Coin Bill Validator announces third quarter results.HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Aug. 12, 1996--Coin Bill Validator Inc. (Nasdaq: NM: CBVI)("CBV CBV - call-by-value ") today announced financial results for the company's fiscal third quarter and the nine month period ended June 30, 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 for the 1996 fiscal third quarter rose 9.6 percent to $4.4 million from $4.0 million in the prior year period. Net income for the quarter was $250.2 thousand, or $0.09 per share, compared with $0.79 thousand, or $0.00 per share, in the same period last year. Net sales for the company's first nine months of fiscal 1996 increased 17.7 percent to $11.9 million compared with $10.1 million in the first nine months of fiscal 1995. Operating results for the nine-month period were a loss of ($73.2) thousand, or ($0.03) per share, compared with pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $819.9 thousand, or $0.32 per share, as adjusted to reflect income taxes which would have been paid had the company been a "C" corporation for the entire 1995 period. The loss in the nine month period was attributed primarily to the one-time inventory write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of approximately $1.1 million taken in the second quarter for obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. . Stephen Katz
Stephen Katz (1946 in New York City – 18 October, 2005 in Plano, Texas) was an American teacher and screenwriter. , CBV's newly appointed vice chairman and chief executive officer, said, "From the standpoint The Standpoint is a newspaper published in the British Virgin Islands. It was originally published under the name Pennysaver, largely as a shopping-coupon promotional newspaper, but since emerged as one of the most influential sources of journalism in the of revenue growth, the company's nine month results are in line with our expectations for the fiscal year. International markets, particularly in the gaming industry, continue to drive our sales growth while domestic sales in both the gaming and vending industries are showing improvement. Most important however, is the fact that we have begun the process of positioning the company for accelerated revenue growth in the years ahead. With the addition of Edward Seidenberg as vice president and chief financial officer and Joseph Pititto as director of investor relations Investor relations The process by which the corporation communicates with its investors. , we have strengthened our management team and are focused on leveraging the company's innovative technologies to gain market share on a worldwide basis." Coin Bill Validator Inc. is a U.S. based designer, manufacturer, and marketer of paper currency validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. systems used to automate To turn a set of manual steps into an operation that goes by itself. See automation. payment in the gaming and vending industries worldwide. The company's proprietary technologies are among the most advanced in the industry. -0-
Coin Bill Validator Inc.
Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
1996 1995 1996 1995
Net Sales $4,380,997 $3,996,312 $11,921,330 $10,128,227 Income (Loss) from Operations 424,851 (14,731) (127,643) 1,349,934 Net Income (Loss)(a) 250,182 787 (73,240) 819,970 Net Income (Loss) per share(a) $ 0.09 $ 0.00 ($0.03) $ 0.32 Weighted Average Common Shares Outstanding 2,750,000 2,750,000 2,750,000 2,567,432(b)
(a) Amounts for the nine month period ended June 30, 1995 include a
pro forma tax provision as if the company had been a "C"
corporation for the entire period
(b) Adjusted to reflect the pro forma effect of a "C" corporation
income tax provision for that period and the retroactive effect
of a 1.64 stock split
CONTACT: Coin Bill Validator, Hauppauge Director, Investor Relations Joseph D. Pititto, 516/887-0744 |
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