Buffton Corporation announces fourth quarter and annual results.FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 14, 1995--Robert H. McLean McLean, city (1990 pop. 38,168), Fairfax co., N Va., a suburb of Washington, D.C. Manufacturing includes foods, satellite components, and computer and telecommunications equipment. , chairman of the Board and president of Buffton Corporation (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BFX BFX Bitware Fax ), announced today income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $663,000, or $.12 per share on revenues of $4,987,000 for the fourth quarter ended Sept. 30, 1995. Included in income from continuing operations for the fourth quarter was the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of certain state tax reserves and the recording of certain federal tax benefits aggregating $333,000. The reversal and benefit recognition was attributable to favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. state tax developments as well as the continued profitability of the company. For the same period last year, income from continuing operations was $198,000, or $.04 per share on revenues of $4,812,000. During the fourth quarter of fiscal 1995 the company recognized a tax benefit of $227,000, or $.04 per share from discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a change in estimate of the utilization of tax benefits associated with the loss from discontinued operation. Included in prior year net income is a loss from discontinued operation of $47,000 or $.01 per share relating to the sale of Flo Control. Prior year amounts have been reclassified to reflect Flo Control as a discontinued operation. For the year ended Sept. 30, 1995, the income from continuing operations was $1,304,000 or $.24 per share on revenues of $19,187,000. Fiscal 1995 includes a loss from discontinued operation of $2,513,000 or $.46 per share relating to the sale of Flo Control. For the same period last year, income from continuing operations was $2,002,000 or $.39 per share on revenues of $30,431,000. Included in prior year income from continuing operations is a gain of $1,050,000 or $.21 per share related to the sale of the company's cable assembly businesses on March 1, 1994. Net income includes a loss from discontinued operation of $94,000 or $.02 per share relating to the sale of Flo Control. In making the announcement, McLean stated, "Our existing operations performed very well all year with increased revenues and profitability. We are very pleased with the progress of Current Technology and the BFX Hospitality Group. We believe the profitable performance will continue throughout the new fiscal year." McLean concluded, "Our 1996 business plan, collective efforts and financial resources are focused on the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. continued development of our existing operations in order to increase their value, as well as the possible acquisition of complimentary operations in order to accelerate growth." -0-
BUFFTON CORPORATION
Earnings Summary
(In thousands, except per share amounts)
For the Quarter Ended For the Year Ended
September 30, September 30,
--------------------- ------------------
1995 1994 1995 1994
------- ------- ------- -------
(Unaudited)
Net revenues $ 4,987 $ 4,812 $19,187 $30,431
Gain on sale of assets -- -- -- 1,050
------- ------- ------- -------
4,987 4,812 19,187 31,481
------- ------- ------- -------
Income from continuing
operations 663 198 1,304 2,002
Discontinued operation:
Loss from operations -- (47) (199) (94)
Income (loss) on disposal 227 -- (2,314) --
------- ------- ------- -------
227 (47) (2,513) (94)
------- ------- ------- -------
Net income (loss) $ 890 $ 151 $(1,209) $ 1,908
======= ======= ======= =======
Income (loss) per average
common share:
Continuing operations $ 0.12 $ 0.04 $ 0.24 $ 0.39
Discontinued operation 0.04 (0.01) (0.46) (0.02)
------- ------- ------- -------
Net income (loss) $ 0.16 $ 0.03 $ (0.22) $ 0.37
======= ======= ======= =======
Buffton Corporation is a diversified diversified (di·verˑ·s group of companies with its shares traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . CONTACT: Buffton Corporation, Fort Worth Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Korman, 817/332-4761 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion