Printer Friendly

FONIC ANNOUNCES SIX-MONTH RESULTS

 FONIC ANNOUNCES SIX-MONTH RESULTS
 NEW YORK, March 12 /PRNewswire/ -- Fonic, Inc. (NASDAQ: FONC)


today announced sales for the six months ended Sept. 30, 1991, were $17,137,347, an increase of 7.6 percent over the sales of $15,920,325 for the six months ended Sept. 30, 1990. Net income for the six months in 1991 was $399,454 compared to $447,729 for the same period in 1990.
 Chou Si Sheung, president and chairman of the board, stated, "The trend toward increased sales by the company of OEM products has continued. Our gross margin has increased slightly due to the increase in sales of OEM and television products which, on average, generate higher gross margins. However, our decrease in net income for the period is a result of higher selling, general and administrative expenses necessary for growth."
 Fonic, Inc., through its subsidiaries, is engaged in the design, development, manufacture, assembly and marketing of audio products including digital receivers, stereo radio, double cassette recorders, video cassette players and record players, Hi-Fi component systems and video (TV) sets and video recorders (VCRs).
 FONIC, INC.
 Comparative Figures
 Six months ended Sept. 30 1991 1990
 Revenue $17,137,347 $15,920,325
 Income before taxes 437,296 490,133
 Income tax expense (37,832) (42,404)
 Net income 399,454 447,729
 Earnings per share $.09 $.12
 Common shares outstanding 4,578,850 3,600,000
 -0- 3/12/92
 /CONTACT: Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Fonic/
 (FONC) CO: Fonic Inc. ST: New York IN: ENT SU: ERN


TS-CK -- NY041 -- 7761 03/12/92 12:13 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 12, 1992
Words:268
Previous Article:SEARS FILES REGISTRATION STATEMENT FOR PASS-THROUGH CERTIFICATES
Next Article:CCAIR TRAINING FLIGHT INCIDENT
Topics:


Related Articles
FONIC AWARDED TWO CHINA CONTRACTS FOR $40 MILLION
FONIC DEVELOPS AUDIO/VIDEO PRODUCTS JOINTLY WITH DAEWOO
FONIC ANNOUNCES NINE MONTHS RESULTS
FONIC EXTENDS ITS CLASS A REDEEMABLE WARRANT EXERCISE PERIOD UNTIL MAY 20, 1993
FONIC ISSUES STATEMENT ON STOCK ACTIVITY
FONIC ANNOUNCES YEAR-END AND FOURTH QUARTER RESULTS
FONIC ANNOUNCES FORMATION OF JOINT VENTURE SUBSIDIARY TO ASSEMBLE CELLULAR PHONE SYSTEMS AND PORTABLE CELLULAR PHONES IN CHINA
FONIC AMENDMENT TO REGISTRATION STATEMENT IS DECLARED EFFECTIVE
FONIC PRESIDENT TO SELL 330,000 OF HIS PERSONAL SHARES IN THE COMPANY
FONIC REPORTS TWO PRIVATE PLACEMENTS OF STOCK

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters