Datametrics Corp. announces fiscal 1996 third-quarter results.WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Aug. 28, 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) Wednesday Wednesday: see week. announced results for its fiscal third quarter and nine-month period ended July July: see month. 28, 1996. The company reported revenue of $5.9 million for the 1996 fiscal third quarter compared with $4.8 million for the third quarter of fiscal 1995. Net loss for the period was $2.8 million, or 23 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 net loss of $2.1 million, or 20 cents per fully diluted share for the same period a year ago. Per-share results reflect a 12 percent increase in the shares outstanding resulting from a public offering 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. The increased revenues for the third quarter were derived from the sale of defense-related printers and workstations, plus initial sales of the Datametrics' CYMax(TM) digital commercial color printers 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. and related products. The company's net loss is due primarily to a combination of high engineering, research and development expenses related to the CYMax printer and continued heavy investment in sales and marketing coupled with lower-than-anticipated sales of the company's CYMax printer. Revenues for the first nine months of fiscal 1996 were $14.3 million, vs. $12.1 million for the same period in fiscal 1995 primarily related to increases in sales of defense-related products. Net loss for the period was $8.2 million, or 64 cents per fully diluted share, compared with a net loss of $6.2 million, or 60 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. The loss for the nine-month period is primarily attributable to continued spending on engineering, research and development for the CYMax printer together with higher sales and marketing expenses also related to the company's commercial digital color printer. Sidney Sidney, city (1990 pop. 18,710), seat of Shelby co., W central Ohio, on the Great Miami River, in a farm area; founded 1811, inc. 1834. Refrigerator parts and machinery are among the items produced there. E. Wing, president and chief executive officer of Datametrics, stated: "Four years ago, when we embarked on a strategy to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. into the commercial marketplace, we knew we would face many challenges as we developed a new product and entered commercial markets, a new area for Datametrics. "To date, we have successfully developed a 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, the Datametrics CYMax 3240, which we believe is superior in speed, price and operating costs operating costs npl → gastos mpl operacionales to other printers in its category, and is being targeted to several commercial markets. "While feedback from our beta sites An organization or group that is beta testing hardware and/or software. See beta test. , as well as our customers, indicates that our commercial product has impressive performance advantages, sales to date of the CYMax color printers have not met expectations. "As a result, we have taken several measures designed to strengthen sales and marketing and implement strategies toward improving sales to commercial markets before the end of the calendar year. "Recently, we restructured our board with the addition of two outside directors. They are both proven, highly experienced managers with a comprehensive understanding of the markets we have targeted for our commercial products," continued Wing. "Mr. Richard Foster Richard Foster may be:
"In addition, we retained a professional sales and marketing consultant who is now actively involved in evaluating and redirecting our commercial sales and marketing strategy, with a goal toward improving sales of the CYMax color printer." Wing concluded: "Sales and gross margins from defense-related products remain strong and steady, as we maintain our position as a leader in that marketplace. To support commercial operations, we are currently evaluating additional financing alternatives to fund continued engineering, sales, marketing and manufacturing of the CYMax printer." Founded in 1962, Datametrics produces computer peripherals 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 high-res·o·lu·tion adj. 1. Relating to an image that has fine detail. 2. a. Of or relating to an output device that produces images that contain a large number of dots per unit of area and are therefore sharp and 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 without limitation delays in completion of the company's product offerings, acceptance of such products by the company's targeted potential customers, introductions of competing products, cancellations of orders, the availability 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
Third Quarter and Nine-Month Period Ended July 28, 1996
Condensed Income Statement
(Unaudited)
(In 000s, except per-share data)
Three months ended Nine months ended
7/28/96 7/30/95 7/28/96 7/30/95
Revenues $5,931 $4,790 $14,279 $12,138 Gross profit 975 914 2,563 2,205 Engineering, research & development 1,116 1,688 4,494 4,334 Net (loss) (2,829) (2,166) (8,180) (6,216) Earnings (loss) per share - primary and fully diluted $(0.23) $(0.20) $(0.64) $(0.60) Weighted avg shares outstanding - primary and fully diluted 12,491 11,137 12,709 10,444 -0-
Datametrics Corp.
Condensed Balance Sheet
(In 000s)
(Unaudited)
7/28/96 10/29/95
Assets
Cash $ 335 $ 9,601
Accounts receivable 5,719 6,578
Inventory 10,185 6,647
Other current assets 559 810
Total current assets 16,798 23,636
Property & equipment, net 3,083 2,953 Deferred and other assets 1,317 882 Total assets $21,198 $27,471 Liabilities Accounts payable $ 2,878 $ 2,111 Note payable 1,000 -- Accrued commission & payroll 634 817 Other current liabilities 1,361 1,456 Total current liabilities 5,873 4,384 Long-term debt 860 688 Other long-term liabilities 297 460 Total stockholders' equity 14,168 21,939 Total Liabilities & Stockholders' Equity $21,198 $27,471 CONTACT: Datametrics Corp., Woodland Hills Sidney E. Wing, 818/598-6200 or Silverman Silverman is the surname of:
Eugene G. Heller, 310/208-2550 |
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