Boonton Electronics reports half-year results.PARSIPPANY, N.J.--(BUSINESS WIRE)--May 22, 1996--Boonton Electronics Corp. (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 Boon A general term that refers to a benefit or improvement for investors. This can include such things as increased dividends, a stock market rally and stock buybacks. Notes: ") announced today its first-half fiscal results for the six months ended March 31. Sales for the six months ended March 31 were $42,240 above the prior year. The increase in sales was primarily due to an increase in export revenues of $92,193. Gross income increased by $227,978 above the prior year and improved to 49 percent of sales over the prior year's 43 percent of sales. Commission expense increased by $32,348 over the prior year due to the increase in sales volume. All other operating cost categories increased in total by $205,062. $32,308 of this increase was associated with the accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. of severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when expense. 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 $67,095 was a $9,432 decrease from the prior year. However, it would have been a $22,876 improvement without the accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. severance expense. Net income of $5,027 was $97,306 higher than the prior year's net loss of $92,279. The earnings per share for the six months ended March 31, 1996 was at break-even versus a prior year's loss per share of $0.07 for the same period. As previously announced, the company 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. took place in March. 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 is currently negotiating to become the exclusive master distributor for these products in the Americas under the "BOONTON" brand name. The breadth of the company's product offering will therefore substantially increase upon the execution of a distributor agreement. The March 31, 1996 inventory balance was $1,341,768 which was $138,410 increase from the Sept. 30, 1995 balance of $1,203,358. The increase in inventories was in raw materials and work-in-progress, purchased and processed, for orders already in the company's backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. . Finished goods decreased in total by $11,952. Trade receivable balances were $891,665 as compared to $1,011,980 as of Sept. 30, 1995. This increase was primarily due to the increase in cash due to the $563,438 paid by GMME for the treasury shares. -0- Boonton Electronics Corp. (Unaudited)
Three Months Ended March 31,
1996 1995
Sales $1,559,269 $1,655,059 Net income/(loss) (47,683) 40,179 Earnings/(loss) per share $(0.04) $0.03 Average shares outstanding 1,400,798 1,326,785
Six Months Ended March 31,
1996 1995
Sales $3,191,492 $3,149,252 Net income/(loss) 5,027 (92,279) Earnings/(loss) per share $0.00 $(0.07) Average shares outstanding 1,374,492 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. Corp. John E. Titterton, 201/386-9696 |
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