Bogen Communications International, Inc. Reports Net Income Increase of 71.1% On 12.7% Sales Gain.RAMSEY Ramsey, residential borough (1990 pop. 13,228), Bergen co., NE N.J.; settled 1846, inc. 1908. Dairy and truck farms are in the area. , N.J.--(BUSINESS WIRE)--Nov. 5, 1998--Bogen Communications International, 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 : BOGN) ("Bogen Bogen may refer to the following locations:
Third quarter 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 rose 12.7% to $14,752,000 from $13,090,000 in last year's third quarter. Net income increased 71.1% to $1,542,000 from $901,000. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of grew 25% to $.20 from $.16 as the number of shares used in the calculation increased by 35.6%. For the nine months, net sales rose 6.1% to $39,386,000 from $37,135,000 in the comparable nine-month period in 1997. A one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. $2.9 million acquisition related charge and a $900,000 non-cash preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) payment in Bogen common stock, reduced net income for the nine months by $3,805,000, resulting in a net loss attributable to common stockholders of $780,000, or $.21 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings before the one-time charges rose 54.3% to $4,791,000, from $3,104,000 in 1997. In the prior year's nine-month period, Bogen reported net income of $1,874,000, or $0.33 per basic and diluted share. The number of primary and diluted shares used in per share figures decreased 34.4% to 3,777,024. As of November November: see month. 4, 1998, the Company had 6,654,471 shares of common stock outstanding. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. P. Fleischer Fleischer (or Fleisher) is a common German family name. Its literal meaning is "butcher". Other German family names with the same meaning include Metzger, Mezger, Flesher, Fleischman, and Fleischmann. , Bogen's President, commented, "By focusing on top line growth, gross margin enhancement and control of overhead spending, Bogen's on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" operations during the third quarter continued to show significant improvement. Notably, -- Gross margin widen wid·en tr. & intr.v. wid·ened, wid·en·ing, wid·ens To make or become wide or wider. wid  en·er n. to 51.0% of sales from 45.8%, -- Our
operating margins Operating MarginA ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: also expanded to 16.6% of sales from 12.2%, -- Pretax margins were 16.2% of sales compared with 10.6% in the third quarter of 1997, and -- Our net margin was 10.4%, up from 6.9% in the third quarter of 1997." "More importantly," said Mr. Fleischer, "these gains were achieved despite a 22.0% increase in R&D as we ready our next generation of products. Third quarter results are an early indication that our plan for profitable growth is effective. We are confident that we will be able to achieve further operating efficiencies and profitability through purchasing economies, product re-engineering re-engineering - The examination and modification of a system to reconstitute it in a new form and the subsequent implementation of the new form. http://erg.abdn.ac.uk/users/brant/sre. and vendor management and at the same time, achieve internal growth through new product introductions and by enhancing our sales and marketing organizations." Jonathan Jonathan (jŏn`əthən) [short for Jehonathan, Heb.,=Yahweh has given]. 1 In the Bible, Saul's son and David's friend, both killed at the battle of Mt. Gilboa. David showed kindness to his son Mephibosheth. Guss, Chief Executive Officer of Bogen, added: "We have strengthened our balance sheet: Bogen has $10.7 million in working capital, $26.7 million in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. and has only $3.4 million of its $27.0 million acquisition credit facility outstanding. The strength of our balance sheet supports our internal growth plans while enabling us to pursue suitable acquisitions." Bogen Communications International, Inc, based in Ramsey, New Jersey Ramsey is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 14,351. Ramsey was incorporated as a borough by an Act of the New Jersey Legislature on March 10, 1908, from portions of Hohokus Township (now and Munich Munich (my  `nĭk), Ger. München (mün`khən), city (1994 pop. 1,255,623), capital of Bavaria, S Germany, on the Isar River near the Bavarian Alps. , Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , develops, manufactures, and markets
telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. peripherals and sound processing equipment.
Bogen's products are sold to commercial, industrial, professional
and institutional customers worldwide.
