Davox Sets Another Record for Profits in Second Quarter.WESTFORD Westford, town (1990 pop. 16,392), Middlesex co., NE Mass., a suburb of the greater Boston area; settled 1653, set off from Chelmsford and inc. 1729. Although chiefly residential, there are apple orchards, granite quarries (which have long been in operation), and a , Mass.--(BUSINESS WIRE)--July 17, 1997--Davox Corporation (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 :DAVX) today reported record-breaking Adj. 1. record-breaking - surpassing any previously established record; "a record-breaking high jump"; "record-breaking crowds" best - (superlative of `good') having the most positive qualities; "the best film of the year"; "the best solution"; "the best time for financial results for the second quarter ended June June: see month. 30, 1997. Revenue, operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. , net income, and earnings per share for the quarter all increased as the Company produced its twelfth consecutive quarter of higher revenue and increased profitability. The Company reported revenue of $18,170,179 for the quarter ended June 30, 1997, a 43 percent increase over the $12,665,349 reported for the comparable period last year. Operating profit of $4,170,301 for the second quarter of 1997 was up 103 percent compared to the operating profit of $2,057,105 for the second quarter of last year. Net income for the second quarter of 1997 was $4,075,128 or $.32 per share, a 99 percent increase, as compared to net income of $2,047,861 or $.17 per share for the same period in 1996. On May 13, 1997, the Company declared a three-for-two split of its common stock payable on May 28, 1997, in the form of a stock dividend. All share and per share amounts for all periods presented, reflect the stock split. "We attribute our record financial performance during the quarter to continued strong demand for our Unison unison, in music, tones identical in pitch produced by two or more parts or voices. In popular usage a vocal composition is said to be sung in unison even though some of the voices are separated from others by the interval of an octave. call center management systems, especially our telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. , collections, and inbound/outbound call blending capabilities, in addition to our ongoing focus on managing expenses," said Alphonse Alphonse (älfôNs`), 1220–71, count of Poitiers and of Toulouse, brother of King Louis IX of France. By his marriage to the daughter of Raymond VII, count of Toulouse, he inherited Raymond's lands in 1249. M. Lucchese Luc`chese´ n. sing. & 1. A native or inhabitant of Lucca, in Tuscany; in the plural, the people of Lucca. , Chairman, President and Chief Executive Officer. Mr. Lucchese noted that of the 32 Unison call center management systems shipped during the second quarter, 26 represented domestic accounts and 6 represented international accounts. In addition, of the 32 Unison systems shipped 14 represented new accounts; 12 domestic and 2 international. He added that as a result of the new business, the total installed base of Unison systems was 369 worldwide as of the end of the second quarter. The new accounts for the second quarter include: Associates Capital Corporation, Ltd., Banco Roberts (Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. ), sold through our distributor GMA GMA glycol methacrylate. Consulting, Dakotah Direct, Equivantage, Inc., Mercedes Benz Mercedes Benz expensive automobile and status symbol. [Trademarks: Crowley Trade, 368] See : Luxury , Norwest For the sniper, see .
Norwest Corporation Mortgage, Inc., Regions Sales Finance Operations The execution of the joint finance mission to provide financial advice and guidance, support of the procurement process, providing pay support, and providing disbursing support.See also financial management. Center, Regions Bank Card Center, Sutherland Sutherland or Sutherlandshire, former county, N Scotland. Under the Local Government Act of 1973, Sutherland became (1975) part of the new Highland region (now a council area). Group, and Time Life Libraries. The Company's quarterly and annual operating results are affected by a wide variety of factors that could materially adversely affect revenues and profitability, including: the timing of customer orders; the Company's ability to introduce new products on a timely basis; introduction of products and technologies by the Company's competitors; and market acceptance of the Company's and its competitors' products. As a result of the foregoing and other factors, the Company may experience material fluctuations in future operating results on a quarterly or annual basis, which could materially and adversely affect its business, financial condition, operating results and stock price. Davox Corporation, a leader in the field of call center technology and integration, provides unified call center solutions for businesses involved in collections, telemarketing, customer service, fundraising
Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. architecture with applications development expertise and full customer service and support. Unison is a registered trademark of Davox Corporation. -0-
DAVOX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
For the three months For the six months
ended June 30, ended June 30,
1997 1996 1997 1996
Product revenue $12,536,562 $ 8,702,957 $24,328,331 $16,304,591
Service revenue 5,633,617 3,962,392 11,110,579 7,771,025
Total revenue 18,170,179 12,665,349 35,438,910 24,075,616
Cost of product
revenue 3,083,943 2,563,644 5,890,387 4,768,079
Cost of service
revenue 3,588,227 2,574,654 7,090,705 5,048,867
Total cost of
revenue 6,672,170 5,138,298 12,981,092 9,816,946
Gross profit 11,498,009 7,527,051 22,457,818 14,258,670
Research,
development and
engineering
expenses 2,013,128 1,415,696 3,895,038 2,683,566
Selling, general
and administrative
expenses 5,314,580 4,054,250 10,386,606 7,727,592
Total operating
expenses 7,327,708 5,469,946 14,281,644 10,411,158
Income from
operations 4,170,301 2,057,105 8,176,174 3,847,512
Interest income, net 460,529 218,305 869,721 381,556
Income before
provision for income 4,630,830 2,275,410 9,045,895 4,229,068
Provision for income
taxes 555,702 227,549 1,085,510 422,908
Net Income $ 4,075,128 $ 2,047,861 $ 7,960,385 $ 3,806,160
Net income per
common and
common equivalent
share(A) $0.32 $0.17 $0.63 $0.31
Weighted average
number of common and
common equivalent
shares
outstanding(A) 12,620,612 12,290,256 12,540,657 12,151,901
Estimated fully taxed
net income per common
and common equivalent
share (assuming 38%
tax rate)(A) $ 0.23 $ 0.11 $ 0.45 $ 0.22
(A) Share and per share amounts for all periods presented reflect the 3
for 2 stock split.
-0-
DAVOX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
JUNE 30, DECEMBER 31,
1997 1996
(unaudited) (audited)
ASSETS
Current assets:
Cash and short term investment $ 37,877,908 $ 31,113,573
Accounts receivable 8,556,782 3,184,814
Inventories 722,459 1,204,058
Other current assets 178,527 101,802
Total current assets 47,335,676 35,604,247
Property and equipment, net 4,362,404 4,050,850
Other long term assets 113,398 74,207
$ 51,811,478 $ 39,729,304
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,660,169 $ 4,811,190
Accrued expenses 7,884,936 6,174,935
Customer deposits 2,956,166 3,413,726
Deferred revenue 4,469,798 2,494,390
Total current liabilities 19,971,069 16,894,241
Long-term debt, net of current
maturities - -
Total stockholders' equity 31,840,409 22,835,063
$ 51,811,478 $ 39,729,304
CONTACT: Davox Corp. John Connolly John Connolly is the name of:
(508) 952-0245 |
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