Boca Research reports 3rd quarter 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)--Nov. 4, 1994--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 third quarter of 1994 increased 29.4% over sales for the comparable quarter in 1993. Sales of $20,544,000 also represented an increase in sales from the second quarter of 1994 which were $19,104,000. Net income for the third quarter was $1,326,000, an 8.2% increase over the comparable quarter in 1993. Earnings per share for the third quarter also increased to $.16 from $.14 for the comparable quarter in 1993. Net income for the third quarter was also greater than the $1,174,000 reported in the second quarter of 1994. -0-
Boca Research, Inc., Boca Raton, FL
(In thousands except per share data)
3rd Quarter
1994 1993
---- ----
Net Sales $20,544 $15,881
Net Income 1,326 1,225
Share Earnings 0.16 0.14
Tony Zalenski, Boca Research's newly appointed president and
chief executive officer, commented: "Our goal is clear: We must
work on margins; we need to improve our market share. We've set
the objectives and our plan is in place...now to execute.
"We're expanding the focus and mission of our company. While
we'll continue to emphasize our core strength as a cost-effective
hardware provider, we plan to move into some additional added-value
products. Our business is not only hardware. Our business is
communications.
"We want to provide products that allow access to information.
When connections on an information network are required, Boca
Research will always be a potential choice. We will continue to work
on lowering our product costs, improving the cycle time in product
introductions and adding new products to our portfolio. I am intent
on maximizing shareholder value," he concluded.
Zalenski joins Boca Research after eight years at Motorola's
Universal Data Systems (UDS) in Huntsville, Ala. Most recently, he
was executive vice president and chief operating officer at the modem
manufacturing subsidiary of Motorola Inc. He has 25+ years of
technology experience including a 12 year sales and marketing career
at AT&T and five years with Isacom, an Atlanta start-up company he
co-founded in 1980 as one of the first resellers of telephone carrier
facilities and services in the U.S.A.
Recently, Boca Research introduced the SoundExpression
14.4VSp (14,400bps voice/speakerphone), a new generation of
multimedia/communications products featuring a high speed data/fax
modem, voicemail, speakerphone, and 16-bit digital stereo sound, all
on a single PC card. SoundExpression 14.4VSp transforms ordinary
computers into powerful multimedia/communications workstations with
fast, economical 14,400bps communications, convenient hands-free
speakerphone and CD quality sound utilizing state-of-the-art digital
audio technology.
Boca Research was founded in 1985 and designs, manufactures,
markets and supports board-level 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 (fax/data/voice/sound modems);
input/output (I/O), IDE interface, and multiuser functions; and local
area networks (LANs).
The company has shipped more than 3.5 million products worldwide
through a network of contracted distributors, resellers, 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 6413
Congress Avenue, Boca Raton, FL 33487 or call 407/997-6227 or fax
407/997-0918.
-0-
BOCA RESEARCH INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except share and per share data)
Sept. 30, Dec. 31,
1994 1993 (a)
--------- ---------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 5,684 $ 6,784
Accounts receivable, net 13,058 11,503
Inventory 13,656 9,399
Prepaid expenses and
other current assets 910 794
Recoverable and deferred
income taxes 1,294 2,013
--------- ---------
Total current assets 34,602 30,493
Property and equipment, net 5,038 4,749
Deferred income taxes, non-current 547 547
Goodwill, net 375 500
Other assets 103 120
--------- ---------
$40,665 $36,409
--------- ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,087 $ 4,209
Accrued expenses 2,415 2,197
--------- ---------
Total current liabilities $ 6,502 $ 6,406
--------- ---------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Common stock: 25,000,000 $.01 par
value shares authorized, 8,417,685
issued and outstanding at Sept. 30,
1994, 8,374,043 issued and
outstanding at Dec. 31, 1993 84 84
Additional paid-in capital 22,367 22,146
Retained earnings 11,712 7,773
--------- ---------
Total stockholders' equity 34,163 30,003
--------- ---------
$40,665 $36,409
--------- ---------
(a) Condensed from audited financial statements.
BOCA RESEARCH INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands except per share data)
Three Months Nine Months
Ended Sept. 30, Ended Sept. 30,
1994 1993 1994 1993
---- ---- ---- ----
Net sales $20,544 $15,881 $60,346 $45,614
Cost of goods sold 15,096 10,637 44,041 29,807
------ ------ ------ ------
Gross profit 5,448 5,244 16,305 15,807
------ ------ ------ ------
Operating expenses:
Research and development 363 413 1,070 1,025
Selling, general and
administrative 3,107 2,963 9,370 7,664
------ ------ ------ ------
Total operating
expenses 3,470 3,376 10,440 8,689
------ ------ ------ ------
Income from operations 1,978 1,868 5,865 7,118
Non-operating income 95 46 295 180
------ ------ ------ ------
Income before
income taxes 2,073 1,914 6,160 7,298
Income taxes 747 689 2,221 2,628
------ ------ ------ ------
Net income $ 1,326 $ 1,225 $ 3,939 $ 4,670
------ ------ ------ ------
Net income per share $ 0.16 $ 0.14 $ 0.47 $ 0.57
------ ------ ------ ------
Weighted average
shares outstanding 8,450 8,464 8,439 8,123
------ ------ ------ ------
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., Boca Raton
Gale Blackburn, 407/997-8621, ext. 305
407/997-0918 fax
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