Except for historical information contained herein, the statements made in this release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements, including potential acquisitions and divestitures, and other risks detailed from time to time in Bogen's reports on file at the Securities and Exchange Commission, including Bogen's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1997, Bogen's Form's 10-Q for the fiscal quarters ended March 31, 1998, June 30, 1998 and September 30, 1998 and Bogen's Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , dated May 20, 1998, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. on Form 8-K/A, dated August 3, 1998. -0-
BOGEN COMMUNICATIONS INTERNATIONAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands of Dollars, Except Share and Per Share Amounts)
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1998 1997 1998 1997
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net sales $ 14,752 $ 13,090 $ 39,386 $ 37,135
Cost of goods sold 7,233 7,091 20,011 20,024
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Gross profit 7,519 5,999 19,375 17,111
Operating expenses:
Research and
development 753 617 2,061 1,992
Purchased
in-process
research
and development - - 2,905 -
Selling, general
and administrative 4,151 3,675 11,781 10,991
Amortization of
goodwill and
intangible
assets 166 111 419 332
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Income from
operations 2,449 1,596 2,209 3,796
Other (income)
expenses:
Interest expense,
net 96 113 201 336
Interest expense
to related parties - (5) - 16
Minority interest
of consolidated
subsidiaries - 119 254 393
Other income (32) (19) (132) (53)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Income before
provision for
income taxes 2,385 1,388 1,886 3,104
Provision for
income taxes 843 487 1,766 1,230
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net income $ 1,542 $ 901 $ 120 $ 1,874
Preferred dividends - - 900 -
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Net income (loss)
available
to common
shareholders $ 1,542 $ 901 $ (780) $ 1,874
============ ============ ============ ============
============ ============ ============ ============
Net income (loss)
per common
share-Basic $ 0.23 $ 0.16 $ (0.21) $ 0.33
============ ============ ============ ============
============ ============ ============ ============
Net income (loss)
per common share
-Diluted $ 0.20 $ 0.16 $ (0.21) $ 0.33
============ ============ ============ ============
============ ============ ============ ============
Weighted average
number of common
shares outstanding
-Basic 6,653,468 5,758,850 3,777,024 5,758,850
============ ============ ============ ============
============ ============ ============ ============
Weighted average
number of common
shares outstanding
-Diluted 7,807,177 5,758,850 3,777,024 5,758,850
============ ============ ============ ============
============ ============ ============ ============
Bogen Communications International, Inc.
Financial Summary
(In Thousands of Dollars, Except Share and Per Share Amounts)
Sept. 30, Dec. 31,
1998 1997
---------- ----------
---------- ----------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 2,301 $ 964
Accounts receivable, net 5,725 6,291
Inventories, net 7,784 8,285
Prepaid expenses and other current assets 639 468
---------- ----------
---------- ----------
TOTAL CURRENT ASSETS 16,449 16,008
Property, equipment and leasehold improvements,
net 2,517 2,136
Goodwill and intangible assets, net 17,204 13,569
Other assets 277 257
---------- ----------
---------- ----------
TOTAL ASSETS $ 36,447 $ 31,970
========== ==========
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Amounts outstanding under revolving credit
agreement $ 161 $ 2,891
Accounts payable 2,047 2,376
Accrued expenses 2,521 3,084
Income taxes payable 1,034 238
Advances and notes payable to related parties - 6
---------- ----------
---------- ----------
TOTAL CURRENT LIABILITIES 5,763 8,595
Bank notes payable 3,425 -
Advances and notes payable to related parties 223 212
Preferred dividends payable - 178
Other liabilities 295 433
Minority interest - 1,130
---------- ----------
---------- ----------
TOTAL LIABILITIES 9,706 10,548
---------- ----------
---------- ----------
STOCKHOLDERS' EQUITY
Preferred stock - -
Common stock 7 2
Additional paid-in-capital 29,433 23,468
Accumulated deficit (2,470) (1,690)
Accumulated other comprehensive loss (229) (358)
---------- ----------
---------- ----------
TOTAL STOCKHOLDERS' EQUITY 26,741 21,422
---------- ----------
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 36,447 $ 31,970
========== ==========
========== ==========
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