Cambex reports third quarter financial 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)--Nov. 11, 1996--Cambex Corp. today reported its financial results for the third quarter of 1996, ended Sept. 28, 1996. The company recorded revenues for the third quarter of $4,193,000 and incurred a net loss of $1,919,000, or $0.21 per share. Due to the change in the company's financial reporting year, the third quarter of 1996 is compared to the three month period ended Aug. 31, 1995, the fourth quarter of the fiscal year ended Aug. 31, 1995. For that period, revenues were $3,307,000 and the net loss was $10,304,000, or $1.18 per share. The results for that period included inventory write-downs of $6,547,000. For the nine months ended Sept. 28, 1996, Cambex reported revenues of $19,336,000 and a net loss of $2,703,000, which compares to revenues of $24,985,000, and a net loss of $10,055,000 for the comparable period of the prior year. "We are disappointed with the third quarter revenues, which result in part from the delay by users in purchasing memory while awaiting IBM's September September: see month. CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. announcement, and in part from customers continued evaluation of the company's new disk products," Joseph F. Kruy, Cambex's president and 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 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) computing computing - computer environments.
CAMBEX CORPORATION
THIRD QUARTER 1996
FINANCIAL RESULTS
(Unaudited)
For the quarter ended For the nine months ended
Sept. 28, Aug. 31, Sept. 28, Aug. 31,
1996 1995 1996 1995
Revenues $4,193,000 $3,307,000 $19,336,000 $24,985,000
Income (Loss)
before Income
Taxes $(1,919,000) $(12,353,000) $(2,703,000) $(11,939,000)
Provision
(Credit) for
Income Taxes $0 $(2,049,000) $0 $(1,884,000)
Net Income
(Loss) $(1,919,000) $(10,304,000) $(2,703,000) $(10,055,000)
Net Income
(Loss) Per
Common Share $(0.21) $(1.18) $(0.30) $(1.15)
Weighted Average
Shares
Outstanding 9,000,000 8,750,000 8,975,000 8,750,000
CONTACT: Cambex Corp. Sheldon M. Schenkler, 617/890-6000 ext. 241 REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-752-9600 or 800-221-2462; Boston 617-236-4266 or |
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