Castelle Announces Fourth Quarter Results.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Feb. 4, 1997--Castelle (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 :CSTL CSTL Chemical Science and Technology Laboratory CSTL Clinical Study Team Leader ) today announced sales and earnings for the fourth quarter and annual results for the period ended December December: see month. 31, 1996. Reported financial results include Ibex Technologies, Inc. and associated Ibex acquisition costs. 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 fourth quarter increased 17 percent to $8.5 million compared with $7.3 million for the same period in 1995. Net sales for the year ended December 31, 1996 increased 16 percent to $32.7 million, compared with $28.2 million for the same period in 1995. Net income for the fourth quarter of 1996, excluding a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. acquisition charge of $1.4 million and a one-time net year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. tax benefit of $3.7 million, was $901,000 or $.19 per share on 4.7 million shares, compared to net income of $696,000 or $.19 per share on 3.7 million shares for the comparable period of 1995. Net income for 1996 was $3.4 million or $.72 per share, excluding a one-time acquisition charge of $1.4 million and a one-time net year-to-date tax benefit of $3.7 million, compared with net income of $2.1 million or $.59 per share for the same period in 1995. Net income including one-time effects for the fourth quarter of 1996 was $3.2 million or $.68 per share, compared to net income of $696,000 or $.19 per share for the comparable period of 1995. Net income including one-time effects for 1996 was $5.6 million or $1.20 compared with net income of $2.1 million or $.59 per share for the same period in 1995. "In the fourth quarter Castelle continued to establish itself as a leader in the specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. network server market by enhancing its fax server line to be Year 2000 Compliant a. 1. (Computers) having dates fully and properly represented, and not susceptible to failure due to the year 2000 bug. ; delivering Fax-it-Back, a low-cost/feature-rich fax-on-demand system; and shipping the OfficeConnect CD-ROM server A CD-ROM reader designed for network use. It can be configured as a tower or jukebox. Towers contain several drives, and each drive holds one CD-ROM. Jukeboxes hold from a couple dozen to hundreds of discs, but have only a small number of drives. that supports access via the Web, the newest addition to the Castelle/3Com OfficeConnect product line," said Arthur Arthur, king of Britain: see Arthurian legend. Arthur king and hero of Scotland, Wales, and England. [Arthurian Legend: Parrinder, 28] See : Heroism Bruno, Castelle chairman and 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. . "These introductions combined with planned Internet-related first quarter announcements illustrate Castelle's commitment to produce and provide a complete line of Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the enabled servers and solutions." Castelle, founded in 1987, is a global supplier of specialized network servers that deliver superior price/performance among networked users. Castelle products provide a flexible and scalable approach to integrating fax, print and other network capabilities into workgroups See workgroup, workgroup-based network and Windows for Workgroups. and Intranets of all sizes. Castelle's FaxPress and OfficeConnect Fax Server family broadens communications for workgroups by allowing users to send and receive faxes from their existing applications and e-mail environments. The new OfficeConnect multi-platform CD-ROM server allows numerous users from different environments to simultaneously access the CD-ROM drives CD-ROM drives, which today typically means a CD-RW drive that is a combo CD-ROM, CD-R and CD-RW drive, come in a variety of speeds. The original drive (1x) transferred data at 150KB per second. continuously. Castelle's JetPress, LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. Press MP, and OfficeConnect Print server family set the standard for simplified access and control over network printing resources. The Ibex acquisition added the InfoPress product, a fax-on-demand, email-on-demand and Web information server to Castelle's product line. Castelle's headquarters are located at 3255-3 Scott Boulevard boulevard Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle , Santa Clara, CA 95054. Castelle can be reached in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. at 408/496-0474, in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). at +31-2356-50240 or at our Web site
