Cambex reports 1996 results.WALTHAM Waltham (wôl`thăm, –thəm), city (1990 pop. 57,878), Middlesex co., E Mass., a suburb of Boston, on the Charles River; settled c.1634, set off from Watertown 1738, inc. as a city 1884. , Mass.--(BUSINESS WIRE)--April 4, 1997--Cambex Corp. today reported revenues of $22,917,000 and a net loss of $8,632,000, equal to $0.96 per share, for the year ended Dec. 31, 1996. This compares to revenues of $35,152,000 and a net loss of $9,899,000, or $1.14 per share, for the year ended Aug. 31, 1995. "The 1996 revenues declined due to the fact that the company's cost-reduced Cascade A connected series of devices or images. It often implies that the second and subsequent device takes over after the previous one is used up. For example, cascading tapes in a dual-tape backup system means the second tape is written after the first one is full. disk array product was not available to offset the decrease in the mainframe memory revenues. Production shipments of the new Cascade `Expanda STOR' product are scheduled to begin in the second quarter of 1997," Joseph F. Kruy, Cambex chief executive officer, commented. Cambex (Nasdaq:CBEX CBEX China Beijing Equity Exchange ) is a leading supplier of direct access storage products used with IBM mainframe IBM mainframes, though perceived as synonymous with mainframe computers in general due to their marketshare, are now technically and specifically IBM's line of business computers that can all trace their design evolution to the IBM System/360. and client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). computers. The company's products include memory, disk and RAID disk arrays employed by users in their highest performance IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Sun and HP computing computing - computer environments. Cambex can be reached at 617/890-6000 or by e-mail at cascade@cambex.com.
CAMBEX CORPORATION
1996 FINANCIAL RESULTS
For the year ended
Dec. 31, Aug. 31,
1996 1995
Revenues $ 22,917,000 $ 35,152,000
Cost of Sales $ 17,356,000 $ 23,415,000
Decline in value of
IBM Trade-in Memory $ -- $ 4,647,000
Operating Expenses $ 12,419,000 $ 17,195,000
Other Income (Expense) $ (1,974,000) $ (1,573,000)
Loss before Income Taxes $ (8,832,000) $(11,678,000)
Credit for Income Taxes $ (200,000) $ (1,779,000)
Net Loss $ (8,632,000) $ (9,899,000)
Net loss Per Common Share $ (0.96) $ (1.14)
Weighted Average Shares
Outstanding 9,000,000 8,700,000
CONTACT: Cambex Corp. Sheldon M. Schenkler 617/890-6000, ext. 241 |
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