Global Village Net Income Up 84% In Third Quarter; Record Revenues Up 81%.SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--Jan. 16, 1996--Global Village Communication, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :GVIL) today reported record results for the eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval consecutive quarter. Net revenues for the third fiscal quarter ended December December: see month. 31, 1995, rose 81 percent to $39.5 million, up from $21.8 million in the same period last year. Net income increased to $3.5 million, up 84 percent from $1.9 million a year ago. Earnings per share reached 21 cents compared with 12 cents in the year-earlier period. "Continued strong quarterly sales underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. our leadership of the market for high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. communication solutions worldwide," said Neil Selvin, president and chief executive officer of Global Village Communication. "In the third quarter, the ongoing success of TelePort Verb 1. teleport - transport by dematerializing at one point and assembling at another science fiction - literary fantasy involving the imagined impact of science on society transport - move something or somebody around; usually over long distances Platinum v.34 modems was complemented by the first full quarter of revenues from our PowerPort Platinum Pro PC cards for the Macintosh PowerBook 5300 and 190 notebook computers A laptop computer that weighs in a range from five to seven pounds. The term originated when laptops were routinely more than 10 pounds, and those that became lighter were placed in a special "notebook" category. In practice, notebook computer and laptop computer are synonymous. . And, while expanding our investment in marketing programs, we continued to show earnings growth ahead of very aggressive revenue growth," said Selvin. Revenues for the nine-month period of fiscal 1996 increased 78 percent to $97.8 million, up from $54.8 million in the same period a year ago. Net income reached $8.7 million, or 52 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , up 85 percent from $4.7 million, or 32 cents per share, last year before the effect of non-recurring charges related primarily to the acquisition of SofNet, Inc. Strategic Developments During the quarter, the company announced the acquisition of KNX Limited, a leading U.K.-based provider of ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. remote access products, which will operate as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Global Village Communication, U.K. Ltd. "The third quarter was significant for Global Village strategically as well as financially," continued Selvin. "By adding ISDN technology to our growing product line, we took a major step toward our goal of providing total communication solutions for PC users worldwide -- both individuals and small- to medium-sized workgroups and businesses," he said. Earlier this month, the company announced that ISDN access is now an option for its GlobalCenter Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the service subscribers on Macintosh networks. Also in the third quarter, Global Village expanded its GlobalCenter Internet service to include support for small businesses with Windows networks A local area network (LAN) made up of Windows clients and servers. Starting with Windows for Workgroups 3.1 in 1992, all versions of Windows have built-in networking. See Windows and NetBEUI network. , and added receive-fax capabilities to its OneWorld Combo and OneWorld Fax telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. servers for Macintosh systems. Global Village Communication, Inc. Global Village Communication, Inc. is a leading supplier of integrated communication solutions for personal computer users. -0-
GLOBAL VILLAGE COMMUNICATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
1995 1994 1995 1994
Net revenues $39,517 $21,847 $97,764 $54,792 Cost of revenues 22,504 11,518 54,644 29,743 Gross profit 17,013 10,329 43,120 25,049 Operating Expenses: Research and development 4,190 2,585 10,549 6,099 Marketing and sales 6,365 3,924 16,434 9,431 General and administrative 1,528 982 4,066 2,912 In-process research & development 0 0 0 12,809 Total operating expenses 12,083 7,491 31,049 31,251 Income from operations 4,930 2,838 12,071 (6,202) Other income, net 247 225 731 608 Income before income taxes 5,177 3,063 12,802 (5,594) Provision for income taxes 1,655 1,149 4,053 2,708 Net income/(loss) $3,522 $1,914 $8,749 ($8,302) Net income/(loss) per share $0.21 $0.12 $0.52 ($0.62) Shares used in computing net income per share 16,704 16,076 16,678 13,309
GLOBAL VILLAGE COMMUNICATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, March 31,
1995 1995
(unaudited) (audited)
ASSETS
Current assets:
Cash and short-term investments $ 36,005 $ 26,748 Accounts receivable, net 14,124 11,390 Inventories, net 1,893 3,898 Deferred income taxes 2,486 2,486 Other current assets 1,874 1,313 Total current assets 56,382 45,835 Property and equipment, net 9,454 6,420 Other assets 1,815 1,467 Total assets $ 67,651 $ 53,722 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 12,146 $ 12,078 Accrued and other liabilities 5,688 4,030 Income taxes payable 2,773 208 Total current liabilities 20,607 16,316 Stockholders' equity: 47,044 37,406 Total liabilities and stockholders' equity $ 67,651 $ 53,722 CONTACT: Global Village Communication James Walker James Walker may refer to a number of persons:
jwalker@globalvillage.com or Demer IR Counsel, Inc. Deborah B. Demer, (510) 938-2678 ddemer@demer-ir.com |
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