Circuit Research Labs reports first quarter results.TEMPE, Ariz.--(BUSINESS WIRE)-- May 15, 1997 -- Circuit Research Labs, Inc. (The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. :CRLI CRLI Communist Revolutionary League of India CRLI Certificate Revocation List Identifier ) today announced unaudited results for the first quarter ended March 31, 1997. Circuit Research Labs, Inc. and Subsidiaries Consolidated Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Statements of Operations (Unaudited) Three Months Ended March 31, 1997 1996 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 $510,852 $683,530 Net Income $ 813 $ 21,232 Net Income Per Share $ .00 $ .04 Weighted Average Number of Shares Outstanding 597,682 597,682 For the first quarter ended March 31, 1997, sales decreased to $510,852 from $683,530 in the first quarter of 1996 because of slower domestic and international sales. Sales of CRL's DP100 product were delayed in 1997 due to the development of a new version of the software for the processor. The decrease in revenue contributed to the lower net income of $813 in 1997, compared to $21,232, or $.04 per share, in the first quarter of 1996. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Ronald J. Jones, Chairman, President 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. of Circuit Research Labs, "Although sales dropped this quarter, we are optimistic that we can return to our 1996 levels. The large number of shipments in 1996 of our DP-100 processor indicated an acceptance in the marketplace of our product, and we expect that sales will increase." Mr. Jones concluded, "The Company continues to maintain a strong financial position, with net working capital of $1,195,000 and a current ratio of 7.22 to 1." This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management's anticipation of future events is based upon assumptions regarding levels of competition, research and development results, raw material markets, the markets in which the Company operates, and stability of the regulatory environment. Any of these assumptions could prove inaccurate, and therefore there can be no assurance that the forward-looking information will prove to be accurate. Circuit Research Labs, Inc. manufactures and markets high quality electronic audio processing, transmission encoding and noise reduction equipment for the worldwide radio, television and professional audio markets. The Company's DP-100 FM digital processor utilizes state-of-the-art digital technology to produce superior audio quality. CRL's SC-100 RDS/RBDS (Radio Data Systems/Radio Broadcast Data Systems) allow FM radio stations to transmit text messages to "smart radios" for station call letter and slogan recognition, traffic and weather reports, and display advertising, among other uses. CONTACT: INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: Circuit Research Labs, Inc. The Equity Group Inc. Ronald R. Jones -or- Caroline Royall (212) 836-9611 Chairman, President & CEO Linda Latman (212) 836-9609 (602) 438-0888 |
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