CARVER CORPORATION ANNOUNCES SECOND QUARTER RESULTS.LYNNWOOD Lynnwood, city (1990 pop. 28,695), Snohomish co., W central Wash., a residential and industrial suburb of Seattle; inc. 1959. Aerospace parts, communications and electrical equipment, electronic components, precious metal jewelry, and scales and balances are among , Wash.--(BUSINESS WIRE)--Aug. 8, 1995--Carver 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 :CAVR CAVR Canadian Administrators of Volunteer Resources CAVR Canadian Agreement on Vehicle Registration CAVR Center for Audio-Visual Research CAVR Completeness, Accuracy, Validity and Restricted access (financial accounting) ), today reported sales of $4,931,000 for the quarter ended June June: see month. 30, 1995, compared to sales of $4,800,000 for the same period in 1994. Net losses were $1,303,000 or $0.35 per share for the second quarter of 1995, compared to net losses of $948,000 or $0.26 per share for the same period of 1994. For the six month period ended June 30, 1995 the Company reported sales of $10,161,000 and losses of $1,935,000 or $0.53 per share compared to sales of $10,316,000 and losses of $1,492,000 or $0.41 per share for the first six months of 1994. The operating gross margin was negatively impacted in the most recent quarter by the earlier decline in the value of the dollar to the yen, which substantially increased the cost of offshore sourced products. In addition, losses were increased by provisions for severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs paid and payable to employees who were laid off in a work force reduction previously announced June 20, and by the write off of certain assets associated with the Company's discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: mobile operations and prior acquisition of the brand name "KLW KLW Klawock, AK, USA (Airport Code) " for the mobile market. "The Company continues to focus on minimizing expenses and generating cash by reducing inventories," stated 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. A. Fulton Fulton, city (1990 pop. 10,033), seat of Callaway co., central Mo., in an agricultural and farm area; inc. 1859. It has printing plants and factories that make food products, textiles, and industrial equipment. Firebricks from nearby clay beds are also produced. , 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. . "We are continuing to aggressively pursue alternatives to benefit the investment position of Carver carver /car·ver/ (kahr´ver) a tool for producing anatomic form in artificial teeth and dental restorations. carver (carving instrument), n shareholders, through the investment banking firm Cruttenden Roth," Fulton noted. Carver Corporation designs, develops, manufactures and markets high-fidelity consumer and professional audio components and systems which are known for their superior sound reproduction. -0-
CARVER CORPORATION
Second Quarter Ended June 30, 1995
Consolidated Financial Highlights
(in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
------ ------ ------ ------
Net Sales $ 4,931 $ 4,800 $ 10,161 $ 10,316 Gross Margin 705 945 1,888 2,101 Expenses Selling 1,058 892 2,048 1,854 General & Admin. 472 594 954 988 Research & Dev. 315 325 568 587 Loss from operations (1,140) (866) (1,682) (1,328) Other income (expense) (163) (82) (253) (164) Loss before taxes (1,303) (948) (1,935) (1,492) Net loss $ (1,303) $ (948) $ (1,935) $ (1,492) Net loss per share $ (0.35) $ (0.26) $ (0.53) $ (0.41) Weighted common and common equivalent shares used for calculation per share 3,679 3,678 3,679 3,678
CARVER CORPORATION
Condensed Balance Sheet
(in thousands)
June 30, Dec. 31,
1995 1994
------ ------
Cash and short-term investments $ 110 $ 254 Net receivables 3,064 3,830 Inventory 6,963 8,050 Other assets 1,819 1,966 Net property, plant & equipment 2,410 2,528 Total assets $14,366 $16,628 Total liabilities 5,762 6,091 Shareholders' equity 8,604 10,537 Total liabilities and equity $14,366 $16,628 Book value per share $ 2.34 $ 2.86 CONTACT: Carver Corporation, Lynnwood John P. World, 206/775-1202 |
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