Correcting first quarter 1995 net income and net income per share figures in Network Express release issued April 15.--(BUSINESS WIRE)--April 16, 1996--In BW1485-4/15, (NETWORK-EXPRESS) announces first quarter 1996 results, issued April 15, 1996, two figures in the second table were incorrect Incorrect means to not be correct and may also refer to:
The corrected table follows: -0-
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Quarter ended March 31,
1996 1995
(unaudited)
NET SALES:
Japan $ 388 $4,214
United States 340 329
Europe 2,449 -
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Total net sales 3,177 4,543
COST OF SALES 1,621 2,405
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Gross Profit 1,556 2,138
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OPERATING EXPENSES:
Research and development 1,677 863
Sales and marketing 1,595 640
General and administrative 577 256
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Total operating expenses 3,849 1,759
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Income (loss) from operations (2,293) 379
OTHER INCOME 250 35
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Income (loss) before income taxes (2,043) 414
PROVISION FOR INCOME TAXES 111 40
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NET INCOME (LOSS) $(2,154) $ 374
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NET INCOME (LOSS) PER COMMON AND
COMMON EQUIVALENT SHARE $(0.20) $ 0.05
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WEIGHTED AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING 10,654 7,926
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CONTACT: Network Express, Inc., Ann Arbor Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as John R. Ternes, 313/761-5005 |
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