In Focus Systems Announces Third Quarter Results.WILSONVILLE Wilsonville is the name of several communities in the United States of America:
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 : INFS INFS InFocus Corporation (stock symbol) ), today reported record third quarter revenues of $79.6 million, an increase of 35% over third quarter 1996 revenues of $59.1 million and 7% over second quarter 1997 revenues of $74.6 million. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. consolidated revenues rose 18% to $218.9 million over $185.3 million for the first nine months of 1996. Third quarter net income of $4.2 million rose 75% over $2.4 million in the third quarter of 1996 and was 12% under the $4.8 million in the second quarter of 1997. Year-to-date net income rose 63% to $13.4 million over $8.2 million for the first nine months of 1996. Third quarter earnings per share of $.38 on 11.1 million shares rose 73% over $.22 per share on 10.8 million shares in the third quarter of 1996 and was down 14% from $.44 per share on 11.1 million shares in the second quarter of 1997. Year-to-date earnings per share rose 68% to $1.21 per share on 11.1 million shares over $.72 per share on 11.4 million shares for the first nine months of 1996. As expected, gross margins were down slightly to 25.4% from 26.3% in the second quarter of 1997 as the company continued to sell off its VGA (Video Graphics Array) The display standard for the PC. All PC display adapters support VGA, and Windows machines boot up in "VGA mode" before switching to higher resolutions. resolution and first generation Digital Light Processing (DLP (Digital Light Processing) A data projection technology from TI that produces clear, readable images on screens in lit rooms. DLP is used in all types of projection devices, from data projectors that weigh only a few pounds to large rear-projection TVs to electronic ) projectors. The end-of-life end-of-life Cardiac pacing noun The point at which a pacemaker signals need for replacement, as its battery is nearing depletion Medtalk adjective sell off of these projectors is expected to be finished by year end. The company expects ongoing price competition to continue, particularly for mature VGA resolution products. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the third quarter of $14.6 million dropped to 18.4% as a percent of revenue from 21.6% in the third quarter of 1996 and were up slightly from 18.2% in the second quarter of 1997. The planned increase in absolute dollar spending over the second quarter was attributable to expanding the company's international sales infrastructure and increased marketing and development expenditures for new products launching in the third and fourth quarters. The effective tax rate was 30% versus 25% in the second quarter, primarily due to a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. true up of the 1996 tax return which was recognized in the second quarter. Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying increased 20% to $66.4 million during the quarter from $55.3 million at June June: see month. 30, 1997. The increase in receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed is primarily attributed to the impact of back-end-loaded demand during the quarter as the education and government buying season returned and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). came off of holiday. This
seasonality combined with the launch of the new LitePro(R) 730 projector
resulted in record demand in September September: see month. causing receivables and Days
Sales Outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ) to increase.
Inventories declined to $21.8 million during the quarter from $24.4 million at June 30, 1997, and inventory turns improved to 11 turns, versus 9 turns in the second quarter. "I am pleased with our across-the-board performance and the results this quarter," said John V. Harker Harker is an English surname. Many geographic locations are named after individuals with the Harker surname. Individuals
"Revenues grew in what normally is a seasonally flat quarter. We increased our production capacity and efficiency while expanding our market range and reach with investments in our international sales infrastructure, and we made good progress on new product development programs scheduled for launch later this year. We continue to grow profitably by effectively managing our spending and improving our asset management," continued Harker. "We launched another award winning data/video projector in the LitePro 730, the industry's only XGA (EXtended Graphics Array) A screen resolution of 1,024x768 pixels. The term stems from IBM's XGA display standard introduced in 1990, which extended VGA to 132-column text and interlaced 1,024x768x256 resolution. XGA-2 later added non-interlaced 1,024x768x64K. workstation compatible polysilicon (POLYcrystalline SILICON) Silicon with a crystalline structure, which acts as a conductor of electricity. It is used as the gate in MOS transistors as well as an interconnect between them. Contrast with amorphous silicon. See LTPS TFT LCD. projector. At 12 pounds the LitePro 730 is quickly being embraced by the market as the product of choice for high resolution applications. Our award winning projectors continue to be the benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. of performance for the industry. As we look ahead to the fourth quarter and 1998, our new products should address a larger and more widely segmented marketplace with new technologies and better price performance solutions aimed specifically at meeting the needs of users," concluded Harker. This press release includes 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. . Investors are cautioned that all forward-looking statements