DH Technology Reports Record Third Quarter Results; Revenue Increases 18% -- Net Income Rises 27%.SAN DIEGO--(BUSINESS WIRE)--Oct. 21, 1996--DH Technology (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 :DHTK) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced record results for the third quarter and nine months ended Sept. 30, 1996. Third quarter revenues rose 18% to $29,851,000 from $25,278,000 in last year's third quarter. Net income for the period grew 27% to $3,379,000, or $0.40 per share, compared with $2,656,000, or $0.32 per share, in the same period last year. For the nine months ended Sept. 30, 1996, revenue grew 20% to $87,257,000 from $72,850,000 for the comparable period in 1995. Net income for the nine months grew 29% to $9,705,000, or $1.14 per share, versus $7,519,000, or $0.91 per share, for the same period in 1995. "We are pleased with the record results for the quarter," commented William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack H. Gibbs Gibbs , Josiah Willard 1839-1903. American mathematician and physicist who formulated the theoretical foundation of physical chemistry, developed vector analysis, and conducted optical and thermodynamic research. Noun 1. , Chairman and Chief Executive Officer of DH Technology. "Gross margins showed continued improvement in the third quarter, increasing to 35.6% from 35.1% for the immediately preceding second quarter. Demand for our products in all markets continues to grow and we remain focused on new product development to meet the needs of our expanding customer base. The proposed merger of Eltron and Zebra continues the trend of consolidation in the barcode See bar code. market and we believe it offers DH Technology an opportunity to expand our presence by offering alternative products and services." "Our cash position remains strong with over $39 million in cash, giving us significant financial flexibility, and we are actively looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. acquisition candidates to add further value to our growing product mix," continued Gibbs. DH Technology designs, manufactures and distributes transaction printers and mechanisms, impact printheads, bar code printers and related services and supplies, such as labels and ribbons ribbons in harness horse terminology, reins. . The Company's products provide printing solutions for many diverse applications, including freight and bar code labels, bank transactions, point-of-sale point of sale n. pl. points of sale A business or place where a product or service can be purchased. Also called point of purchase. point receipts and gaming tickets. The Company's broad range of printing technologies include thermal, impact and laser to serve these markets and applications.
DH Technology, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Net sales $29,851 $25,278 $87,257 $72,850
Cost of net sales $19,230 $16,438 $56,671 $46,729
Gross margin $10,621 $8,840 $30,586 $26,121
Operating expenses:
Selling, general and
administrative $4,283 $3,677 $12,188 $11,648
Research and development $1,390 $1,354 $4,092 $3,598
Total operating expenses $5,673 $5,031 $16,280 $15,246
Income from operations $4,948 $3,809 $14,306 $10,875
Interest income (net) $373 $308 $1,003 $734
Income before income taxes $5,321 $4,117 $15,309 $11,609
Income taxes $1,942 $1,461 $5,604 $4,090
Net income $3,379 $2,656 $9,705 $7,519
Net income per share $0.40 $0.32 $1.14 $0.91
Shares used in per share
calculation 8,520 8,341 8,529 8,267
DH Technology, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands)
Sept. 30, Dec. 31,
1996 1995
(unaudited)
Assets
Current assets:
Cash, cash equivalents and short term
investments held to maturity $39,116 $31,721
Accounts receivable $16,344 $15,785
Inventories $14,079 $14,382
Prepaids and other current assets $2,564 $2,317
Total current assets $72,103 $64,205
Fixed assets, net $7,694 $6,290
Intangible assets, net $12,683 $13,312
Other assets $1,872 $1,478
Total assets $94,352 $85,285
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $4,476 $6,383
Current portion of long-term debt $571 $980
Accrued expenses $5,013 $5,103
Income taxes payable $2,502 $2,128
Deferred revenue $1,739 $947
Total current liabilities $14,301 $15,541
Long-term debt $1,650 $2,115
Deferred tax liability $149 $149
Shareholders' equity $78,252 $67,480
Total liabilities and shareholders'
equity $94,352 $85,285
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CONTACT: DH Technology Janet Janet: see Clouet, Jean. JANET - Joint Academic NETwork Shanks
The shanks and tattlers are wading bird species in a number of genera characterised by a medium length bill and long, often brightly coloured legs. , 619/451-3485 or Morgen-Walke Associates Doug DOUG Dumb Old Utility Guy Sherk/Chris Danne/Alex Williamson Wil·liam·son , Mount A peak, 4,382.9 m (14,370 ft) high, in the Sierra Nevada of east-central California. , 415/296-7383 Emily EMILY Early Money Is Like Yeast EMILY Electronic Membrane-Information Library EMILY Every Moment I Love You Dupree/Andrew Cella, 212/850-5600; 212/850-5698 |
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