Boca Research announces third quarter 1995 results; fourth consecutive record revenue quarter.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 ) Monday announced that sales for its third quarter ended September 30, 1995 were $37,350,000, an 81.8% increase over sales of $20,544,000 for the comparable quarter in 1994. Third quarter 1995 revenue was the fourth consecutive quarter of record revenue and the sixth consecutive quarter of increased sales. For the nine months ended September 30, 1995, sales increased 62.1% to $97,815,000 from $60,346,000 for the comparable period in 1994. Net income for the third quarter of 1995 was $2,422,000 or $.27 per share, an 82.7% increase over net income for the same quarter in 1994 of $1,326,000 or $.16 per share. Included in the third quarter 1995 selling, general and administrative (SG&A) line is $313,000 of expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Boca's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. associated with its proposed acquisition of Hayes Microcomputer Products Hayes Microcomputer Products was a U.S.-based manufacturer of modems. They are particularly well known for their Smartmodem, which introduced the ability to control the modem through commands sent in the data stream itself. . Negotiations with respect to that acquisition were terminated by Boca Research on August 24, 1995. -0-
Boca Research, Inc.,
Boca Raton, Fla. (In thousands except per share data)
3rd Quarter
1995 1994
Net Sales $37,350 $20,544
Net Income $ 2,422 $ 1,326
Earnings per Share $ .27 $ .16
Tony Zalenski, Boca Research's president and chief executive officer, noted: "We are pleased with our earnings, particularly considering the expenses associated with our due diligence. Despite these expenses, we were able to meet our expectations. We are focused on continuing to increase our top and bottom lines. "During the quarter, we transitioned to leading-edge technology products and experienced demand in our new product arena including localized Translated into the spoken language of the country. See localization. , internationally-certified products for five additional countries. We are intent on executing our strategy to expand our business through developing strategic partnerships and acquiring complementary businesses enabling us to increase Boca's revenue stream and earnings growth." OTHER RECENT CORPORATE NEWS In September, Boca Research entered into an Asia/Pacific joint venture with MBf, a $5 billion asset based Asian conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. . MBf/Boca Asia Pacific will afford Boca Research immediate access to market opportunities in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. , Indochina, Korea, Taiwan and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . MBf has a strong presence in the region, including a technical and business infrastructure. MBf's support and Asian distribution channels combined with Boca's existing distribution in that part of the world will position MBf/Boca Asia Pacific for leadership and growth. During the third quarter, Boca Research also announced additional global expansion into the Russian Russian associated in some way with Russia. Russian blue a breed of cats with short, dense, silver-tipped blue-colored coat and vivid green eyes. market. International new product introductions included five country-specific, internationally-certified V.34 modems. In September, Boca's 14.4Kbps Multimedia Voice Modem with VoiceView received an Editor's Choice award from a leading industry publication. The September 1995 issue of VAR Business awarded Boca's VoiceView modem its third Editor's Choice honor As a verb, to accept a bill of exchange, or to pay a note, check, or accepted bill, at maturity. To pay or to accept and pay, or, where a credit so engages, to purchase or discount a draft complying with the terms of the draft. . Previously, the product won two Editor's Choice Awards from Computer Telephony See CTI, VoIP and IP telephony. Computer Telephony - Computer Telephone Integration magazine. Also during the third quarter, a licensing agreement was signed with Midisoft Corporation in which Boca will bundle Midisoft's MediaWorks, a new suite of Windows audio and computer telephony-integrated software. A separate agreement with VocalTec, Inc. will enable Boca Research to bundle the full-unlimited-use version of Internet Phone (1) See IP phone and softphone. (2) (Internet Phone) The first VoIP telephone service in the U.S., introduced in early 1995 by VocalTec Communications Ltd., Fort Lee, NJ (www.vocaltec.com). Using a Windows softphone, calls could also be made to a regular phone. software with its newest SoundExpression 28.8Kbps VoiceView and Digital Simultaneous Voice and Data (communications) Digital Simultaneous Voice and Data - (DSVD) A technique supported by some modems for multiplexing compressed speech with digital data for transmission over a normal telephone line. (DSVD (Digital Simultaneous Voice and Data) An all-digital technology for concurrent voice and data (SVD) transmission over a single analog telephone line. The DSVD V. ) products. With the use of VocalTec's Internet Phone, an Internet surfer using the new SoundExpression will be able to talk to the other Internet Phone users, as though making a standard phone call, anywhere in the world. Other new third quarter product introductions included two Digital Simultaneous Voice and Data products and an S3-based multimedia accelerator accelerator: see particle accelerator. (1) A key combination such as Alt-G or Ctrl-Shift H that is used to activate a task. (2) An incubator that expects to develop the company considerably faster than normal. See incubator. card which brings cinema-quality motion pictures to the PC. CORPORATE INFORMATION Boca Research (NASDAQ:BOCI), founded in 1985, is a Florida corporation headquartered in 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. . The company designs, manufactures, markets and supports quality, cost-effective data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , 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 See SOHO. 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)
Sept. 30 Dec. 31
1995 1994
Assets
Current assets:
Cash and cash equivalents $ 173 $ 6,666
Trade receivables, net 23,926 12,991
Inventory, net 21,632 11,473
Prepaid expenses and other assets 1,147 1,069
Deferred income taxes 1,388 925
Total current assets 48,266 33,124
Noncurrent portion of deferred income taxes 259 233
Property and equipment, net 8,087 7,547
Goodwill, net 208 333
Other assets 148 103
Total assets $56,968 $41,340
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 9,891 $ 3,065
Accrued expenses 3,950 2,180
Income taxes 7 78
Total current liabilities 13,848 5,323
Stockholders' Equity:
Common stock, par value $.01 85 84
Additional paid-in capital 22,918 22,424
Retained earnings 20,117 13,509
Total stockholders' equity 43,120 36,017
Total liabilities and stockholders' equity $56,968 $41,340
BOCA RESEARCH, INC.
Condensed Consolidated Income Statement
(Unaudited)
(In thousands except per share data)
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
1995 1994 1995 1994
Net sales $37,350 $20,544 $97,815 $60,346
Cost of goods sold 27,829 15,096 72,397 44,041
Gross profit 9,521 5,448 25,418 16,305
Operating expenses:
Research and development 839 363 2,086 1,070
Selling, general and administrative 4,951 3,107 13,417 9,370
Total operating expenses 5,790 3,470 15,503 10,440
Income from operations 3,731 1,978 9,915 5,865
Non-operating income 63 95 419 295
Income before income taxes 3,794 2,073 10,334 6,160
Income taxes 1,372 747 3,726 2,221
Net income $ 2,422 $ 1,326 $ 6,608 $ 3,939
Primary earnings per share $ 0.27 $ 0.16 $ 0.74 $ 0.47
Shares used in primary
per share calculation 9,087 8,450 8,874 8,439
Fully-diluted earnings per share $ 0.27 $ 0.16 $ 0.73 $ 0.47 Shares used in fully-diluted per share calculation 9,087 8,450 9,016 8,439 CONTACT: Boca Research Inc., Boca Raton Gale Blackburn, Investor Relations Investor relations The process by which the corporation communicates with its investors. Manager 407/997-8621 ext. 305 voice 407/997-1656 fax |
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