at http://www.castelle.com .Except for the historical information contained herein, this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including timely development, acceptance and pricing of new products and general economic conditions as they affect the Company's customers, as well as the other risks detailed from time to time in the Company's SEC reports, including the report on form 10-KSB for the year ended December 31, 1995 and Form 10-QSB's. -0-
CASTELLE
CONSOLIDATED BALANCE SHEETS
(in thousands)
12/31/96 12/31/95
ASSETS
Current assets:
Cash and cash equivalents $ 8,161 $ 7,406
Accounts receivable, net 5,783 3,380
Inventories 2,841 3,678
Prepaids and other assets 626 621
Deferred income taxes 1,439 0
Total current assets 18,850 15,085
PPE, net 593 448
Other assets, net 84 120
Deferred income taxes 2,860 0
$ 22,387 $ 15,653
LIABILITIES & S/H EQUITY
Current liabilities:
L-T debt, current portion $ 0 $ 268
Accounts payable 1,862 2,772
Accrued liabilities 3,685 2,603
Total current liabilities 5,547 5,643
Other L-T liabilities 0 21
Total stockholders' equity 16,840 9,989
$ 22,387 $ 15,653
CASTELLE
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three months ended
12/31/96 12/31/95
Net sales $ 8,525 $ 7,265
Cost of sales 3,671 3,648
Gross profit 4,854 3,617
Operating expenses:
Research and development 838 578
Sales and marketing 2,533 1,786
General and administrative 580 444
Acquisition costs 1,430 0
Total operating expenses 5,381 2,808
Operating income (loss) (527) 809
Nonoperating income (expense) 50 (77)
Income (loss) before income taxes (477) 732
Provision (benefit) for income taxes (3,643) 36
Net income $ 3,166 $ 696
Net income per share $ 0.68 $ 0.19
Shares used in per share calculation 4,651 3,706
As a percentage of net sales:
Net sales 100.0% 100.0%
Cost of sales 43.1% 50.2%
Gross profit 56.9% 49.8%
Operating expenses:
Research and development 9.8% 8.0%
Sales and marketing 29.7% 24.6%
General and administrative 6.8% 6.1%
Acquisition costs 16.8% 0.0%
Total operating expenses 63.1% 38.7%
Operating income (loss) (6.2)% 11.1%
Nonoperating income (expense) 0.6% (1.0)%
Income (loss) before income taxes (5.6)% 10.1%
Provision (benefit) for income taxes (42.7)% 0.5%
Net income 37.1% 9.6%
CASTELLE
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Year ended
12/31/96 12/31/95
Net sales $32,725 $28,173
Cost of sales 15,609 14,303
Gross profit 17,116 13,870
Operating expenses:
Research and development 2,986 2,666
Sales and marketing 8,694 7,032
General and administrative 1,930 1,667
Acquisition costs 1,430 0
Total operating expenses 15,040 11,365
Operating income 2,076 2,505
Nonoperating income (expense) 211 (353)
Income before income taxes 2,287 2,152
Provision (benefit) for income taxes (3,356) 69
Net income $ 5,643 $ 2,083
Net income per share $ 1.20 $ 0.59
Shares used in per share calculation 4,702 3,519
As a percentage of net sales:
Net sales 100.0% 100.0%
Cost of sales 47.7% 50.8%
Gross profit 52.3% 49.2%
Operating expenses:
Research and development 9.1% 9.4%
Sales and marketing 26.6% 25.0%
General and administrative 5.8% 5.9%
Acquisition costs 4.5% 0.0%
Total operating expenses 46.0% 40.3%
Operating income 6.3% 8.9%
Nonoperating income (expense) 0.7% (1.3)%
Income before income taxes 7.0% 7.6%
Provision (benefit) for income taxes (10.2)% 0.2%
Net income 17.2% 7.4%
CONTACT: Castelle Arthur H Arthur Higelin (born Paris, France, 27 March 1966), better known under his stage name Arthur H, is a pianist, songwriter and singer. He is the son of the French singer Jacques Higelin and Nicole Courtois. . Bruno, 408/496-0474 Randall Randall may refer to the following: In places:
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