Genroco Announces First Quarter Results.SLINGER, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Sept. 20, 1999-- GENROCO, Inc. (GENROCO) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: GRCI) announced financial results for the first quarter of its current fiscal year. Revenue for the three months ended June 30, 1999 increased 34.1 percent to $1,135,000, compared to $850,000 for the three months ended June 30, 1998. Net income for the quarter was $11,000 or $.01 per share for the three months ended June 30, 1999 compared to a net loss of $26,000 or $.02 per share for the three months ended June 30, 1998. The Company's increase in revenues was the result of increased sales of its Fibre Channel products to customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe. The increase in earnings during the first quarter of fiscal 2000 was the direct result of increased revenue, as compared to the first quarter of fiscal 1999. Carl A. Pick, Chairman 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. of GENROCO said, "During the first quarter of our fiscal year 2000, we stayed focused on our objectives to become a major source of leading edge technology to the exploding Storage Area Network (SAN) market. While we will continue to be an important provider of Fibre Channel Host Bus Adaptor An alternate spelling of "adapter." See adapter. (tool) Adaptor - (Automatic DAta Parallelism TranslatOR) A source to source transformation tool that transforms data parallel programs written in Fortran 77 with array extensions, parallel loops, and layout directives to (HBA (Host Bus Adapter) See host adapter. ) cards to customers with unique applications, we are most excited about our new router router Portable electric power tool used in carpentry and furniture making that consists of an electric motor, a base, two handle knobs, and bits (cutting tools). A router can cut fancy edges for shelving, grooves for storm windows and weather stripping, circles and ovals and switch products, which will be demonstrated at CERN CERN or European Organization for Nuclear Research, nuclear and particle physics research center straddling the French-Swiss border W of Geneva, Switzerland. in Switzerland and Tokyo Broadcasting Systems
Formed in 1974, Wisconsin-based GENROCO is one of the world's premier suppliers of ultra high performance storage and network controllers for workstations and superservers made by Compaq, SGI (SGI, Sunnyvale, CA, www.sgi.com) A manufacturer of workstations and servers, founded in 1982 by Jim Clark. The company was founded as Silicon Graphics, Inc., but changed to its acronym in 1999. , Sun, Fujitsu, and other major platform suppliers. Among numerous unique offerings, GENROCO produces high-bandwidth, low host overhead Fibre Channel and HIPPI (HIgh Performance Parallel Interface) An ANSI-standard high-speed communications channel that uses a 32-bit or 64-bit cable and transmits at 100 or 200 Mbytes/sec. interfaces for PCI (1) (Payment Card Industry) See PCI DSS. (2) (Peripheral Component Interconnect) The most widely used I/O bus (peripheral bus). and SBUS Originally a proprietary bus from Sun, the Sbus has been released into the public domain. The IEEE standardized a 64-bit version in 1993. (hardware) SBus - The hardware interface for add-in boards in later Sun-3 (and Sun-4?) workstations. computer systems. Further information about the Company and its products can be found on the World Wide Web at http://www.genroco.com . The matters regarding the future discussed in this news release include certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve specific risk and uncertainty. In accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, the following are important factors that could cause GENROCO's actual results to differ materially from those expressed or implied by such forward-looking statements. These include, but are not limited to general economic conditions in the company's markets, the loss of one or more of it's significant customers, or the delay in the implementation of a large project, which could cause quarterly variations in GENROCO's revenues and earnings. Comparative financial results of continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the three months ended June 30, 1999 and June 30, 1998 are set forth below: -0-
BALANCE SHEET (In thousands of dollars)
6/30/99 3/31/99
---------- ----------
Current assets:
Cash $ 764 $ 524
Accounts receivable-net 505 904
Inventory 398 459
Other 279 70
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Total 1,946 1,957
Non-current assets:
Property, plant
and equip-net 412 324
Other 14 28
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Total 426 352
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Total assets $ 2,372 $ 2,309
======== ========
Current liabilities:
Accounts payable $ 298 $ 145
Current portion-LTD 104 80
Other accrued liabilities 223 302
-------- --------
Total 625 527
Non-current liabilities
Capital leases payable 166 124
Line of credit 300 425
-------- --------
Total 466 549
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Total liabilities 1,091 1,076
Stockholders' investment
Paid in capital 1,032 995
Accumulated earnings (deficit) 249 238
-------- --------
Total 1,281 1,233
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Total liabilities & equity $ 2,372 $ 2,309
======== ========
Current Ratio 3.11:1 3.17:1
STATEMENT OF OPERATIONS (In thousands of dollars, except
share data)
Three Months Ended
6/30/99 6/30/98
------------- -------------
(Unaudited) (Unaudited)
Revenue $ 1,135 $ 850
Cost of revenues 400 401
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Gross profit 735 449
Operating expenses:
Research and development 280 225
Selling, general and admin 427 264
-------- --------
Total operating expenses 707 489
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Operating profit 28 (40)
Non operating (income) expense
Interest 4 7
Other 6 (3)
-------- --------
Net income (loss) from continuing
operations before income taxes 18 (44)
Provision for income taxes 7 (18)
-------- --------
Net income $ 11 $ (26)
======== ========
Net income per share $ .01 $ (.02)
Common shares used to compute net
income per common share
(weighted average) 1,278,000 1,164,000
SOURCE: DigitalWork ( http://www.digitalwork.com ) WHERE SMALL BUSINESS GOES TO WORK |
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