Comdial Reports First Quarter Sales and Profit Growth.Business Editors/High Tech Writers CHARLOTTESVILLE Charlottesville (shär`lətsvĭl), city (1990 pop. 40,341), seat of Albemarle co., central Va., on the Rivanna River, in a Piedmont farm region known for its apples; founded 1762, chartered as a city 1888. , Va.--(BUSINESS WIRE)--April 19, 2000 Earns $0.10 per share on sales of $34.3 million Comdial Comdial is a telecommunications company based in Sarasota, Florida. Comdial was a former manufacturer and current deisgner and developer of Telecommunications Systems, or telephone syestems. Corporation (Nasdaq: CMDL CMDL Climate Monitoring and Diagnostics Laboratory CMDL Common Mission Data Loader ) today reported first quarter 2000 results. Sales and Earnings Sales grew to $34.3 million, a gain of 8 percent over first quarter 1999 and the highest first quarter sales ever for Comdial. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $1.9 million, an increase of 56 percent over the $1.2 million reported in the first quarter of 1999. Net income was $923,000 or $0.10 per share, up from $388,000 or $0.04 per share for the same period last year. Gross Margin Gross margin for the first quarter was 43.3 percent, compared with 39.9 percent reported in the first quarter of 1999. Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. Operating expenses grew 13 percent over the year-ago quarter. The increase was planned and due in part to the continued implementation of the Company's national marketing campaign that was begun in the middle of 1999 and to one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. personnel changes related to restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the Company into Strategic Business Units. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become Earnings before interest, taxes, depreciation, and amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. increased 36 percent to $4.5 million. Comments of William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack G. Mustain Commenting on first quarter results, Mr. William G. Mustain, 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. explained, "We are pleased with our first quarter sales and earnings growth. We had good results from all of our Business Units reflecting the continued success of our strategic focus on solutions and software." About Comdial Comdial is a provider of integrated communications solutions. The Company's broad product line includes business communications, hospitality, assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. , real estate, and call center solutions. For more information about Comdial and its products, please visit our web site at http://www.comdial.com . This 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 are subject to risks and uncertainties including, but not limited to, the impact of competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results, delays in development of highly complex products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for 2000 and beyond to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company. TABLES TO FOLLOW
Consolidated Condensed Statements of Operations - Unaudited
Three Months Ended:
April 2, April 4,
(In thousands except per share amounts) 2000 1999
Net sales $34,308 $31,864
Cost of goods sold 19,440 19,163
Gross profit 14,868 12,701
Operating expenses
Selling, general and administrative 10,471 8,611
Engineering, research and development 1,697 2,086
Goodwill amortization 799 784
Operating income 1,901 1,220
Interest expense 607 382
Miscellaneous expense - net 31 129
Income before income taxes 1,263 709
Income tax expense 340 321
Net income applicable to common stock $923 $388
Earnings per common share and common equivalent share:
Net income per common share: Basic $0.10 $0.04
Diluted $0.10 $0.04
Weighted average common shares outstanding:
Basic 9,099 8,939
Diluted 9,444 8,987
Consolidated Condensed Balance Sheets
Periods Ending:
April 2, December 31,
(In thousands) 2000 1999
Assets
Cash and cash equivalents $1,899 $1,917
Accounts receivable - net 35,869 39,700
Inventory 23,755 22,827
Other current assets 8,222 7,633
Total current assets 69,745 72,077
Property - net 18,864 19,458
Goodwill 10,409 11,207
Deferred tax asset - net 12,708 11,980
Other assets 19,473 18,352
Total assets $131,199 $133,074
Liabilities and Stockholders' Equity
Accounts payable $12,231 $15,135
Other accrued liabilities 5,782 7,227
Current maturities on debt 1,262 471
Total current liabilities 19,275 22,833
Long-term debt 28,440 31,795
Deferred tax liability 2,629 2,622
Other long-term liabilities 5,949 4,216
Total liabilities 56,293 61,466
Stockholders' equity 74,906 71,608
Total liabilities and stockholders'
equity $131,199 $133,074
Consolidated Segments of Cash Flows - EBITDA
Three Months Ended:
April 2, April 4,
(In thousands) 2000 1999
Net income applicable to common stock $923 $388
Taxes 340 321
Interest expense 607 382
Depreciation expense 778 851
Goodwill amortization 799 784
Amortization expense 1,043 583
Total $4,490 $3,309
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