EARNINGS REPORTS; QUARTERLY EARNINGS UP FOR AREA FIRMS.Byline: Deborah Adamson Daily News Staff Writer Revenue and earnings improved at several local companies for the quarter, with one firm more than doubling its performance of a year ago. MRV Communications  OverviewMRV NASDAQ: MRVC is a company that designs, manufactures, sells, distributes, integrates and supports communication equipment and services, and optical components. Inc. of Chatsworth emerged as the top dog among Valley-area companies reporting earnings Monday. MRV MRV minute respiratory volume. showed a 129 percent gain in net income to $5.2 million (21 cents) from $2.35 million (11 cents) a year ago. Revenue rose by 102 percent to $39.5 million from 1996. MRV makes products for computer networks and telephone and cable television communications. But officials declined to comment about the increase. They are constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. from making public statements as specified by regulators, being in the middle of a secondary offering. MRV's stock price dropped by -7/8 to close at 32-5/8 on Monday. Guitar Center Inc., the Agoura Hills-based retail chain, reported a 46 percent increase in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight to $69.6 million for the second quarter ended June 30 from $47.7 million a year ago. The boost mostly came from the sales at new stores, which accounted for $16 million or 73 percent of the total increase. Comparable store sales, which gauges the performance of stores at least one year old, rose a healthy 12.5 percent quarter-over-quarter. Guitar Center reported earnings of $2.2 million (11 cents a share) compared with a net income of $1.1 million (5 cents). Results have been adjusted to account for major recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. - an initial public offering in March and a public bond offering last summer that raised $100 million. Its stock price closed at 18-1/8 on Monday, down -1/8. Cherokee Inc. of Van Nuys reported an improved bottom line due to the successful transition from making shoes and apparel to licensing its brand name to retailers and manufacturers. Company earnings reached $2.7 million (33 cents a share) on revenues of $3.1 million for the fourth quarter. That compares with a net loss of $4.8 million (68 cents) on sales of $602,000 for the year before. For the fiscal year, Cherokee reported a net income of $6.7 million (82 cents) and revenues of $8.7 million. A year ago, it lost $1.5 million (22 cents) on revenues of $13.9 million, which consisted mostly of liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. inventory. Its stock price dropped by 25 cents to close at 10-7/8 on Monday. BioSource International Inc. in Camarillo reported a 55 percent increase in revenue to $5.05 million and a 31 percent gain in net income to $772,435 (9 cents) for the second quarter ended June 30. A year ago, revenue was $3.26 million and earnings were $590,900 (9 cents). Current earnings per share figures reflect an increase in number of common shares outstanding, due to a secondary offering completed in 1996. Management expects product lines to continue selling well. Initial sales of a new molecular diagnostic product show strong interest from the market. BioSource supplies immunological immunologic, immunological emanating from or pertaining to immunology. immunologic competence see immunocompetence. immunologic domains reagents and test kits for biomedical research Biomedical research (or experimental medicine), in general simply known as medical research, is the basic research or applied research conducted to aid the body of knowledge in the field of medicine. . Its stock price dropped by 3/16 to close at 6 1/16. Diodes Inc. reported revenue of $15.5 million and net income of $1.2 million (23 cents) for the second quarter ended June 30. A year ago, revenue was $13.45 million and net income topped $555,000 (11 cents). Gross margins improved from a year ago, when there was a surplus of products in the semiconductor market, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Westlake Village-based maker of semiconductor products such as transistors, diodes and rectifiers. Also boosting profits is the performance of Kai kai Noun NZ informal food [Maori] kai noun N.Z. (informal) food, grub (slang) provisions, fare, board, commons, eats (slang Hong, a Shanghai-based manufacturing facility that enjoys a tax break and in which Diodes owns a 70 percent stake. Diodes' stock price closed at 11-1/4, down -1/8. |
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