Carver Corporation announces fourth 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)--Feb. 22, 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 $6,180,000 for the quarter ending Dec. 31, 1994, compared to sales of $6,066,000 for the same period in 1993, and net losses of $494,000 or $.13 per share for the fourth quarter of 1994, compared to net losses of $3,040,000 or $.83 per share for the same period of 1993. The Company also reported sales of $22,171,000 for the year of 1994 and net losses of $2,873,000 or $.78 per share, compared to sales of $26,274,000 and net losses of $5,408,000 or $1.47 per share for 1993. Carver carver /car·ver/ (kahr´ver) a tool for producing anatomic form in artificial teeth and dental restorations. carver (carving instrument), n Corporation designs, develops, manufactures and markets high-fidelity high fidelity n. The electronic reproduction of sound, especially from broadcast or recorded sources, with minimal distortion. high consumer and professional audio components and systems which are known for their superior sound reproduction reproduction, capacity of all living systems to give rise to new systems similar to themselves. The term reproduction may refer to this power of self-duplication of a single cell or a multicellular animal or plant organism. . -0-
CARVER CORPORATION
Fourth Quarter Ended Dec. 31, 1994
Consolidated Financial Highlights
(in thousands)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
1994 1993 1994 1993
------ ------ ------ ------
Net Sales $ 6,180 $ 6,066 $ 22,171 $ 26,274 Gross Margin 1,341 1 4,676 4,469 Expenses Selling 1,034 1,051 3,827 4,254 General & Administration 399 430 1,780 1,899 Research & Development 296 315 1,164 1,310 Loss from operations (388) (1,795) (2,095) (2,994) Other income (expense) (106) (90) (778) (570) Loss before discontinued operations (494) (1,885) (2,873) (3,564) Loss before taxes (494) (3,040) (2,873) (5,408) Net loss $ (494) $ (3,040) $ (2,873) $ (5,408) Net loss per share $ (0.13) $ (0.83) $ (0.78) $ (1.47) Weighted common and common equivalent shares used for calculation per share 3,678,438 3,677,556 3,677,992 3,675,871
CARVER CORPORATION
Condensed Balance Sheet
(in thousands)
Dec. 31, Dec. 31,
1994 1993
------ ------
Cash and short-term investments $ 254 $ 176 Net receivables 3,830 5,091 Inventory 8,050 9,104 Other assets 1,966 1,804 Net property, plant & equipment 2,528 2,722 Total assets $16,628 $18,897 Total liabilities 6,091 5,489 Shareholders' equity 10,537 13,408 Total liabilities and equity $16,628 $18,897 CONTACT: Carver Corporation, Lynnwood John P. World, 206/775-1202 |
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