Boston Acoustics Announces Third 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. -- In the second graph, second sentence, the 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 figure should read: $.43 per share compared to $.25 per share for the same period a year ago. (sted $.42 per share compared to $.25 per share for the same period a year ago.) The corrected release reads: 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. ANNOUNCES THIRD QUARTER RESULTS Boston Acoustics, 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 third quarter of the 2005 fiscal year, which ended December December: see month. 25, 2004. 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 approximately 16%, to $17.9 million from $15.4 million for the same period a year ago. Net income increased 79% to approximately $1.8 million from approximately $1.0 million, and diluted earnings per share increased to $.43 per share compared to $.25 per share for the same period a year ago. The results for the quarter include a non-recurring reduction to an income tax reserve of $192,000, equivalent to approximately $0.05 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. The specific reserve was originally provided for during fiscal 2002 and related to the Company's wholly-owned German subsidiary. For the nine months ended December 25, 2004, net sales increased approximately 4% to $42.8 million from $41.1 million in the same period a year ago. Net income increased to approximately $2.5 million compared to $1.4 million and diluted earnings per share were $.60 per share compared to $.32 per share for the nine months ended December 27, 2003. 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. Moses Gabbay stated, "The overall sales increase of approximately 16% was propelled by new product introductions during the quarter in our core product categories, as well as, increases resulting from the OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and automotive business in partnership with Visteon Visteon NYSE: VC is an automotive parts company spun off from the Ford Motor Company. Visteon is to the Ford Motor Company as Delphi is to General Motors and Denso is to Toyota. In 2004, it had 70,000 employees worldwide and $18. Corporation." Gabbay added, "We are pleased with the results. The overall performance improvements reflect the progress of the Company's strategic transformation: people, process, and technology. Furthermore, the achievement of an approximately 98% increase in 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. as compared to the corresponding three-month period a year ago, signals that as sales increase, the Company is in position to capture even greater profits." Founded in 1979, Boston Acoustics, Inc. (NASDAQ:BOSA) designs, manufactures, and markets high performance audio systems for use in home music and home theater An audio/video entertainment center that has a large-screen TV and hi-fi system with three speakers in the front (left, right and center) and left and right speakers in the rear. Starting in the early 1990s, video inputs were added to stereo receivers and preamplifiers. systems, 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 OEM automotive systems See ITS, embedded system, drive-by-wire, adaptive cruise control, collision avoidance system, autonomous vehicle, heads-up display, DSRC, lane departure system, CAN bus, FlexRay and SYNC. , and custom built-in built-in - (Or "primitive") A built-in function or operator is one provided by the lowest level of a language implementation. This usually means it is not possible (or efficient) to express it in the language itself. audio systems. Highly regarded for creating The Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. Sound (TM), the company is renowned for delivering superior, competitively priced products emphasizing performance and value. For further information, visit the company's web site at www.bostonacoustics.com.
Three Months Ended
Dec. 25, 2004 Dec. 27, 2003
Net Sales $17,899,510 $15,377,307
Cost of Goods Sold 10,200,084 8,828,722
Gross Profit 7,699,426 6,548,585
Selling and Marketing Expenses 3,011,942 2,804,028
General and Administrative Expenses 1,208,632 1,392,165
Engineering and Development Expenses 1,170,919 1,186,143
Total Operating Expenses 5,391,493 5,382,336
Income from Operations 2,307,933 1,166,249
Interest Income, net 8,599 44,647
Other Income (Expense) 216,842 209,275
Income before provision for income taxes 2,533,374 1,420,171
Provision for Income Taxes 715,000 404,000
Net Income $1,818,374 $1,016,171
Basic Earnings per Share $.44 $.25
Diluted Earnings per Share $.43 $.25
Weighted Average Shares Outstanding
Basic 4,174,446 4,105,645
Diluted 4,258,083 4,144,156
Nine Months Ended
Dec. 25, 2004 Dec. 27, 2003
Net Sales $42,769,972 $41,085,416
Cost of Goods Sold 24,502,849 25,115,724
Gross Profit 18,267,123 15,969,692
Selling and Marketing Expenses 8,144,559 7,245,720
General and Administrative Expenses 3,322,272 3,594,159
Engineering and Development Expenses 3,457,619 3,400,312
Total Operating Expenses 14,924,450 14,240,191
Income from Operations 3,342,673 1,729,501
Interest Income, net 23,796 92,651
Other Income (Expense) 238,841 207,538
Income before provision for income taxes 3,605,310 2,029,690
Provision for Income Taxes 1,086,000 661,000
Net Income $2,519,310 $1,368,690
Basic Earnings per Share $.60 $.32
Diluted Earnings per Share $.60 $.32
Weighted Average Shares Outstanding
Basic 4,169,379 4,279,825
Diluted 4,219,408 4,302,898
Consolidated Balance Sheets
Dec. 25, 2004 March 27, 2004
Assets
Current Assets
Cash and cash equivalents $7,392,250 $7,552,054
Accounts receivable, net 12,176,113 8,202,044
Inventories 12,964,521 12,240,838
Deferred income taxes 2,492,000 2,492,000
Prepaid income taxes 72,000 480,000
Prepaid expenses and other current assets 902,556 956,142
Total current assets 35,999,440 31,923,078
Property and Equipment, net 9,778,876 10,874,343
Other Assets, net 1,192,326 1,160,710
Total assets $46,970,642 $43,958,131
Liabilities and Stockholders' Equity
Current Liabilities
Accounts payable $8,274,232 $7,322,535
Accrued payroll & related expenses 742,006 523,234
Dividends payable 355,174 354,182
Current maturity of line of credit 183,224 309,394
Other accrued expenses 2,096,127 1,730,873
Total current liabilities 11,650,763 10,240,218
Stockholders' Equity 35,319,879 33,717,913
Total liabilities and stockholders' equity $46,970,642 $43,958,131
Certain statements in this press release contain certain 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. concerning Boston Acoustics' operations, economic performance and financial condition. Such forward-looking statements are based on a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Boston Acoustics to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause such differences include, but are not limited to; those discussed in the Company's Annual Report on 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 March 27, 2004. The words "believe," "expect," "anticipate," "intend," and "plan" and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. |
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