Broadcast International Inc. reports 161 percent gain in first quarter earnings on 20 percent gain in sales.MIDVALE Midvale is the name of several places in the United States of America:
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 :BRIN) Tuesday announced its operating results for its first quarter ended March 31, 1995. The company reported net income in the first quarter ended March 31, 1995 of $391,000 or $.07 per share which represents a 161 percent increase over the first quarter of 1994 net income of $150,000, or $.03 per share. The company attributed the improved earnings to the operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. achieved through a 20 percent increase in revenues. For the first quarter of 1995, revenues were $11,268,000, up 20 percent from $9,389,000 reported in 1994. 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. increased for the same periods by 79 percent from $533,000 in the first quarter of 1994 to $956,000 in 1995. In commenting on the company's results, Nicholas Ruitenberg, chief financial officer, said, "We had a great first quarter. We are investing in the development of our new video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. business at ISN Noun 1. ISN - Switzerland's information network for security and defense studies and for peace and conflict research and for international relations International Relations and Security Network and yet still reported strong gains on a company-wide basis." "Market Information Corporation (dba BMI BMI body mass index. BMI abbr. body mass index Body mass index (BMI) A measurement that has replaced weight as the preferred determinant of obesity. ) reported an 18 percent increase in installed units from 1994 to 1995, contributing to its 67 percent increase in operating income. Actual unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. increased 50 percent from the first quarter of 1994 to 1995," Ruitenberg added. Ruitenberg also commented on the company's CheckRite subsidiary's results. "CheckRite continues to perform well. Their 90 percent increase in operating income is largely the result of increased check recovery fees, as well as a franchise expansion in the first quarter of 1995." "Instore Satellite Network's (ISN) quarter-to-quarter revenues increased by $876,000 or 25 percent due largely to the resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. of satellite time, as well as increased network revenues and equipment sales to video conferencing clients. Operating income at ISN was down slightly for the period due largely to increased selling, general and administrative expenses of approximately $150,000, which represents our investment in establishing a separate and distinct administrative and sales group to exploit the market opportunities ISN is pursuing in the video conferencing area," Ruitenberg said. The company has signed a definitive merger agreement with Data Broadcasting Corp. (NASDAQ:DBCC DBCC Daytona Beach Community College (Florida) DBCC District Business Conduct Committee (NASD) DBCC Desert Breeze Community Church (Glendale, AZ, USA) ) through which Broadcast International would become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Data Broadcasting Corp. The closing of the transaction, which is subject to votes by the stockholders of both companies and other customary conditions, is anticipated in June 1995. Broadcast International and its wholly owned subsidiaries provide satellite delivered business communications and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to retailers and other customers nationwide. These services include background music, point-of-purchase advertising, high speed data transmissions, video and audio conferencing See audioconferencing. , and satellite installation and maintenance services. In addition, it provides check authorization The right or permission to use a system resource; the process of granting access. See access control. data and recovery services for retailers nationwide. By division the changes in net revenues and operating income for the quarter ended March 31, 1995 vs. 1994 were as follows (in thousands): -0-
Net Revenues Operating Income
ISN $876 24.9% $(29) (7.7%)
BMI 653 23.6% 175 66.7%
CRI 350 11.2% 227 90.0%
General Corporate Expenses 50 13.9%
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Total $1,879 20.0% $423 79.4%
Broadcast International Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Three Months Ended
March 31
1995 1994
Net Revenues $11,268,017 $9,388,763
Operating Expenses:
Cost of services rendered 5,767,806 4,782,852
Selling, general and
administrative expenses 2,917,445 2,550,637
Depreciation and amortization 1,626,597 1,522,487
Total operating expenses 10,311,848 8,855,976
Operating Income 956,169 532,787
Other Income (Expense):
Interest income 28,818 15,813
Interest expense (249,847) (231,852)
Other income (expense) - net (37,970) (16,798)
Total other expense - net (258,999) (232,837)
Income Before Income Taxes And Minority Interests 697,170 299,950 Provision for Income Taxes (283,146) (136,381) Minority Interests (22,764) (13,797) Net Income $391,260 $149,772 Net Income Per Share $.07 $.03 Weighted Average Shares Outstanding 5,968,625 5,967,826 CONTACT: Broadcast International Inc., Midvale Nicholas Ruitenberg, 801/562-2252 |
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