 19,575 Research and development 369 468 1,438 1,493 Selling, general and administrative 3,022 4,862 12,391 12,526 Impairment of goodwill -- 1,938 -- 1,938 Income (loss) from operations 2,615 (3,500) 8,481 3,618 Other income 177 140 472 320 ------ ------ ------ ------ Income (loss) before income taxes 2,792 (3,360) 8,953 3,938 Income taxes 996 (1,423) 3,217 1,205 ------ ------ ------ ------ Net income (loss) $ 1,796 $(1,937) $ 5,736 $ 2,733 ------ ------ ------ ------ Net income per share 0.21 (0.23) 0.68 0.33 ------ ------ ------ ------ Weighted average shares outstanding 8,521 8,429 8,460 8,316 ------ ------ ------ ------ CONTACT: Boca Research Inc., Boca Raton Gale Blackburn, 407/997-8621, ext. 305 407/994-5848 (fax) |
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