Glenayre Technologies Reports Record Operating Results For The Fourth Quarter And Fiscal year 1995.CHARLOTTE, N.C.--(BUSINESS WIRE)--Feb. 6, 1996--Glenayre Technologies Inc. (Nasdaq: GEMS) announced today record results for the fourth quarter and twelve months ended December December: see month. 31, 1995. 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 for the fourth quarter of 1995 increased 104% to $98.5 million from $48.3 million for the fourth quarter of 1994. Income from operations for the fourth quarter of 1995 increased 183% to $29.2 million from $10.3 million for the fourth quarter of 1994. Income from operations increased primarily as a result of the incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. sales growth offset by increased spending in research and development, selling, and depreciation. Earnings per share increased 131% to $0.37 per share on a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis for the fourth quarter ended December 31, 1995, from $0.16 per share on a fully diluted basis for the fourth quarter ended December 31, 1994. Net sales for the twelve months of 1995 increased 87% to $321.4 million from $172.1 million for the twelve months of 1994. Income from operations for the twelve months of 1995 increased 158% to $93.5 million from $36.2 million for the twelve months of 1994. Earnings per share from 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 increased 118% to $1.22 per share on a fully diluted basis for the twelve months ended December 31, 1995, from $0.56 per share on a fully diluted basis for the twelve months ended December 31, 1994. Commenting on the twelve months results, Ray Ardizzone, 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. of Glenayre Technologies stated, "I am extremely pleased with the results for 1995, but not surprised. When considering the continued strong growth in paging subscribers worldwide and the number of new frequencies being allocated to private operator groups, combined with Glenayre's focus on and understanding of these markets, I expected an impressive growth increase for the infrastructure business." Ardizzone continued, "What was not expected was the level of increased acceptance of our messaging products by new as well as existing customers. When you grow twice as fast as the market, it reinforces the soundness of our basic business strategies. We will continue to focus on our customers needs through our stated employee theme . . . Responsibility, Authority and Accountability." Glenayre Technologies is a worldwide provider of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. equipment and related software used in the wireless personal communications service v. in·ter·con·nect·ed, in·ter·con·nect·ing, in·ter·con·nects v.intr. To be connected with each other: The two buildings interconnect. v.tr. products. The company is included in the Nasdaq-100 Index(R). -0-
GLENAYRE TECHNOLOGIES INC.
CONSOLIDATED STATEMENT OF INCOME
(In thousands, except per share amounts)
(Unaudited)
Fourth Quarter Ended Twelve
Months Ended
12/31/95 12/31/94 12/31/95 12/31/94
Net Sales $98,459 $48,316 $321,404 $172,107 Cost of Sales 42,706 20,002 138,773 72,908 Selling, General and Administrative 16,922 12,063 56,579 41,079 Research & Development 6,884 4,371 23,968 15,991 Depreciation & Amortization 2,793 1,582 8,571 5,884 Income from Operations 29,154 10,298 93,513 36,245 Interest Income (Expense), Net 2,305 1,453 8,267 4,450 Other Income (Expense) (281) 10 (35) (400) Income from Continuing Operations Before Income Taxes 31,178 11,761 101,745 40,295 Provision for Income Taxes 7,796 2,117 25,297 7,200 Income from Continuing Operations 23,382 9,644 76,448 33,095 Gain from Discontinued Operations -- -- -- 388 Net Income $23,382 $9,644 $76,448 $33,483
Fully Diluted Income
Per Common Share:
Continuing Operations $0.37 $0.16 $1.22 $0.56
Discontinued Operations -- -- -- 0.01
Net Income Per Common Share -
Fully Diluted $0.37 $0.16 $1.22 $0.57
-0-
BALANCE SHEET DATA
(In thousands)
(Unaudited)
12/31/95 12/31/94
Working Capital $223,487 $135,209
Total Assets 447,580 284,961
Stockholders' Equity 390,694 245,435
CONTACT: Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Ciepcielinski, CFO See Chief Financial Officer. 704/553-0038 704/553-7878 Fax |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion