Boston Acoustics Announces Fourth Quarter Results.PEABODY Peabody (pē`bədē, –bädē), city (1990 pop. 47,039), Essex co., NE Mass., a suburb of Boston, on the Danvers River; settled c.1633, inc. as South Danvers 1855, name changed 1868. , Mass.--(BUSINESS WIRE)--May 18, 1999-- Boston Acoustics Founded in 1979, Boston Acoustics is a high end manufacturer of home and mobile audio equipment operated out of Peabody, Massachusetts. Boston produces speakers for the home and cars. , 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 :BOSA) today announced its financial results for the fourth quarter ended March 27, 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 for the quarter increased 33%, from $24.7 million to $32.8 million for the same period a year ago, while net income decreased 4% from $2.9 million to $2.7 million. 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 decreased to $.52 per share compared to $.55 for the same period a year ago. Net sales for fiscal 1999 increased 43% to $118.0 million, while net income increased 18% to $11.3 million and diluted earnings per share increased 23% to $2.14 per share for the same period a year ago. In addition, the Company announced that a quarterly dividend payment of $.085 per share was approved by the Board of Directors and is to be made on July July: see month. 23, 1999 to stockholders of record as of June June: see month. 18, 1999. Founded in 1979, Boston Acoustics, Inc., is a leading manufacturer and marketer of high performance audio systems for home entertainment, automotive after-market af·ter-mar·ket n. The market for parts and accessories used in the upkeep or enhancement of a previous purchase, as of a car or computer. af and computer environments. -0-
Three Months Ended
March 27, 1999 March 28, 1998
Net Sales $ 32,812,468 $ 24,660,610
Cost of Goods Sold 22,264,123 15,733,269
Gross Profit 10,548,345 8,927,341
Selling and Marketing Expenses 2,847,234 2,128,777
General and Administrative Expenses 1,389,537 882,241
Engineering and Development Expenses 1,428,998 1,022,437
Total Operating Expenses 5,665,769 4,033,455
Income from Operations 4,882,576 4,893,886
Interest Income (Expense), net (202,521) (218,592)
Income before provision for income
taxes 4,680,055 4,675,294
Provision for Income Taxes 1,951,000 1,822,000
Net Income $ 2,729,055 $ 2,853,294
Basic Earnings per Share $ .55 $ .57
Diluted Earnings per Share $ .52 $ .55
Weighted Average Shares Outstanding
Basic 5,003,649 4,968,479
Diluted 5,245,969 5,221,152
Twelve Months Ended
March 27, 1999 March 28, 1998
Net Sales $ 117,968,407 $ 82,399,284
Cost of Goods Sold 78,787,500 50,344,605
Gross Profit 39,180,907 32,054,679
Selling and Marketing Expenses 10,220,020 8,144,786
General and Administrative Expenses 4,951,075 3,986,437
Engineering and Development Expenses 5,106,001 3,513,321
Total Operating Expenses 20,277,096 15,644,544
Income from Operations 18,903,811 16,410,135
Interest Income (Expense), net (673,385) (838,900)
Income before provision for income
taxes 18,230,426 15,571,235
Provision for Income Taxes 6,966,000 5,995,000
Net Income $ 11,264,426 $ 9,576,235
Basic Earnings per Share $ 2.26 $ 1.83
Diluted Earnings per Share $ 2.14 $ 1.74
Weighted Average Shares Outstanding
Basic 4,987,730 5,232,431
Diluted 5,254,744 5,512,179
Consolidated Balance Sheets
March 27, 1999 March 28, 1998
Assets
Current Assets
Cash, cash equivalents and investments $ 2,096,246 $ 3,870,569
Accounts Receivable 12,586,919 11,439,178
Inventories 21,651,847 12,617,077
Other current assets 2,002,174 1,487,087
Total current assets 38,337,186 29,413,911
Property and equipment, at cost 13,961,405 11,293,168
Other assets 940,226 1,792,125
Total assets $53,238,817 $42,499,204
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable $ 2,465,201 $ 3,224,208
Accrued payroll & related expenses 1,553,933 1,392,171
Current maturity line of credit 3,265,018 3,000,000
Other current liabilities 1,582,451 1,478,578
Total current liabilities 8,866,603 9,094,957
Line of credit 10,500,000 9,500,000
Shareholders' equity 33,872,214 23,904,247
Total liabilities and shareholders'
equity $53,238,817 $42,499,204
-0-
As previously announced, the Company's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a 3-for-2 stock split paid on August 17, 1998 to the stockholders of record on July 31, 1998. The stock split was in the form of a dividend of one-half additional share of its Common Stock, par value $.01, for each share of Common Stock. The stock split has been retroactively ret·ro·ac·tive adj. Influencing or applying to a period prior to enactment: a retroactive pay increase. [French rétroactif, from Latin reflected in the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. balance sheet and income statements. |
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