CAM Designs announces a $28.5 million backlog, a 42.5% increase since May 1995.ALLESLEY, COVENTRY, UK--(BUSINESS WIRE)--Oct. 12, 1995--CAM Designs 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 :CMDA CMDA Chennai Metropolitan Development Authority (India) CMDA Christian Medical & Dental Association CMDA Capital Markets Development Authority (Fiji) ; PSE PSE 1. pale soft exudative pork. 2. portosystemic encephalopathy. :CDC See Control Data, century date change and Back Orifice. CDC - Control Data Corporation ) announced today that the current backlog of its 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. MGA (1) (Monochrome Graphics Adapter) A display adapter that employs Hercules Graphics, combining graphics and text on a monochrome monitor. (2) (Matrox Graphics Accelerator) A trade name used by Matrox Graphics Inc. Ltd. now totals approximately $28.5 million, a 42.5% increase from the $20 million backlog it reported in the prospectus dated May 31, 1995; it represents a more than fivefold fivefold Adjective 1. having five times as many or as much 2. composed of five parts Adverb by five times as many or as much Adj. 1. increase in the backlog stated for its fiscal year ended May 31, 1994. CAM Designs Inc., which completed its initial public offering this past July 1995 and acquired MGA Ltd., stated in a previous announcement that the preliminary results for MGA Ltd.'s first quarter indicated that the company earned $0.15 for the quarter; its profits had increased 121% to $335,000 from August 31, 1994's, $151,600; and sales for the same period had increased 85.0% to $6.6 million from $3.6 million. John Davidson, Chairman 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. of CAM Designs Inc., said, "The Company has just signed a $7.3 million contract with a major European automotive company. The significant increase in the Company's backlog indicates market demand for the Company's expertise. This major contract with a European company is in line with the Company's strategy to further expand MGA's high added-value activities into European and similar target markets in North America. MGA already has a presence in the UK, western Europe and the Far East, making CAM Designs Inc. a truly global company." "The increase in our backlog, while better than our internal projections, will not prove to be difficult in fulfilling. Over the past 18 months, MGA increased the number of its qualified and experienced personnel by 54%, from 155 to 239, in our ongoing effort to win larger and more profitable contracts around the world. Since its IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , CAM Designs is already occupying a new 22,000 square foot prototyping and a vehicle body site at Warwick and expanding engineering and manufacturing facilities at MGA Limited's existing sites in Coventry and Oxford from its Use of Proceeds. It is a Win-Win situation," Davidson said. "By expanding MGA's facilities and personnel, MGA will be able to compete more effectively as a British firm for both automotive and aerospace contracts. The strategy is already working because the Company has also been retained by UK sub-contractors for American-based aircraft manufacturers including Boeing and Bombadier." CAM Design's automotive customers include Rolls-Royce, Rover, Volvo, and Jaguar; and its aerospace clients include Lear, Bombadier, Boeing, Merlin, and Sikorski, specializing in sheet metal and composites technology. CAM Designs Inc. is a Delaware based holding corporation for its wholly owned British subsidiary MGA Holdings, Ltd., an internationally known product development company serving the automotive and aerospace industries for clients in the United States United Kingdom and Western Europe. CONTACT: CAM Designs, Inc. John R. Davidson 212/836-4935 or 011/44-1-203-407700 (UK) or Forte Communications, Inc. Patricia Meding 212/785-6300 212/785-6205 (fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion