Boca Research announces second quarter 1995 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)--July 26, 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 ) today announced that sales for its second quarter ended June June: see month. 30, 1995, were $33,196,000, a 73.8% increase over sales of $19,104,000 for the comparable quarter in 1994. For the six months ended June 30, 1995, sales increased 51.9% to $60,465,000 from $39,802,000 for the comparable period in 1994. Net income for the second quarter of 1995 was $2,183,000 or $.25 per share, an 85.9% increase over net income for the same quarter in 1994 of $1,174,000 or $.14 per share. -0- Boca Research, Inc., Boca Raton, FL (In thousands except per share data)
2nd Quarter
1995 1994
Net Sales $33,196 $19,104 Net Income $ 2,183 $ 1,174 Primary Earnings per Share $ .25 $ .14 -0-
Tony Zalenski, Boca Research's President and Chief Executive
Officer, noted, "Our second quarter record revenue is a direct result
of our employees' efforts, creativity, and just plain hard work. The
increased demand for our products in the marketplace is encouraging.
We are proud of the fact that we were able to hold our gross margins
equal to that of the same quarter a year ago.
"During the second quarter, we realized record international
revenues. We plan to continue our emphasis on our international
strategy to help us build our business at Boca. It is our goal to be
a global company. Boca remains firmly committed to localization in
terms of people, products, and software. Marketing and support
materials are provided in the local language. We are constantly
working to promote our international business and enhance our global
marketing strategy. Significant gains in this area were made
including receiving international type approvals for our data
communications products in Germany and four Scandinavian countries.
Our distribution has expanded throughout the world to include every
major market, and we are particularly proud of being selected by the
Chinese PTT to distribute our products in China. Additionally, we
expanded our international business in Canada, Australia, Singapore,
Malaysia, New Zealand, and India. We also partnered with companies
like Chase Research and Radish Communications to increase our
technology base. We plan to continue to optimize Boca's strengths
and industry opportunities," he concluded.
OTHER RECENT CORPORATE NEWS
On June 29, 1995, Boca Research and Hayes Microcomputer Products
jointly signed a letter of intent relating to the possible
acquisition of Hayes by Boca. The closing of the transaction is
subject to the satisfaction of several conditions including
satisfactory completion of due diligence, execution of a definitive
merger agreement, completion of debt financing for the merged company
and confirmation of the Hayes Plan of Reorganization by the U.S.
Bankruptcy Court.
Boca's V.34 28.8Kbps External BocaModem recently won two industry
trade press awards. As the BocaModem topped the review, PC Today
(August 1995) reported, "We believe the BocaModem is the best overall
modem package." Key Solutions Journal also awarded the V.34 28.8Kbps
External BocaModem its "Editor's Award - Hardware Solutions" in its
June 1995 issue.
CORPORATE INFORMATION
Boca Research (NASDAQ: BOCI), founded in 1985, is a Florida
corporation headquartered in Boca Raton. The Company designs,
manufactures, markets and supports quality, cost-effective data
communications, multimedia and networking products to facilitate the
transmission of information on personal computers and computer
networks. The Company provides hardware products augmented with
software for use in the corporate, consumer and small office/home
office marketplaces and sells these products worldwide to wholesale
distributors, OEMs, and retailers.
-0-
Boca Research Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands except per share data)
June 30, December 31,
1995 1994
Assets
Current assets:
Cash and cash equivalents $ 1,871 $ 6,666
Trade receivables, net 18,533 12,991
Inventory, net 19,454 11,473
Prepaid expenses and other assets 1,901 1,069
Deferred and recoverable income
taxes 1,610 925
Total current assets 43,369 33,124
Non-current portion of deferred income taxes 259 233 Property and equipment, net 8,359 7,547 Goodwill, net 250 333 Other assets 152 103
Total assets $52,389 $41,340
Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 9,047 $ 3,065 Accrued expenses 2,847 2,180 Income taxes -- 78
Total current liabilities 11,894 5,323
Stockholders' Equity: Common stock, par value $.01 85 84 Additional paid-in capital 22,715 22,424 Retained earnings 17,695 13,509
Total stockholders' equity 40,495 36,017
Total liabilities and
stockholders' equity $52,389 $41,340
Boca Research, Inc. Condensed Consolidated Income Statement (Unaudited) (In thousands except per share data)
Three Months Six Months
Ended June 30, Ended June 30,
1995 1994 1995 1994
Net sales $33,196 $19,104 $60,465 $39,802
Cost of goods sold 24,769 14,235 44,568 28,946
Gross profit 8,427 4,869 15,897 10,856
Operating expenses:
Research and
development 723 304 1,247 707
Selling, general and
administrative 4,467 2,820 8,466 6,261
Total operating
expenses 5,190 3,124 9,713 6,968
Income from operations 3,237 1,745 6,184 3,888
Non-operating income 174 142 356 199 Income before income taxes 3,411 1,887 6,540 4,087 Income taxes 1,228 713 2,354 1,473 Net income $ 2,183 $ 1,174 $ 4,186 $ 2,614 Primary earnings per share $ 0.25 $ 0.14 $ 0.48 $ 0.31 Shares used in primary per share calculation 8,832 8,452 8,767 8,434 Fully-diluted earnings per share $ 0.24 $ 0.14 $ 0.46 $ 0.31 Shares used in fully-diluted per share calculation 9,047 8,452 9,047 8,434 CONTACT: 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. Gale A. Blackburn Blackburn, city (1991 pop. 109,564) and district, Lancashire, NW England. It was formerly a great cotton-weaving center, noted especially for calicoes. Textiles are still important; other industries produce engineering equipment, electronic components, beer, felt, , 407/997-8621 ext. 305 FAX: 407/997-1656 |
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