Conceptronic announces third quarter results.PORTSMOUTH, N.H.--(BUSINESS WIRE)--Oct. 24, 1996--Conceptronic Inc. (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 :CNCP CNCP Canadian Nursery Certification Program CNCP Canadian National/Canadian Pacific (telecommunications company) CNCP Canada Prenatal Nutrition Program CNCP Commonwealth National Competition Policy (Australia) ) today announced results for the third quarter ended Sept. 29, 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 three months ended Sept. 29, 1996 were $4,072,000 compared to $3,895,000 for the same period in 1995. Net income for the three months ended Sept. 29, 1996 was $136,000 (8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ) compared to $68,000 (4 cents per share) for the same three month period in 1995. Net sales for the nine months ended Sept. 29, 1996 were $11,632,000 compared to $10,890,000 for the same period in 1995. The net loss for the nine months ended Sept. 29, 1996 was $126,000 (a loss of 7 cents per share) compared to a net profit of $208,000 (12 cents per share) for the same period in 1995. Backlog as of Sept. 29, 1996 was approximately $1,328,000 compared to approximately $1,815,000 as of Oct. 1, 1995. Selling and administrative expenses for the three months ended Sept. 29, 1996 were $871,000 compared to $763,000 for the same period in 1995, an increase of 14 percent. Selling and administrative expenditures for the nine months ended Sept. 29, 1996 were $2,692,000 compared to $2,356,000 for the same period in 1995, an increase of 14 percent. Research and development expenditures for the three months ended Sept. 29, 1996 were $70,000 compared to $89,000 for the same period in 1995, a decrease of 21 percent. Research and development expenditures for the nine months ended Sept. 29, 1996 were $295,000 compared to $247,000 for the same period in 1995, an increase of 19 percent. Gary Prime, vice chairman, stated, "We are pleased with our third quarter results after our disappointing second quarter performance. A 15 percent increase in third quarter bookings compared to the same period in 1995 resulted in a modest third quarter profit. In addition to our efforts to increase bookings, the company has initiated a price increase, which we expect will improve our margins beginning in the fourth quarter of 1996. "Conceptronic's continued investment in the sales, marketing and development of our products has resulted in a 11 percent increase in bookings for the nine months ended Sept. 29, 1996 compared to the same period in 1995. While it is too early to predict the balance of the year, I remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that our position as a product leader will result in continued sales growth and profitability." During the quarter Conceptronic announced the convening of a Special Meeting of Stockholders on Nov. 15, 1996 to consider increasing the number of the company's authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. and to amend the company's Stock Option Plan. The company is seeking $12,000,000 through a limited non-public offering to finance future potential business acquisitions and/or promote growth of the company's forced conveyorized reflow oven A reflow oven is a machine used primarily for reflow soldering of surface mount electronic components to printed circuit boards. Types of Reflow Ovens Infrared and Convection Ovens product line. This releaes contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. The factors that could cause actual results to differ materially include the following: general economic conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. in the SMT (1) (Surface Mount Technology) See surface mount. (2) (Station ManagemenT) An FDDI network management protocol that provides direct management. Only one node requires the software. SMT - Station Management circuit manufacturing industry and related industries, including but limited to the printed circuit board industry; competitive factors and pricing pressures; changes in product mix; changes in the seasonality of demand patterns; the timely development and acceptance of new products; inventory risks due to shifts in market demand; component constraints and shortages; risks of nonpayment of accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying ; ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale and expansion of manufacturing capacity; and the risks described from time to time in the company's SEC reports. Conceptronic Inc. designs and manufactures highly advanced, computer-controlled reflow soldering Reflow soldering is the most common means to attach a surface mounted component to a circuit board, and typically consists of applying solder paste, positioning the devices, and reflowing the solder in a conveyorized oven. equipment used in the electronic, SMT circuit manufacturing industry. Conceptronic is recognized as a leading worldwide supplier of conveyorized forced convective reflow ovens and component rework re·work tr.v. re·worked, re·work·ing, re·works 1. To work over again; revise. 2. To subject to a repeated or new process. n. stations. Conceptronic products are preferred by many of the world's largest automotive, telecommunications, aerospace, computer and contract assembly manufacturers.
Selected Summary Financial Data
(unaudited)
Three months ended Nine months ended
Sept. 29, Oct. 1, Sept. 29, Oct. 1,
1996 1995 1996 1995
Net sales $4,072,000 $3,895,000 $11,632,000 $10,890,000
Net income (loss) $ 136,000 $ 68,000 $ (126,000) $ 208,000
Earnings (loss)
per share $ 0.08 $ 0.04 $ (0.07) $ 0.12
Weighted average
shares outstanding 1,700,000 1,700,000 1,700,000 1,700,000
Selling and
administrative
expenses $ 871,000 $ 763,000 $ 2,692,000 $ 2,356,000
Backlog $ 1,328,000 $ 1,815,000
CONTACT: Conceptronic Inc. William D. Gray, 603/431-6262 |
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