Correcting and replacing Bogen Communications table issued 3/31.RAMSEY Ramsey, residential borough (1990 pop. 13,228), Bergen co., NE N.J.; settled 1846, inc. 1908. Dairy and truck farms are in the area. , N.J.--(BUSINESS WIRE)--April 1, 1997--The following corrects and replaces BW1364-3/31 (BOGEN-COMMUNICATIONS) Reports Successful Turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. Results in 1996 vs. 1995. Correcting figures in table for Net Income (Loss) and Provision For Income Taxes. Bogen Communications International Inc. (AMEX AMEX See: American Stock Exchange :BGN BGN In currencies, this is the abbreviation for the Bulgarian Lev. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) ("Bogen") today reported revenues of $46.3 million and net income of $2 million, or 35 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. , for the year ended Dec. 31, 1996, compared to revenues of $44.5 million and a net loss of ($4.5 million) or ($1.37) per share for 1995. For the quarter ended Dec. 31, 1996, Bogen reported revenues of $12.2 million and net income of $658,000 or 12 cents per share, compared to revenues of $10.4 million and a net loss of ($2.3 million) or (40 cents) per share for the fourth quarter of 1995. Bogen's European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. subsidiary, Speech Design GmbH, contributed revenues of $15.6 million and net income after minority interest of $728,000 in 1996, compared to $13.8 million and $373,000, respectively for 1995. Yoav M. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , chief financial officer of Bogen, stated, "The European results are gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. , especially because of the fact that a large portion of the sales increase was generated by the introduction of our new family of products in Europe, the `Memo,' innovative voice mail systems for small to mid-size companies. We expect that Memo, sold by our different sales channels throughout Europe, will contribute substantially to 1997 revenues." Zvi Peled, Bogen Communications International 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. commented, "We are all extremely pleased and proud of Bogen's dramatic achievements in such a relatively short period of time. In 1996, Bogen's priorities were to stabilize stabilize See peg. its businesses, create positive cash flow and attain profitability. We recruited three key senior executives, restructured the organization along market segments and introduced innovative new products across all of our markets. As a result, the company is more focused and coherent, and our business model is poised for continued growth and profitability. Bogen's aim is to become the market leader in each market segment in which it operates. We plan to realize these objectives via internal innovations and possible strategic acquisitions." Except for historical information contained herein, the statements made in this release constitute forward looking statements that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements, including those risks detailed from time to time in Bogen's reports on file at the Securities and Exchange Commission, including Bogen's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended Dec. 31, 1996. Bogen Communications International Inc., based in Ramsey, and in Munich, Germany, develops, manufactures and markets telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. peripherals and sound processing equipment. Bogen's products are sold to commercial, industrial, professional and institutional customers worldwide. (Table follows) -0-
Bogen Communications International Inc.
Financial Summary
(In thousands of dollars, except per share amounts)
Revenues $ 12,191 $ 10,368 $ 46,269 $ 44,518
Cost of goods sold 6,376 7,439 25,004 27,338
_________ _________ _________ _________
Gross profit 5,815 2,929 21,265 17,180
Operating expenses:
Research and development 742 714 2,892 2,307
Selling, general and
administrative 4,082 4,319 14,360 15,067
Amortization of
goodwill and
intangibles 115 112 445 443
_________ _________ _________ _________
Income (loss) from
operations 876 (2,216) 3,568 (637)
Other expenses:
Other (income) -- (239) -- (237)
Interest expense, net 120 34 596 587
Interest expense to
related parties 23 270 72 619
Minority interest 109 (84) 337 184
Transaction costs -- -- -- 1,491
_________ _________ _________ _________
Net income (loss)
before income taxes 624 (2,197) 2,563 (3,281)
Provision for income taxes (34) 84 555 1,262
_________ _________ _________ _________
Net income (loss) $ 658 ($2,281) $2,008 ($4,543)
_________ _________ _________ _________
_________ _________ _________ _________
NET INCOME (LOSS)
PER COMMON SHARE $ 0.12 ($0.40) $ 0.35 ($1.37)
_________ _________ _________ _________
_________ _________ _________ _________
WEIGHTED AVERAGE
NUMBER OF COMMON
SHARES OUTSTANDING 5,758,850 5,759,350 5,759,075 3,311,668
_________ _________ _________ _________
_________ _________ _________ _________
CONTACT: Bogen Communications International Inc., Ramsey Yoav M. Cohen, 201/934-8500 or KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Joseph A. Mansi/Paul M. Holm holm n. Chiefly British An island in a river. [Middle English, from Old Norse h , 212/682-6300, ext. 205/201 |
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