EMJ Sales Increase Over 42 Percent For The Year.GUELPH, North Western Territories--(BUSINESS WIRE)--Oct. 1, 1996--EMJ (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EMJ EMJ Emergency Medicine Journal ) EMJ DATA SYSTEMS LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . today announced its financial results for the year ended July 31, 1996. Sales for the year ended July 31, 1996 were $139.9 million up 42.1 percent from the comparable period last year. Sales for the fourth quarter were $32.3 million as compared to $25.8 million, up 24.9 percent from the comparable period last year. The Company's income from operations before taxes for year ended July 31, 1996 was $5.8 million compared to $5.3 million for the last fiscal year, an increase of 10.7 percent. The Company's selling, general and administrative expense for the current fiscal year as a percentage of sales was 6.4 percent as compared to 6.8 percent for the 1995 fiscal year. Included in the Company's SG&A for the current year was an expense for warranty in the amount of $207,000 which represents costs incurred to provide warranty service in excess of the amount originally set aside at the time of the purchase of Primax Data Products in October 1995. The Company sold its subsidiary in Brazil in June 1996 which resulted in an investment loss of $109,000. In addition, the results of operations from the Brazilian subsidiary were included in the consolidated statement of income and retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. up to the date of disposition, June 27, 1996. The Brazilian subsidiary reported a net pre-tax operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for this period of approximately $501,000. The company will have no future losses from Brazil. At July 31, 1996 the Company had recognized approximately $361,600 of the $632,000 deferred income tax benefit relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc income tax losses of an acquired business but not recognized in the accounts at the time of the acquisition. The Company purchased 100 percent of HookUp hookup, n in the Trager method of therapy, the practitioner enters into a meditative state along with the patient, which allows him or her to work more intuitively and to feel subtle changes in the patient's movement and tissue texture. Communications Corporation in December 1995 for a purchase price of approximately $3.5 million and repayment of debt in the amount of $752,000. HookUp immediately completed a treasury issue of approximately $11 million which resulted in the Company's interest being reduced to 58 percent. The completion of HookUp's IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. in March reduced the Company's interest to 35 percent. The financings from HookUp's IPO gave rise to a gain on dilution on the Company's books of approximately $11.3 million or $1.61 per share. HookUp recently announced that they had engaged Wood Gundy to examine strategic alternatives to maximize shareholder value. In view of this announcement, the Company has taken a conservative position in regards to this gain and has booked a tax provision in the amount of $3,770,000. These taxes represent the amount of capital gains tax that would be paid on the gain, should the gain be realized. The Company records its investment in HookUp on an equity basis and has recorded an equity loss for the year of $2.7 million or $0.39 per share. $1.6 million of this equity loss occurred in the fourth quarter and includes goodwill amortization of $63,560. The Company's book value of HookUp shares has been increased by the gain on dilution and decreased by the equity losses reported. The Company's earnings per share for the fiscal year ended July 31, 1996 was $1.20 per share compared to $0.48 for the last fiscal period. The Company paid a dividend in the amount of $0.06 per share on the outstanding common shares in July 1996 totalling approximately $421,000. EMJ is a microcomputer microcomputer Small digital computers whose CPU is contained on a single integrated semiconductor chip. As large-scale and then very large-scale integration (VLSI) have progressively increased the number of transistors that can be placed on one chip, the processing capacity wholesale distributor specializing in the Internet, UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). , Point of Sale, embedded systems Embedded systems Computer systems that cannot be programmed by the user because they are preprogrammed for a specific task and are buried within the equipment they serve. , and Apple markets. EMJ has nine branches in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and one in Hungary. EMJ owns 35 percent of HookUp Communications Corporation, one of Canada's largest internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. . HookUp is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (Trade Symbol: HU). EMJ is a publicly traded company listed on the Toronto Stock Exchange (Trade Symbol - EMJ). -0-
EMJ DATA SYSTEMS LTD.
Year Ending July 31, 1996
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($000s unaudited) 1996 1995
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Sales 139,952 98,518
Cost of goods sold 124,244 86,085
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Gross Margin 15,708 12,433
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Expenses
Selling, gen & admin 8,981 6,709
Interest 903 465
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9,884 7,174
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Income from operations 5,824 5,259
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Other income (expense)
Equity loss (2,730) -
Gain on dilution in
investee 11,274 -
Loss from discontinued
operations (109) -
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8,435 -
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Income before provision 14,259 5,259
for income taxes
Provision for income 5,889 1,953
taxes
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Net income for the year 8,370 3,306
Retained earnings, 11,754 8,866
CONTACT: EMJ Data Systems Ltd. Dave Erskine, 519/837-2444 ext. 338 |
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