Dialogic Corporation announces record fourth quarter and year-end results.PARSIPPANY, N.J.--(BUSINESS WIRE)--Feb. 15, 1996-- Dialogic di·a·log·ic also di·a·log·i·cal adj. Of, relating to, or written in dialogue. di  a·log Corporation (NASDAQ NASDAQin 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 :DLGC) today reported net income for the fourth quarter of 1995 of $5.3 million, or $.33 per share, versus $3.8 million, or $.25 per share, an increase of 39% for the comparable period in 1994. Revenues for the quarter rose to $48.2 million, an increase of 35% from the fourth quarter of 1994. For the year ended December 31, 1995, the Company reported net income of $16.3 million, or $1.02 per share. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income for the year ended December 31, 1994 was $13.6 million, or $.94 per share (adjusted to reflect Dialogic as a C corporation). Revenues for the year were up 33% to $168.7 million. "1995 yielded high growth for Dialogic, with record profits in the fourth quarter and for the year," stated Howard Bubb, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We extended our lead in computer telephony See CTI, VoIP and IP telephony. Computer Telephony - Computer Telephone Integration with the introduction of numerous new SCSA (Signal Computing System Architecture) An open architecture for transmitting voice and video signals. Its backbone is the SCbus, a 131 Mbps data path that provides up to 2,048 time slots, the equivalent of 1,024 two-way voice conversations at 64 Kbps. based products, and a new VMEDIA series of network grade VME (Virtual Machine Environment) An operating system from Fujitsu Services (formerly ICL) that runs on its Series 39 mainframes. Introduced in 1975, VME is a comprehensive product that provides a variety of utilities for datacenter operations. CT hardware. These products won several product-of-the-year honors for CT connectivity, ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. , and fax and exemplify ex·em·pli·fy tr.v. ex·em·pli·fied, ex·em·pli·fy·ing, ex·em·pli·fies 1. a. To illustrate by example: exemplify an argument. b. Dialogic s continued leadership in all categories of computer telephony. We also acquired Spectron Microsystems, the leader in DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , and the CT division of DEC to increase the range of our standards based products. Our continued commitment to R&D investment, 17% in 1995, coupled with these acquisitions provides our customers the comprehensive set of integrated products they need to build complex systems in call center, wireless, AIN Ain, in the Bible Ain (ā`ĭn), in the Bible. 1 Town, N ancient Palestine. 2 See En-rimmon. Ain, department, France Ain (ăN), department (1990 pop. and enterprise multimedia environments. In 1995, Dialogic forged forge 1 n. 1. A furnace or hearth where metals are heated or wrought; a smithy. 2. A workshop where pig iron is transformed into wrought iron. v. new and expanded strategic alliances with key industry players such as DEC, Hewlett-Packard, Novell and Motorola. Working with these companies, we will continue to focus on our mission of providing high-quality, open systems solutions that help our customers succeed. Just this week, for instance, we announced a collaboration Working together on a project. See collaborative software. with VocalTec to develop products for Internet telephony Another term for IP telephony and VoIP. In the late 1990s, some people made a distinction between Internet Telephony and VoIP: Internet telephony referred to voice over the public Internet, while VoIP referred to voice over private IP networks. servers -- and in doing so widened the reach of CT to the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the ." Dialogic Corporation is the leading manufacturer of high performance, standards-based computer telephony (CT) components. Computer telephony systems built with Dialogic products manage more than one third of all telephone, facsimile, and multimedia calls answered by computers over wireless and wired networks worldwide. Dialogic products are used in a multitude of CT applications, including voice, fax, data, voice recognition, speech synthesis speech synthesis Generation of speech by artificial means, usually by computer. Production of sound to simulate human speech is referred to as low-level synthesis. High-level synthesis deals with the conversion of written text or symbols into an abstract representation of and call center management. More than two million ports have been deployed by Dialogic s thousands of development and integration partners, with approximately 25% installed in public network service provider sites and the balance on business premises. Dialogic is a major player in promoting industry standards through the formation of the Signal Computing computing - computer System Architecture (SCSA) initiative, and is a founding member of the Enterprise Computer Telephony Forum (ECTF (Enterprise Computer Telephony Forum, www.ectf.org) An industry association founded in 1996 that provides a clearinghouse for technical standards for voice and data integration in the computer telephony arena. ). The company is headquartered in Parsippany, New Jersey, and has offices in 13 countries. -0-
DIALOGIC CORPORATION
Consolidated Statement of Income
(Unaudited)
(In thousands except per share data)
Three Months Ended
December 31,
1995 % 1994 %
Revenues $48,186 100.0 $35,749 100.0
Cost of goods sold 18,369 38.1 14,205 39.7
Gross profit 29,817 61.9 21,544 60.3
Research and development 8,085 16.8 6,035 16.9
Selling, general &
administrative expenses 13,949 29.0 9,952 27.8
Operating income 7,783 16.1 5,557 15.6
Interest income, net (566) (1.2) (300) (0.8)
Income before provision
for income taxes 8,349 17.3 5,857 16.4
Provision for income taxes 3,040 6.3 2,058 5.8
Net income $ 5,309 11.0 $ 3,799 10.6
Income per share $ 0.33 $ 0.25
Shares used in the calculation
of income per share 16,209 15,347
Year Ended
December 31,
1995 % 1994 %
Revenues $168,652 100.0 $127,235 100.0
Cost of goods sold 66,829 39.6 50,841 40.0
Gross profit 101,823 60.4 76,394 60.0
Research and development 29,045 17.2 21,650 17.0
Selling, general &
administrative expenses 47,673 28.3 34,646 27.2
Merger costs 1,294 0.8 0 0.0
Operating income 23,811 14.1 20,098 15.8
Interest income, net (2,345) (1.4) (1,199) (0.9)
Income before provision
for income taxes 26,156 15.5 21,297 16.7
Provision for income taxes 9,854 5.8 5,408 4.2
Net income $ 16,302 9.7 $ 15,889 12.5
Income per share $ 1.02 $ 1.10
Shares used in the calculation
of income per share 16,039 14,509
Proforma income data to reflect Dialogic as if it were a C corporation for the entire period presented: Income before provision for income taxes as reported $ 26,156 $ 21,297 Pro forma provision for income taxes 9,854 5.8 7,689 6.0 Pro forma net income $ 16,302 9.7 $ 13,608 10.7 Pro forma income per share $ 1.02 $ 0.94 Shares used in the calculation of pro forma income per share 16,039 14,509
DIALOGIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
1995 1994
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 5,250 $ 8,281
Short term investments 25,426 21,735
Convertible note and options
recorded at fair market value 12,777 5,593
Accounts receivable (net) 25,727 17,050
Inventory 23,969 12,113
Deferred income tax benefits 3,067 1,381
Other current assets 3,175 2,161
Total current assets 99,391 68,314
PROPERTY AND EQUIPMENT - Net 15,126 10,527 OTHER ASSETS 2,845 3,023 TOTAL ASSETS $117,362 $81,864
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 9,232 $ 6,520
Accrued expenses 6,284 3,590
Income taxes 915 20
Deferred taxes 5,320 2,065
Current maturities of long
term liabilities 595 408
Total current liabilities 22,346 12,603
LONG TERM LIABILITIES 2,259 2,465 SHAREHOLDERS' EQUITY 92,757 66,796 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $117,362 $81,864 CONTACT: Dialogic Corporation Edward B. Jordan, 201-993-3000, ext 6134 |
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