Cox Technologies, Inc. Reports Positive Earnings and Cash Flow for First Quarter of Fiscal 2004.Business Editors/High-Tech Writers BELMONT Belmont (bĕl`mŏnt). 1 City (1990 pop. 24,127), San Mateo co., W Calif., a residential suburb midway between San Francisco and San Jose; laid out 1851, inc. 1926. There is light manufacturing, and the College of Notre Dame (est. , N.C.--(BUSINESS WIRE)--Sept. 16, 2003 Cox Technologies, Inc. (COXT.OB) reported increases in revenues, earnings and cash flow during the first quarter of fiscal 2004 as compared to the first quarter of fiscal 2003. First quarter 2004 income from operations was $410,584 earned on revenues of $2,440,940 compared to income of $148,478 earned on revenues of $2,265,907 for the same period last year. Net income for the first quarter of 2004 was $327,325, or $.01 per share, compared to $81,680, or less than $.01 per share for the first quarter of 2003. For the first three months of fiscal 2004, cash flow from operating activities increased to $471,584 as compared to $223,466 for the same period in fiscal 2003. Mr. Brian The name Brian (sometimes spelled Bryan) comes from an Irish backround. It is of Celtic origin and its meaning may be "hill" or "strong, noble, and high"[1]. Fletcher Fletcher may refer to one of the following: Ideas and companies
Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of the Cox1 graphic recorder recorder, musical wind instrument of the flute family, made of wood, varying in length, and having an inverted conical bore (largest end near the mouthpiece). decreased 11%, but unit sales of the DataSource
DataSource This is an interface in the java language- javax.sql.DataSource- In the JDBC API, databases are accessed via DataSource objects. (R) electronic data logger data logger - data logging unit increased 76% for the three-month period ended July July: see month. 31, 2003 as compared to the same period last year." Mr. Fletcher further stated, "our revenues from the sale of graphic recorders decreased to 56% of total revenues in the current quarter as compared to 73% in the same period last year while revenues from the sale of electronic data logger products increased to 34% of total revenues in the current quarter as compared to 22% in the same period last year." Mr. Kurt Kurt is a given name. Its principal English variant is Curt, while others include Cord, Curd, and Kort. It originated as a short form of Curtis, Konrad (Conrad), and Kunibert. Reid, Co-Chief Executive Officer stated, "I am pleased with the positive cash flow from operating activities during the first quarter of fiscal 2004. The positive net income reflects our continued commitment to returning to profitability and generating positive cash flow during fiscal 2004 by managing expenses and increasing sales." Sales revenues for the quarter ended July 31, 2003 increased 8% or $175,033 as compared to the prior year period, primarily due to an increase in electronic data logger sales, primarily offset by a decrease in Cox1 product sales. The cost of sales for the current quarter decreased 4% or $44,678 as compared to the prior year period. This decrease is mainly due to a decrease in labor and benefits costs, supplies used in the manufacturing process and a reduction in the price of raw material components, offset slightly by increased shipping expenses and retriever retriever: see sporting dog. retriever Any of several dog breeds, bred to retrieve game, that have a thick, water-resistant coat, keen sense of smell, and “soft” mouth that does not damage game. Retrievers are 22–24 in. fees. General and administrative expenses decreased 11% or $59,509 and selling expenses decreased 41% or $165,669, in the current quarter as compared to the same period last year. The net decrease was due to the elimination of Vitsab, Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. , AB expenses after the sale of that operation and decreases in legal expenses and was partially offset by increased insurance costs and salary expenses. Interest expense decreased by $26,214, or 21% for the three-month period as compared to the same period last year. Interest expense decreased on both bank debt and capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. leases and was partially offset by an increase in the accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. related to the Technology Investors Note. Cox Technologies is engaged in the business of producing and distributing temperature recording and monitoring instruments, both domestically and internationally. The Cox1 graphic recorder and the DataSource(R) and Tracer(R) electronic data loggers are marketed under the trade name Cox Recorders and produce a record that is documentary documentary: see motion pictures. documentary Fact-based film that depicts actual events and persons. Documentaries can deal with scientific or educational topics, can be a form of journalism or social commentary, or can be a conduit for propaganda proof of temperature conditions. Statements contained in this document, which are not historical in nature, are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. within the meaning of 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. 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. are subject to risks and uncertainties that may cause future results to differ materially from those set forth in such forward-looking statements. Cox Technologies undertakes no obligation to update forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Such risks and uncertainties with respect to Cox Technologies include, but are not limited to, its ability to successfully implement internal performance goals, performance issues with suppliers, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. issues, competition, the effect of weather on customers, exposure to environmental issues and liabilities, variations in material costs and general and specific economic conditions. From time to time, Cox Technologies may include forward-looking statements in oral statements or other written documents.
SELECTED FINANCIAL DATA (UNAUDITED)
Three Months
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Periods Ended July 31, 2003 2002
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Income Statement Items:
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Sales revenues $2,440,940 $2,265,907
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Cost of sales 1,230,290 1,274,968
General and administrative 457,368 516,877
Selling 263,936 237,069
Depreciation and amortization 78,762 88,515
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2,030,356 2,117,429
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Income from operations 410,584 148,478
Other income 15,880 58,555
Interest expense (99,139) (125,353)
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Income before income taxes 327,325 81,680
Provision for income taxes - -
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Net income (loss) $327,325 $81,680
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Weighted average common shares outstanding 38,339,094 25,831,949
Basic and diluted net income (loss) per share $.01 $.00
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Balance Sheet Items:
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Assets:
Current assets $2,972,521 $2,602,376
Property and equipment, net 438,284 725,876
Property held for sale, net - 300,000
Patents 105,275 144,712
Other 80,208 84,604
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$3,596,288 $3,857,568
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Liabilities and Stockholder's Equity:
Current liabilities $853,206 $2,791,767
Long-term debt 3,921,520 3,265,356
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4,774,726 6,057,123
Stockholder's equity (1,178,438)(2,199,555)
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$3,596,288 $3,857,568
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Cash Flow Items:
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Net income $327,325 $81,680
Add - Non cash items 78,243 102,817
Change in assets and liabilities 66,019 38,969
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Net cash provided by operating activities 471,587 223,466
Net cash provided by (used in) investing
activities 73,212 (38,769)
Net cash used in financing activities (397,078) (273,590)
Effect of exchange rate changes on cash (3,723) 12,037
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Net increase (decrease) in cash $143,998 ($76,856)
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