Coherent Communications Systems Corporation Finishes 1996 With Record Sales and Earnings.LEESBURG, Va.--(BUSINESS WIRE)--Jan. 22, 1997--Coherent Communications Systems 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 : CCSC CCSC Consortium for Computing in Small Colleges CCSC Cheung Chuk Shan College (Hong Kong) CCSC Chicagoland Construction Safety Council CCSC Cemetery Consumer Service Council CCSC Commercial Computer Security Centre ) today announced a 28% increase in earnings on a 33% sales increase for the fourth quarter of 1996. Coherent Communications Systems Corporation today reported fourth quarter earnings of $2,905,000 or $0.19 per share on sales of $16,055,000. Compared to the same quarter last year, sales were up 33% while earnings increased by 28%, For the fiscal year, sales were $54,431,000, producing earnings of $9,748,000 or $0.63 per share. Sales increased 24% over fiscal 1995 while earnings increased 28%. Daniel L. McGinnis, 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. , said The fourth quarter provided Coherent with a strong finish to a year of increasing strength in each quarter. In addition to producing record annual sales and earnings, Coherent was able to establish programs in 1996 that should provide benefits for 1997 and beyond. During 1996, all of Coherent s markets grew, and there were regions of special strength. Coherent targeted the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. echo canceller market and added more than 15 new customers, while growing sales by nearly 90%. Latin America was another strong growth area with sales increasing by over 150%. Towards the end of the year, new sales offices were opened in Dubai, Mexico City, Tokyo, Singapore and Beijing. Coherent s effort to enter the Chinese market was successfully concluded at year end with an agreement to license Eastern Communications Manufacturing Company (EastCom) to manufacture and sell Coherent s EC-6000 echo canceller in China. EastCom is owned by subsidiaries of China s Ministry of Posts and Telecommunications (MPT MPT Maryland Public Television MPT Modern Portfolio Theory (investing) MPT Ministry of Posts and Telecommunications MPT Message-Passing Toolkit MPT Master of Physical Therapy MPT Mitochondrial Permeability Transition ). Also expanded during the year was the Technical Assistance Center (TAC 1. TAC - Translator Assembler-Compiler. For Philco 2000. 2. TAC - Terminal Access Controller. ) which provides product information, applications engineering assistance, remote troubleshooting and contract maintenance services. Among the new customers announced during the year were Geotek, Omnipoint, Embratel, MPT (China), Telia, and Kapsch Akliengesellshaft among others. Major new OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and relationships were announced with Motorola, Nortel, DSC (1) (Digital Signal Controller) A microcontroller and DSP combined on the same chip. It adds the interrupt-driven capabilities normally associated with a microcontroller to a DSP, which typically functions as a continuous process. See microcontroller and DSP. , Rikei, NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. , Itochu, EastCom, Newbridge and others. Coherent Communications Systems Corporation is a worldwide leader in state of the art voice enhancement technology, spanning echo cancellation platforms and associated network software. The Company's products are used globally by major wireless and wireline telecommunications companies and network operators, including AT&T Wireless, Cellular One, British Telecom, Nokia, NORTEL, Telia, Mercury, Cable & Wireless, Telmex, Cisco Systems, KDD KDD Knowledge Discovery and Data Mining (International Conference) KDD Knowledge Discovery in Databases KDD Kokusai Denshin Denwa (Japan) KDD Key Distribution Device , Deutsche Telekom and France Telecom among the extensive list. Coherent is a fully accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 company, dedicated to maintaining the highest quality standards at every level. The Company s headquarters are based in Leesburg, Virginia, USA. Also available via Coherent s Web Page: http://www.coherent.com This news release contains forward looking statements, including statements of the Company s sales and marketing expectations, that involve risks and uncertainties associated with intense competition, variations in market growth, lack of customer acceptance, timely availability of raw and produced materials, and competitive pricing of products as well as other risks detailed in the Company s SEC reports. -0-
Coherent Communications Systems Corporation
(Amounts are in Thousands Except Earnings Per Share)
Condensed Statement of Operations
Three months ended Twelve months ended
12/31/96 12/31/95 12/31/96 12/31/95
Revenues $ 16,055 $ 12,030 $ 54,431 $ 43,829
Gross Profit 9,981 7,526 34,238 26,804
Pre-tax Income 4,539 3,775 15,252 12,650
Net Income 2,905 2,265 9,748 7,590
Earnings per Share $ 0.19 $ 0.15 $ 0.63 $ 0.49
Average Shares Outstanding 15,504 15,436 15,480 15,440
Condensed Balance Sheet 12/31/96 12/31/95
Cash & Short Term Investments $ 16,769 $ 10,477
Accounts Receivable, Inventory
and Other Current Assets 14,475 12,507
Current Assets 31,244 22,984
Property, Plant, Equipment and
Other Assets 6,314 5,632
Total Assets 37,558 28,616
Current Liabilities 5,592 6,991
Long Term Liabilities 167 1,177
Shareholders' Equity 31,799 20,448
Total Liabilities and Stockholders' Equity $ 37,558 $ 28,616
CONTACT: Coherent Daniel L. McGinnis, CEO, 703/724-7330 Michael P. Gendron, CFO See Chief Financial Officer. , 703/724-7364 |
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