C.P. Clare announces third quarter results.BEVERLY Beverly, city (1990 pop. 38,195), Essex co., NE Mass., on Massachusetts Bay; inc. as a city 1894. Its chief manufactures are electronic and scientific equipment, consumer goods, and chemicals. , Mass.--(BUSINESS WIRE)--Jan. 23, 1997--C.P. Clare Corporation (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 :CPCL CPCL Chennai Petroleum Corporation Limited CPCL Computer Program Change Library CPCL Computer Program Control Library CPCL Component Prioritized Collection List ), a recognized world leader in the communications components marketplace, announced today that 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 declined four percent for the third quarter of fiscal 1997, compared with the third quarter of fiscal 1996. For the quarter ended December 29, 1996, net sales were $31.4 million compared with $32.8 million for the quarter ended December 31, 1995. The Company had net income of $1.2 million (income of $0.13 per share) compared with net income of $2.2 million (income of $0.25 per share) for the same period last year. Excluding the impact of certain non recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. items described below, the Company had net income of $1.4 million (income of $ 0.15 per share). For the nine months ended December 29, 1996, net sales increased by one percent to $95.4 million from $94.7 million for the same period last year. The Company had a net loss of $8.5 million (a loss of $0.94 per share) for the nine months ended December 29, 1996, as compared with net income of $5.2 million (income of $0.67 per share) for the same period last year. Included in operating results for the third quarter of fiscal 1997 was a charge of $0.8 million for incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a costs and a reduction of $0.5 million of previously recorded restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs. Excluding these items, the Company had an 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 $1.7 million and net income of $1.4 million (income of $0.15 per share) for the quarter ended December 29, 1996. For the nine months ended December 29, 1996, excluding the previously disclosed charges, the Company had an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $7.6 million and net income of $5.6 million (income of $0.58 per share). "Key segments of our business remain weak," said Arthur R. Buckland, President and Chief Executive Officer. "However, we made significant progress with our restructuring announced on September 17, 1996, as we moved towards the completion of the sale of Tongeren Manufacturing Company. In addition to the Reed Relay As a relay is a switch controlled by an electromagnet, so a reed relay is one or more reed switches controlled by an electromagnet. The contacts are of magnetic material; thus the electromagnet acts directly on them rather than requiring an armature to move them. group consolidation last quarter, we moved our corporate administrative,sales, marketing, and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. groups into our new facility in Beverly." C.P. Clare Corp. (NASDAQ:CPCL) is a leading provider of semiconductor and electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. relays, switches, surge protection See surge suppression and traffic surge protection. and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. electronic components to the world's foremost manufacturers of electronic equipment. Except for historical information contained herein, the matters set forth in this news release are 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. as defined under the federal securities laws. Actual results could differ materially from the information set forth herein and there is no assurance that any anticipated future results will be achieved. Factors that could impact future results include (i) general conditions in the Company's primary market segments, including inventory levels, acceptance of new technology and increased downward pressure on pricing, (ii) the ability of the Company's key supplier of mercury switches A mercury switch is a switch whose purpose is to allow or interrupt the flow of electric current in an electrical circuit in a manner that is dependent on the switch's physical position or alignment relative to the direction of the "pull" of earth's gravity. and relays to produce products and in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with its obligations and (iii) increased environmental remediation costs. -0-
Consolidated Condensed Balance Sheets
(dollars in thousands)
(Unaudited)
ASSETS Dec. 29, March 31,
1996 1996
Current assets:
Cash, cash equivalents
and investments $ 35,785 $ 49,082
Accounts receivable, less
allowance for doubtful
accounts 17,592 19,471
Inventories 21,114 16,972
Other current assets 3,657 2,938
Total current assets 78,148 88,463
Property, plant and equipment, net 35,520 24,232
Other assets 2,691 4,001
Total assets $116,359 $116,696
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: $ 29,948 $ 22,426
Long-term debt, net of current portion 2,946 4,034
Other long-term liabilities 3,536 3,624
Total liabilities 36,430 30,084
Stockholders' equity: 79,929 86,612
Total liabilities and stockholders'
equity $116,359 $116,696
-0-
Consolidated Condensed Statements of Operations
(dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
Dec. 29, 1996 Dec. 31, 1995
Net sales $ 31,374 $ 32,818
Cost of sales 21,227 22,140
Gross profit 10,147 10,678
Operating expenses:
Selling, general and administrative 7,607 6,080
Research and development 1,605 1,181
Restructuring costs (500) -
Operating (loss) income 1,435 3,417
Interest income 384 404
Interest expense (113) (167)
Other income (expense), net 48 83
Income (loss) before
provision for income taxes 1,754 3,737
Provision for income taxes 561 1,532
Net income (loss) $ 1,193 $ 2,205
Net income (loss) per common and
common share equivalent $ 0.13 $ 0.25
Weighted average number of
common shares and common
share equivalents
outstanding 9,392,877 8,863,464
Nine Months Ended
Dec. 29, 1996 Dec. 31, 1995
Net sales $ 95,431 $ 94,704
Cost of sales 63,437 64,743
Gross profit 31,994 29,961
Operating expenses:
Selling, general and administrative 21,843 17,515
Research and development 4,576 3,057
Restructuring costs 14,250 -
Operating (loss) income (8,675) 9,389
Interest income 1,285 585
Interest expense (349) (1,156)
Other income (expense), net (100) (84)
Income (loss) before
provision for income taxes (7,839) 8,734
Provision for income taxes 615 3,581
Net income (loss) $ (8,454) $ 5,153
Net income (loss) per common and
common share equivalent $ (0.94) $ 0.67
Weighted average number of
common shares and common
share equivalents
outstanding 8,950,584 7,677,240
-0- CONTACT: C.P. Clare Corp. Jacqueline D. Arthur Robert M. Palladino Chief Financial Officer Corporate Treasurer (508) 524-6825 (508) 524-6846 |
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