Datametrics Corp. announces fiscal 1996 second-quarter results.WOODLAND HILLS, Calif.--(BUSINESS WIRE)--May 23, 1996-- Datametrics Corp. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :DC) Thursday Thursday: see week. announced results for its fiscal second quarter and six-month period ended April 28, 1996. The company reported revenue of $4.7 million for the second quarter compared with $3.9 million for the second quarter of fiscal 1995. Net loss for the period was $3.1 million, or 24 cents per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with a net loss of $2.5 million or 24 cents per fully diluted share for the same period a year ago. Per-share results reflect a 25 percent increase in the shares outstanding resulting from a public offering of 2.3 million shares in June June: see month. 1995, which generated net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $16.6 million in additional working capital. Increased revenues, when compared with the same period of 1995, were primarily the result of increased sales of defense-related workstations and initial sales of commercial products. The company's net loss is due primarily to low production of commercial units, concentrated product engineering in the quarter in readying the company's CYMax high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. digital color printer A printer that prints in color using three (CMY) or four (CMYK) colors of ink, toner or dye. Four color ribbons have been used in dot matrix printers, but these are rare today. See color laser printer and printer. product for third-quarter product introductions, as well as sharply increased marketing expenses in the period. Revenues for the first six months of fiscal 1996 were $8.3 million, vs. $7.3 million for the same period in fiscal 1995 due to defense revenue increases. Net loss for the period was $5.4 million, or 42 cents per fully diluted share, compared with a net loss of $4.1 million, or 40 cents per fully diluted share, for the same period a year ago. Again, per-share results reflect an increase in the number of shares outstanding resulting from an offering in June 1995. Sidney E. Wing, president and chief executive officer of Datametrics, stated: "During the quarter, we made considerable progress in bringing the CYMax 3240 commercial color printer to market. Last month, we demonstrated numerous CYMax applications at the annual On-Demand Digital Printing & Publishing Strategy Conference & Exposition exposition or exhibition, term frequently applied to an organized public fair or display of industrial and artistic productions, designed usually to promote trade and to reflect cultural progress. at the Jacob Jacob (jā`kəb), in the Bible, ancestor of the Hebrews, the younger of Isaac and Rebecca's twin sons; the older was Esau. In exchange for a bowl of lentil soup, Jacob obtained Esau's birthright and, with his mother's help, received the blessing Javits Convention Center in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . This conference generated measurable interest in our product, as evidenced by the numerous inquiries and requests for meetings that followed. The period immediately following the conference produced substantive evidence of demand for the CYMax product." "In addition," continued Wing, "during the quarter, we signed a letter of intent with International Imaging Materials 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 :IMAK)(IIMAK) of Amherst, New York Amherst is a town in Erie County, New York, U.S., directly northeast of the City of Buffalo. As of the 2000 census, the town had a total population of 116,510. This represents an increase from the 1990 census figure of 111,711. , to form a joint venture for the distribution of CYMax color printer supplies for various markets. As a result of this alignment, we plan to commence joint marketing with IIMAK and IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , our maintenance partner, within weeks to select major firms." Also during the quarter, the company secured a one-year extension of its $7 million line of credit with its existing lender, Imperial Bank. This line of credit provides the company with additional working capital as it continues to develop the market for CYMax printers. Datametrics Corp. is a 33-year-old producer of computer peripheral and communications products for industrial, commercial and governmental markets. The company is primarily engaged in the design, development, manufacture and sale of high-speed color printers, high-resolution non-impact printer/plotters, ruggedized computers and workstations, and data entry keyboards. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under 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: The statements contained in this release which are not historical facts are 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. that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including delays in completion of the company's product offerings, introductions of competing products, the viability of adequate working capital to finance the development, manufacture and marketing of products, general market acceptance of the company's CYMax printers, fluctuations in margins, customer reorganizations, demand fluctuations, and other risks detailed in the company's Securities and Exchange Commission filings. -0-
Datametrics Corp.
Financial Highlights
Condensed Income Statement
(Unaudited)
(In 000s, except per-share data)
Three months ended Six months ended,
4/28/96 4/30/95 4/28/96 4/30/95
Revenues $ 4,697 $ 3,897 $ 8,348 $ 7,348 Gross profit 722 543 1,588 1,291 Research & development 1,949 1,611 3,378 2,646 Net income (loss) (3,086) (2,475) (5,351) (4,050) Earnings (loss) per share -- primary and fully diluted $ (0.24) $ (0.24) $ (0.42) $ (0.40) Weighted avg shares outstanding -- primary and fully diluted 12,755 10,223 12,749 10,186 -0-
Condensed Balance Sheet
(In 000s, unaudited)
4/28/96 10/29/95
Assets Cash $ 807 $ 9,601 Accounts receivable 6,180 $ 6,578 Inventory 10,099 6,647 Other current assets 588 810 Total current assets 17,674 23,636 Property & equipment, net 3,264 2,953 Deferred and other assets 1,317 882 Total assets $22,255 $27,471 Liabilities Accounts payable $ 1,369 $ 2,111 Note payable 1,000 -- Accrued commission & payroll 718 817 Other current liabilities 1,381 1,456 Total current liabilities 4,468 4,384 Long-term debt 550 688 Other long-term liabilities 352 460 Total stockholders' equity 16,885 21,939 Total liabilities & stockholders' equity $22,255 $27,471 CONTACT: Datametrics Corp., Woodland Hills Sidney E. Wing, 818/598-6200 or Silverman Heller Associates Eugene G. Heller, 310/208-2550 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion