Conceptronic provides detailed pro forma income statement.PORTSMOUTH, N.H.--(BUSINESS WIRE)--March 19, 1997-- Yesterday Conceptronic Inc. announced its fourth-quarter and year-end results and included a 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 1996 income statement that consolidated the operating results of Conceptonic and White Mountain Cable Construction Corp. Whereas the fourth-quarter and year-end results are accurate, the pro forma numbers were in error and we issued a prompt correction that we believe requires further detail to be instructive. Therefore, we have included greater detail in this release for the benefit of shareholders. Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such 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. . Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the company with the Securities and Exchange Commission. 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) ) is a leading worldwide manufacturer of highly advanced, computer-controlled capital equipment used in the electronic, 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 assembly industry. Conceptronic's equipment is preferred by most of the world's largest automotive, telecommunications, aerospace, computer and contract assembly manufacturers. White Mountain Cable, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is engaged in the construction, reconstruction, maintenance, repair and expansion of communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. , cable television and data systems, including providing aerial construction and splicing splicing /splic·ing/ (spli´sing) 1. the attachment of individual DNA molecules to each other, as in the production of chimeric genes. 2. RNA s. of both fiber optic and coaxial co·ax·i·al adj. Having or mounted on a common axis. coaxial Adjective 1. Electronics (of a cable) transmitting by means of two concentric conductors separated by an insulator cable to major communications customers. The following table presents pro forma data as if the company had acquired White Mountain Cable as of Jan. 1, 1996. Management believes it gives a detailed view of the impact of goodwill amortization, depreciation and imputed interest Imputed Interest A term used to describe interest considered to be paid, even through no interest payment has been made. Notes: Imputed interest is calculated based upon actual payments that are to be paid, but have not yet been paid. on operations. Earnings per share do not give full effect to the full year impact of 4,000,000 shares issued in November 1996. The pro forma data is not necessarily indicative of what the results would have been if the acquisition had occurred in Jan. 1, 1996.
Pro Forma Consolidated
for Year Ended
December 31, 1996
(unaudited)
Conceptronic Inc. WMC Company
Acquisition Pro Forma
Pro Forma Consolidated
Net Sales $15,652,792 $15,008,780 $30,661,572
Cost of Sales 11,258,630 10,460,599 21,719,229
----------- ----------- -----------
Gross Profit 4,394,162 4,548,181 8,942,343
Operating Expenses 3,718,151 323,305 4,041,456
Depreciation 294,716 563,307 858,023
Goodwill Amortization (1) 806,389 806,389
Net Interest Expense 179,933 214,015 393,948
Other Expenses 97,946 97,946
Pre-Tax Income 103,416 2,641,165 2,744,581
Taxes (2) 15,416 875,422 890,838
Net Income 88,000 1,765,743 1,853,743
Pro Forma EPS $.51
Weighted Avg. Shares
Outstanding 3,653,592
-0-
Note: Reflects adjustments for the acquisition as if it had taken
place on Jan. 1, 1996, except for imputed interest expense on
acquisition financing estimated to be $712,990.
(1) Reflects current year amortization of $16,127,784 of goodwill over
20 years. The goodwill includes $15,780,784 of excess purchase
price and $347,000 of capitalized transaction expenses.
(2) Taxes reflect the increase in WMC taxable income offset by the
benefit of the Conceptronic $493,108 of available net operating
losses.
CONTACT: Conceptronic Inc. (USA) Rainer Bosselmann, 301/315-0027 |
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