Computone Corporation Reports for Third Quarter of Fiscal 2001.Business Editors ATLANTA--(BUSINESS WIRE)--March 1, 2001 Quarterly Sales Increases Continue Computone Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CMPT CMPT Computer Science (course) CMPT Compartment CMPT Compute CMPT Centre for Marine and Petroleum Technology (UK) CMPT Certified Manual Physical Therapist ), an IT pioneer and leader in connectivity products and remote access communications
Access Communications Co-operative Ltd. , has reported financial results for the third quarter and nine months ended December 31, 2000. Computone reported 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 of $3,760,000 for the third quarter, as compared to $2,378,000 for the same period a year ago. Net sales increased 58% over the comparable period in the prior year and 28% over the $2,940,000 in net sales reported for the second quarter of the current fiscal year. In addition, Computone reported a loss of $993,000 or $.08 per share for the third quarter compared with a loss of $392,000 or $.05 per share for the same period a year ago. The net loss in the current year period includes non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) of $428,000 related to the amortization of goodwill and financing costs associated with the June 28, 2000 acquisition of Multi-User Solutions Ltd. Net sales of Connectivity Products of $2,113,000 in the third quarter increased 38% over the net sales in the second quarter but were down 11% from the comparable period in the prior fiscal year. Net sales from Service and Support, a line of business acquired on June 28, 2000, were $1,647,000 in the third quarter, an increase of 17% over the second quarter. Computone expects fourth quarter revenues to be below revenues of the third quarter due to lower sales on Connectivity Products caused by postponement of orders by certain customers. The Company's new IntelliServer RAS (1) See network access server. (2) (Remote Access Service) A Windows NT/2000 Server feature that allows remote users access to the network from their Windows laptops or desktops via modem. See RRAS and network access server. 2000 ("RAS 2000") product for Remote Console A terminal or workstation in a remote location that is used to monitor and control a local computer. Management continues to be well received. This product allows system administrators to securely administer, troubleshoot To find out why something does not work and to fix the problem. Troubleshooting a computer often requires determining whether the problem is due to malfunctioning hardware or buggy or out-of-date software. See debug. or reboot To reload the operating system, which restarts the computer. See boot. (operating system) reboot - (From boot) A boot with the implication that the computer has not been down for long, or that the boot is a bounce intended to clear some state of wedgitude. See warm boot. any server, router or PBX (Private Branch eXchange) An inhouse telephone switching system that interconnects telephone extensions to each other as well as to the outside telephone network (PSTN). device on their network from remote locations throughout the world. For security, the RAS 2000 provides 128-bit encryption The reversible transformation of data from the original (the plaintext) to a difficult-to-interpret format (the ciphertext) as a mechanism for protecting its confidentiality, integrity and sometimes its authenticity. Encryption uses an encryption algorithm and one or more encryption keys. for sensitive data. Due to personal and business commitments, Richard A. Hansen has resigned from Computone's Board of Directors effective February 22, 2001. Mr. Hansen has served on Computone's Board of Directors since 1992. Mr. Hansen will continue in his role as chief executive officer, director and principal shareholder of PMG PMG abbr. postmaster general PMG 1. Postmaster General 2. Paymaster General Capital Corp., a firm he co-founded in 1986. "Dick has been a valuable asset to Computone's Board of Directors and has served the Company well. We wish him much success in his future endeavors and we appreciate the knowledge and expertise that he has shared with Computone over the years," stated John Freitag John W. Freitag (born May 3, 1877 - died October 20, 1932) was an American rower who competed in the 1904 Summer Olympics. In 1904 he was part of the American boat, which won the bronze medal in the coxless fours. External link
Computone Corporation (OTC BB: CMPT)(www.computone.com) has been a pioneer and leader in the worldwide IT industry since 1984. Today, Computone designs, manufactures and markets a comprehensive line of intelligent servers used for secure remote network management, secure E-commerce, and remote access communications for Internet, LAN/WAN LAN/WAN Local Area Network/Wide Area Network and Windows NT/SCO UNIX/Linux and other Open Systems. Its Multi-User Solutions Ltd. subsidiary, acquired in June 2000, is a leading third party provider of service and support specializing in Linux(R), SCO (The SCO Group, Lindon, UT, www.sco.com) A leading vendor of Unix operating systems for the x86 platform. SCO had also offered Linux, but abandoned the line in the spring of 2003. The SCO Group is the combination of two companies: Utah-based Caldera, Inc. (R) UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). (R), Windows(R) NT, and other Open Systems. This press release contains certain 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. within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement. All trademarks are properties of their respective owners.
Computone Corporation and Subsidiaries
Condensed Consolidated Financial Information
(In thousands, except per share data)
(Unaudited)
Results From Operations
-----------------------
Three Months Ended Nine Months Ended
December 31, December 31,
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2000 1999 2000 1999
---- ---- ---- ----
Revenues:
Net sales $ 3,760 $ 2,378 $ 7,938 $ 9,757
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Expenses:
Cost of sales 2,520 1,451 5,407 5,878
Amortization of
goodwill 216 - 436 -
Selling, general
and administrative 1,383 836 3,443 2,723
Product development 318 437 1,007 1,326
------- ------- ------- -------
4,437 2,724 10,293 9,927
------- ------- ------- -------
Operating loss (677) (346) (2,355) (170)
Other income (expense):
Other income 19 - 24 -
Interest expense -
affiliates (25) (19) (69) (57)
Loan discount
amortization (212) - (418) -
Interest expense -
other (98) (27) (235) (87)
------- ------- ------- -------
Loss before income taxes (993) (392) (3,053) (314)
Provision for income taxes - - - -
------- ------- ------- -------
Net loss $ (993) $ (392) $(3,053) $ (314)
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Loss per common share
- basic and diluted $ (0.08) $ (0.05) $ (0.27) $ (0.04)
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Weight average shares
outstanding - basic
and diluted 12,138 8,702 11,431 8,702
======= ======= ======= =======
Selected Financial Information
------------------------------
December 31, March 31,
2000 2000
----------- --------
Cash and cash equivalents $ 94 $ 197
Current assets 5,315 4,102
Current liabilities 7,200 3,947
Working capital (1,885) 155
Total assets 14,626 5,196
Total liabilities 7,200 4,140
Stockholders' equity 7,426 1,056
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