involve risks and uncertainties and several factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements relate to anticipated revenues, gross margins, earnings, availability of components and subassemblies manufactured for the Company, backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. and new product introductions. The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: 1) in regards to revenues, gross margins and earnings uncertainties associated with market acceptance of and demand for the Company's products, impact of competitive products and pricing and dependence on third party suppliers; 2) in regards to product availability and backlog, uncertainties associated with manufacturing capabilities and dependence on third party suppliers; and 3) in regards to new product introductions, uncertainties associated with the development of technology and the establishment of full manufacturing capabilities, dependence on third party suppliers and intellectual property rights. Investors are directed to the Company's filings with the Securities and Exchange Commission, including the Company's 1996 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which are available from the Company without charge, for a more complete description of the risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc forward looking statements made by the Company as well as to other aspects of the Company's business. In Focus Systems, Inc. (NASDAQ: INFS) is the worldwide leader in developing, manufacturing and marketing data/video projectors to present video, audio, graphics and data from personal computers and other electronic devices. The Company's headquarters are located at 27700B S.W. Parkway Avenue, Wilsonville, Oregon Wilsonville is a city in Clackamas County, Oregon, United States. The population was 13,991 at the 2000 census, and as of 2005 was estimated to be 16,510.[1] Geography Wilsonville is located at (45.306805, -122. 97070-9215. The In Focus Systems web site is located at http://www.infocus.com . -0-
IN FOCUS SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
September 30, December 31,
1997 1996
-------------- --------------
Assets (Unaudited)
Current Assets:
Cash and cash equivalents $ 49,008 $ 33,935
Marketable securities -
held to maturity 3,900 4,263
Accounts receivable, net
of allowances of
$3,067 and $3,942 66,354 55,289
Inventories, net 21,805 22,715
Income taxes receivable - 1,305
Deferred income taxes 3,679 3,135
Other current assets 2,555 1,546
------------ ------------
Total Current Assets 147,301 122,188
Long-term marketable securities -
held to maturity 1,370 -
Property and equipment,
net of accumulated
depreciation of $19,254 and $13,692 14,785 14,553
Other assets, net 1,125 1,509
------------ ------------
Total Assets $ 164,581 $ 138,250
============ ============
Liabilities and Shareholders' Equity
Current Liabilities:
Income taxes payable $ 1,100 $ -
Accounts payable 32,753 22,210
Payroll and related benefits
payable 2,096 2,282
Marketing cooperative payable 1,002 1,604
Other current liabilities 3,522 2,983
------------ ------------
Total Current Liabilities 40,473 29,079
Note payable - 738
Deferred income taxes 381 473
Shareholders' Equity:
Common stock, 30,000,000 shares
authorized; shares issued and
outstanding: 10,838,701
and 10,693,486 49,768 47,912
Additional paid-in capital 10,556 10,080
Retained earnings 63,403 49,968
------------ ------------
Total Shareholders' Equity 123,727 107,960
------------ ------------
Total Liabilities and
Shareholders' Equity $ 164,581 $ 138,250
============ ============
IN FOCUS SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share and per share amounts)
Three months ended September 30,
1997 1996
-------------- -------------
Revenue $ 79,559 $ 59,080
Cost of sales 59,356 43,118
------------ ------------
Gross profit 20,203 15,962
Operating expenses:
Marketing and sales 7,934 7,190
Engineering 4,734 4,225
General and administrative 1,980 1,349
------------ ------------
14,648 12,764
------------ ------------
Income from operations 5,555 3,198
Other income (expense):
Interest expense (39) (8)
Interest income 520 330
Other, net (45) 6
------------ ------------
436 328
------------ ------------
Income before provision for
income taxes 5,991 3,526
Provision for income taxes 1,805 1,148
------------ ------------
Net income $ 4,186 $ 2,378
============ ============
Net income per share $ 0.38 $ 0.22
============ ============
Shares used in per share
calculations 11,117,147 10,816,854
============ ============
Nine months ended September 30,
1997 1996
-------------- -------------
Revenue $ 218,917 $ 185,347
Cost of sales 160,344 132,649
------------ ------------
Gross profit 58,573 52,698
Operating expenses:
Marketing and sales 22,110 22,167
Engineering 13,187 14,315
General and administrative 5,629 5,564
------------ ------------
40,926 42,046
------------ ------------
Income from operations 17,647 10,652
Other income (expense):
Interest expense (70) (11)
Interest income 1,504 1,273
Other, net (43) 475
------------ ------------
1,391 1,737
------------ ------------
Income before provision for
income taxes 19,038 12,389
Provision for income taxes 5,603 4,168
------------ ------------
Net income $ 13,435 $ 8,221
============ ============
Net income per share $ 1.21 $ 0.72
============ ============
Shares used in per share
calculations 11,076,228 11,378,168
============ ============
CONTACT: In Focus Systems, Inc. Fi.Comm See comms. John V. Harker Heidi Heidi has instinct for goodness. [Children’s Lit.: Heidi] See : Innocence A. Flannery
Chief Executive Officer Investor Relations Investor relations The process by which the corporation communicates with its investors. Counsel 503/685-8888 503/844-8888 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion