Bogen Communications International Reports Record First Quarter Revenues and Net Income for 1999.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)--May 14, 1999-- Bogen Bogen may refer to the following locations:
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") today announced results for its first quarter ended March 31, 1999. 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 10% to a first quarter record of $12,522,000 from $11,432,000 in the first quarter of 1998 with gains achieved in both domestic and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales volume. At the same time, the gross margin rose to 51.2% from 46.8% in the comparable period one year earlier, again reflecting improvements in both the U.S. and overseas. Also a first quarter record, 1999 net income was $471,000 or $.06 per 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. In the comparable period one year earlier, net income before preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) was $457,000; after preferred dividends of $450,000, net income available to common shareholders was $7,000 or $.01 per share. 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, "The gains in sales and gross margin build upon the positive trends begun in 1998. The improvement in first quarter net income is all the more gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. in light of our substantially increased budgeted expense for R&D and sales and marketing. In our U.S. based businesses, these investments are reflected in an accelerated level of new product development, an enlarged U.S. sales force, and fresh advertising and marketing materials. By the second half of this year, we expect to generate sales and profits from recently introduced products such as the APS 2000(tm), the Easy Install(tm) speaker, and our Engineered Systems division's line of Multi-Media Controllers. These controllers give educators an in-classroom tool that permits them to schedule, view and control media resources (including the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , multiple VCRs, DVDs, and Laser Disks) that are remotely located in their school's media center." 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, Bogen's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. pointed out that, "Bogen's European operations also started 1999 on a strong note, with growing recognition and acceptance of our Thor Thor (thôr), Germanic Donar (dō`när), Norse god of thunder. An ancient and highly revered divinity, Thor was the patron and protector of peasants and warriors. (tm) unified messaging Having access to e-mail, voice mail and faxes via a common computer application or by telephone. For example, unified messaging may send faxes and digitized voice mail to a mail server that turns them into e-mail attachments. product. To support Thor and ensure that Speech Design continues to be a leader in unified messaging and voicemail, we have doubled our R&D commitment. Likewise, we have increased spending to intensify in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: Thor-related sales and marketing activities; this has already begun to pay off both with a number of important and immediate wins, and with a pipeline of pending agreements. We believe that Speech Design is well positioned to leverage its leadership in unified messaging in Germany into a strong market position throughout Europe and in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . At the same time, we are pleased with the market response we have started to see to the new Teleserver Pro, our flagship voicemail product in Europe." In closing, the Bogen executives noted that, "We are pleased that Bogen's first quarter showed continued increases in profitability despite significant investments made to support future growth. By committing new levels of resources to product development and sales and marketing we hope to create the greatest value for our shareholders." 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, Germany, develops, manufactures, and markets telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. peripherals, sound processing equipment, and unified messaging products and services. 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 general market conditions, new technological developments, competition, potential acquisitions and divestitures, the availability of financing alternatives 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, 1998. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. -0-
BOGEN COMMUNICATIONS INTERNATIONAL, INC.
Financial Summary
(In Thousands of Dollars, Except Share and Per Share Amounts)
Three Months Ended
March 31,
1999 1998
---- ----
(unaudited)
Revenues $12,522 $ 11,432
Cost of goods sold 6,109 6,087
Gross profit 6,413 5,345
Operating expenses:
Research and development 920 626
Selling, general and administrative 4,450 3,655
Amortization of goodwill and
intangible assets 187 112
Income from operations 856 952
Other (income) expenses:
Interest expense, net 63 42
Minority interest of
consolidated subsidiaries - 157
Other (income) expense 11 (41)
Income before provision
for income taxes 782 794
Provision for income taxes 311 337
Net income 471 457
Preferred dividends - 450
Net income available to
common shareholders $ 471 $ 7
=========== ============
Basic net income per common share $ 0.07 $ 0.00
=========== ============
Diluted net income per common share $ 0.06 $ 0.00
=========== ============
Weighted average number of
common shares outstanding - basic 6,663,671 2,151,023
=========== ============
Weighted average number of
common shares outstanding - diluted 7,761,498 3,618,860
=========== ============
BOGEN COMMUNICATIONS INTERNATIONAL, INC.
Financial Summary
(In Thousands of Dollars, Except Share and Per Share Amounts)
March 31, December 31,
1999 1998
-------------- --------------
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 240 $ 1,048
Accounts receivable, net 6,135 5,889
Inventories, net 8,363 8,229
Prepaid expenses and other current assets 684 759
Deferred income taxes 366 470
TOTAL CURRENT ASSETS 15,788 16,395
Property and equipment, net 2,383 2,414
Goodwill and intangible assets, net 18,457 18,740
Other assets 218 198
TOTAL ASSETS $ 36,846 $ 37,747
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Amounts outstanding under revolving
credit agreement $ 2,505 $ 2,225
Accounts payable 2,269 2,060
Accrued expenses 2,583 3,634
Income taxes payable 603 1,168
TOTAL CURRENT LIABILITIES 7,960 9,087
Advances and notes payable to related parties 208 227
Deferred income taxes 1,081 1,100
Other liabilities 460 278
TOTAL LIABILITIES 9,709 10,692
STOCKHOLDERS' EQUITY
Preferred stock
Common stock 7 7
Additional paid-in-capital 29,507 29,433
Accumulated deficit (1,777) (2,248)
Currency translation adjustments (600) (137)
TOTAL STOCKHOLDERS' EQUITY 27,137 27,055
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 36,846 $ 37,747
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