Cambridge Soundworks announces fourth quarter and fiscal year 1994 results.NEWTON, Mass.--(BUSINESS WIRE)--February 3, 1995--Cambridge SoundWorks 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 :HIFI n. 1. An electronic device that plays phonograph records, reproducing the original sound with a high degree of fidelity. It superseded the older phonographs, and itself is being displaced in popularity by CD players. ) today announced its results for the fourth quarter and fiscal year ended December 31, 1994. 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 from the fourth quarter increased 68% to approximately $8.8 million. Net income for the quarter was $203,000 ($.07 per share) compared to $307,000 ($.21 per share) during the same period last year. Net sales for fiscal 1994 increased 36% to approximately $19.4 million. Net income for the year was $207,000 ($.08 per share) compared to $653,000 ($.44 per share) in fiscal 1993.
Three Months Ended
(Unaudited)
Dec. 31, 1994 Dec. 31, 1993
Net Sales $ 8,759,154 $ 5,221,622 Net Income $ 202,721 $ 306,733 Net Income Per Share $ .07 $ .21 Weighted Average Number of Shares Outstanding 2,879,882 1,478,107
Twelve Months Ended
(Audited)
Dec. 31, 1994 Dec. 31, 1993
Net Sales $ 19,431,892 $ 14,266,862 Net Income $ 207,151 $ 652,862 Net Income Per Share $ .08 $ .44 Weighted Average Number of Shares Outstanding 2,461,169 1,478,107 The company opened nine new retail stores during the fourth quarter bringing the total number of its company-owned stores to 14. Five of the new stores are located in the San Francisco Bay area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , one in Palo Alto Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. in the Silicon Valley Region of California and three in New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. . The stores in New England include the company's first opening in a major urban shopping mall, the CambridgeSide Galleria near downtown Boston, the company's first opening in a factory outlet center, the Worcester Common Fashion Outlets Mall in Worcester, Mass., and a new store in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). . Production of the company's newest product, SoundWorks by Henry Kloss, began in the fourth quarter. SoundWorks is a compact, amplified speaker system designed for use in home stereo systems or for use with multimedia computer systems. Last week the company announced the signing of a letter of understanding with Best Buy Co. (NYSE NYSE See: New York Stock Exchange : BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) ) which provides that, by June 1, 1995, Cambridge SoundWorks products will be available through "Factory-Direct Speaker Walls" in all Best Buy stores. Best Buy operates over 200 stores coast-to-coast selling consumer electronics, appliances, computer products and software. Their total revenues exceeded $4 billion in 1994. Cambridge SoundWorks is a manufacturer of high-performance, high-value speakers for stereo, home theater and multimedia computer audio. The company currently sells its products directly to consumers through its company-owned retail stores, its mail order catalog and through CompuServe's Electronic Mall. CONTACT: Cambridge SoundWorks Greg Andrews, 617/332-5936, ext. 132 |
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