CSL Reports Second Quarter Results.VALENCIA, Calif.--(BUSINESS WIRE)--Aug. 14, 1998--CSL Lighting Manufacturing Inc. d.b.a. Creative Systems Lighting (Nasdaq:CSLXC) Friday reported a net loss for the three and six months ended June 30, 1998 of $264,000 and $251,000, respectively, or 2 cents and 2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , respectively, as compared with a net loss of $749,000 and $1,144,000 respectively, or 7 cents and 12 cents per share in the prior year period. 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 for the six months ended June 30, 1998 were $6,517,000 as compared with $6,461,000 for the six months ended June 30, 1997. For the six months ended June 30, 1998 the company generated positive cash flow of $256,000 as compared with negative cash flow of $1,126,000 in the prior year period. "We have made significant reductions in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. yielding positive cash flow and a loss from operations of only $16,000 on relatively flat sales. Additionally, we have reduced our long-term bank debt by $361,000 to $2.1 million at June 30, 1998" stated Mark J. Allen, 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 will continue to focus on sales, expanding our product offerings and seeking synergistic mergers and strategic partnerships" added Allen. CSL (Computerese as a Second Language) Said of people who love to speak high-tech words even though they often use them erroneously. See TLA. 1. CSL - Computer Structure Language. A computer hardware description language, written in BCPL. designs, manufactures and markets performance engineered lighting fixtures for commercial and residential applications on a worldwide basis. In addition to its domestic operations, CSL currently has distribution and joint venture agreements in China, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Singapore, Malaysia, Philippines, Oman, Morocco, Indonesia, Taiwan and Vietnam. This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties. Actual results or achievements may be materially different from those expressed or implied. The company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the company. Therefore, there can be no assurance that the forward-looking statement will prove to be accurate. Note to editors: For past press releases and investor relations Investor relations The process by which the corporation communicates with its investors. information on CSL, go to http://www.businesswire.com/cnn/cslx.htm CONTACT: CSL Lighting Manufacturing Inc., Valencia Mark J. Allen, 805/257-4155 |
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