Boonton Electronics reports first quarter results.PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb. 20, 1996--Boonton Electronics Corporation (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 Over-The-Counter Bulletin Board symbol "BOON") announced today its first fiscal quarter results for the three month period ended Dec. 31, 1995. Sales for the quarter ended Dec. 31, 1995 were $1,632,222 compared to $1,494,193 for the same period last year. Net income was $52,710 or $0.04 earnings per share compared to a net loss of $(132,458) or $(.10) per share last year. The $138,029 increase in sales was primarily due to export revenues inasmuch as in·as·much as conj. 1. Because of the fact that; since. 2. To the extent that; insofar as. inasmuch as conj 1. since; because 2. U.S. government buying has been restricted due to protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. government budget indecision Indecision Buridan’s ass unable to decide between two haystacks, he would starve to death. [Fr. Philos.: Brewer Dictionary, 154] Cooke, Ebenezer his irresolution usually leads to catatonia. [Am. Lit. for the current year. Therefore, there is a pent-up demand within U.S. government agencies which now exists and which continues to increase as a budgetary resolution is sought. Release of this governmental agency demand is expected to occur in the coming months. Gross income increased by $169,173 above the prior year and improved to 49% of sales versus a prior year's 42% of sales. Commission expenses increased by $30,829 over the prior year due to the increase in sales volume. Commission rates on export sales are higher than on domestic sales which was the primary reason for the year-to-year percentage increase. All other operating costs operating costs npl → gastos mpl operacionales increased in total by $54,226 due to increased professional fees. "CE Mark" certification of Boonton's products by an outside testing laboratory for products exported to the European Community European Community: see European Union. European Community (EC) Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community. , which will be a one-time expense, accounted for approximately $39,000 of the increased fees. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $90,384 was an $84,118 improvement over the prior year due to the sales volume and improved gross margin. Net income of $52,710 was $185,168 higher than the prior year's net loss of $132,458, as extraordinary expenses related to the emergence from Chapter 11 have ended. The company is not currently accruing or paying either Federal or state income taxes because of the accumulated net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carry-forward which resulted from declining operating results during the first half of this decade. The Dec. 31, 1995 inventory balance was $1,216,619 which was a $13,261 increase above the Sept. 30, 1995 balance of $1,203,358. The increase in inventories was in raw materials purchased for orders already in the company's backlog. Work-in-process and finished goods decreased in total by $28,955 reflecting steadily increasing factory operating efficiency. Trade receivable balances increased slightly to $1,061,737 as compared to $1,011,980 as of Sept. 30, 1995. The current ratio as of Dec. 31, 1995 increased to 3.22 from 3.02 at Sept. 30, 1995. The company has negotiated for the sale of 180,300 shares of its treasury stock at $3,125 per share in a private placement to General de Mesure et de Maintenance Electronique, S.A. (GMME GMME Groupe de Météorologie à Moyenne Échelle ), a private holding company in France. This capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. is expected to take place in February ad will provide funding for R&D projects and capital improvements. GMME manufactures test and measurement equipment (e.g. oscilloscopes, multimeters, chart recorders, field strength meters, etc.) which are complementary to the company's product line. These GMME products have not previously been sold in the Americas. The company will become the exclusive master distributer for these products in the Americas under the "BOONTON" brand name. The breadth of the company's product offering will therefore be immediately and substantially increased as a result. -0-
BOONTON ELECTRONICS CORPORATION
(Unaudited)
Three Months ended Dec. 31
1995 1994
Sales $1,632,222 $1,494,193 Income from operations 90,384 6,266 Net Income/(loss) 52,710 (132,458) Earnings/(loss) per share $0.04 $(0.10) Average shares outstanding 1,348,473 1,326,785 CONTACT: Boonton Electronics Boonton Electronics is an American manufacturer of electronic test equipment. Originally founded in 1947 in Morris Plains, New Jersey, they are now located nearby in Parsippany. Boonton became a wholly owned subsidiary of the Wireless Telecom Group in 2000. Corporation John Titterton, 201/386-9696 |
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