Bogen Communications International reports 200% increase in net income for the first quarter.RAMSEY, N.J.--(BUSINESS WIRE)--May 15, 1997-- Net income of $0.06 vs. $0.02 per share Bogen Communications International Inc. (AMEX AMEX See: American Stock Exchange : BGN BGN In currencies, this is the abbreviation for the Bulgarian Lev. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) ("Bogen") today reported revenues and net income for the first quarter ended March 31, 1997. For the quarter revenues were $11.5 million, compared with $11.4 million reported for the first quarter of 1996. Net income for the quarter was $325,000, or $0.06 per share, compared with $114,000, or $0.02 per share, for the 1996 first quarter. Yoav M. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , chief financial officer, said, "The increase in 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 of our core product lines for the first quarter of 1997 replaces $1,056,000 in net sales of the OAS OAS See: Option adjusted spread product line for the comparable period last year. This represents a 12 percent increase in core net sales. "Our gross margins have also improved dramatically from 42.3 percent to 46.2 percent. This increase underscores the Company's focus on improving its core products' margins and eliminating unprofitable products. "In addition, foreign net sales in Deutsche Marks for speech design GmbH, our German subsidiary, increased by 18 percent for the quarter over net sales in DM for the comparable period in 1996. The strengthening of the U.S. Dollar offsets the percentage down to a 6 percent increase in foreign net sales translated into U.S. Dollars." Commenting on the results, Zvi Peled, Bogen Communications International president and 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. said, "We are pleased with the continued positive results through our first quarter. We recently announced a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of our USA operations into three separate Business Units. This restructuring, combined with our previous efforts to stabilize stabilize See peg. our businesses, create positive cash flow and focus on operations, has resulted in continued profitability." He added, "It is our intention to continue our efforts to focus on each operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon and market segments to assure profitability for the future." Except for historical information contained herein, the statements made in this release constitute forward looking statements that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements, including those 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 Dec. 31, 1996. Bogen Communications International Inc., based in Ramsey, N.J., and in Munich, Germany, develops, manufactures and markets telecommunications peripherals and sound processing equipment. Bogen's products are sold to commercial, industrial, professional and institutional customers worldwide. (Table follows) -0-
Bogen Communications International Inc.
Financial Summary
(Unaudited)
(In Thousands of Dollars, Except Per Share Amounts)
Three Months Ended March 31,
1997 1996
Revenues $ 11,508 $ 11,358
Cost of goods sold 6,188 6,553
Gross profit 5,320 4,805
46.2% 42.3%
Operating expenses:
Research and development 686 654
Selling, general and administrative 3,618 3,252
Amortization of goodwill and
intangibles 109 111
Income from operations 907 788
Other expenses and minority interest:
Interest expense, net 116 160
Interest expense to related parties 17 7
Minority expense 139 107
Other (income) expenses (26) -
Income before provision for income taxes 661 514
Provision for income taxes 336 400
Net income (loss) $ 325 $ 114
Net income per common share $ 0.06 $ 0.02
Weighted average number of common
shares outstanding 5,758,850 5,759,350
-0-
CONTACT: Bogen Communications International Inc., Ramsey Yoav M. Cohen 201/934-8500 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Joseph A. Mansi/Paul M. Holm holm n. Chiefly British An island in a river. [Middle English, from Old Norse h 212/682-6300, ext. 205, 201 |
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