Printer Friendly

LASERMASTER TECHNOLOGIES ANNOUNCES LOSS FOR QUARTER, GAINS IN WINDOWS/BUSINESS PRINTER LINES

 LASERMASTER TECHNOLOGIES ANNOUNCES LOSS FOR QUARTER,
 GAINS IN WINDOWS/BUSINESS PRINTER LINES
 MINNEAPOLIS, Feb. 5 /PRNewswire/ -- LaserMaster Technologies, Inc. (NASDAQ: LMTS) reported sales for the quarter ended Dec. 31, 1991, of $14,258,000, and a net loss of $407,000 or 4 cents per share. LaserMaster had operating profits of $41,000 for the quarter, prior to interest and non-operating expenses. The company reported a significant increase in sales of printer products for use with the Microsoft(R) Windows(TM) software environment and with other PC and Macintosh business applications. Introduced after Dec. 31, 1991, Windows/Business printer products contributed $3.2 million for the quarter ended Dec. 31, 1992, making up 22 percent of net sales. Operating expenses were reduced 16 percent from the same quarter in fiscal 1991.
 The company attributed a 12 percent decrease in sales from the quarter ended Dec. 31, 1990, largely to elimination of unprofitable commodity computer sales through its former TeleVAR subsidiary in March 1991, and to a temporary disruption of sales by the October reorganization of its domestic plain-paper typesetting sales organization. Excluding the TeleVAR subsidiary sales, revenues increased slightly from last year's second fiscal quarter.
 On Oct. 1, 1991, LaserMaster reorganized its domestic sales organization, from product line specialization into geographically assigned full-service teams. The new organization is designed to take better advantage of, and provide greater support to, the company's resellers and emerging cooperative and referral selling opportunities. The reorganization also allows better coordination between sales of typesetting and Windows/Business printing products. As expected, the short-term effect of reassignments in the sales organization was to disrupt sales efforts in process at the time. Management believes that this was a temporary effect confined to the sales numbers for the quarter, and that the benefits of reorganization are now being demonstrated.
 LaserMaster Technologies, Inc. designs, manufactures and markets high resolution, high performance printing systems for the microcomputer market. The LaserMaster product line features the company's proprietary TurboRes(R) resolution enhancement technology.
 LASERMASTER TECHNOLOGIES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Six Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Net sales $14,258 $16,289 $28,089 $27,528
 Cost of goods sold 7,553 7,168 14,957 11,648
 Gross profit 6,705 9,121 13,132 15,880
 Operating expenses 6,664 7,952 13,127 15,281
 Operating income 41 1,169 5 599
 Other expense, net 521 297 1,039 469
 Income (loss) before income
 taxes (480) 872 (1,034) 130
 Income tax (provision)
 benefit 73 (305) 250 (40)
 Net income (loss) $(407) $567 $(784) $90
 Earnings (loss) per common
 share $(0.04) $0.06 $(0.08) $0.01
 Average number of common
 and common equivalent
 shares outstanding 9,322 10,289 9,302 10,366
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 12/31/91 06/30/91
 (Unaudited)
 Assets
 Current assets
 Cash and cash equivalents $1,914 $1,399
 Accounts receivable, net 10,726 9,693
 Inventory 6,518 8,942
 Other 1,589 1,607
 Income taxes receivable 301 727
 Total current assets 21,048 22,368
 Property and equipment, net 7,256 8,032
 Capitalized software, net 2,342 1,809
 Other assets, net 1,441 1,508
 Total assets $32,087 $33,717
 Liabilities and stockholders' equity
 Current liabilities
 Notes payable $5,459 $5,426
 Payables and accrued expenses 8,964 9,093
 Current long-term debt 771 823
 Total current liabilities 15,194 15,342
 Long-term debt 1,123 1,264
 Convertible subordinated debentures 5,828 6,331
 Other long-term obligation 624 1,125
 Deferred income taxes 100 100
 Stockholders' equity 9,218 9,555
 Total liabilities and stockholders'
 equity $32,087 $33,717
 -0- 02/05/92
 /CONTACT: Karen Neset of LaserMaster, 612-941-8687/
 (LMTS) CO: LaserMaster Technologies ST: Minnesota IN: CPR SU: ERN


KH -- MN001 -- 7061 02/05/92 09:55 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:Feb 5, 1992
Words:657
Previous Article:KENNETH W. GIDEON REJOINS FRIED FRANK AS SENIOR TAX PARTNER IN WASHINGTON
Next Article:RANGER OIL ANNOUNCES SUCCESSFUL PRODUCTION TESTING OF U.K. BLOCK 23/27 TO BE CALLED THE PIERCE FIELD
Topics:


Related Articles
LASERMASTER TECHNOLOGIES ANNOUNCES PURCHASING AGREEMENT WITH INTERNATIONAL COMPUTERS
LASERMASTER TECHNOLOGIES ANNOUNCES STRATEGIC LICENSING AGREEMENT WITH LEXMARK
LASERMASTER TECHNOLOGIES ANNOUNCES EARNINGS OF $.04 PER SHARE AND INCREASED SALES
LASERMASTER TECHNOLOGIES, INC. ANNOUNCES AGREEMENTS TO DISTRIBUTE WINDOWS PRINTING PRODUCTS IN GERMANY
LASERMASTER TECHNOLOGIES FILES FOR PATENTS ON HIGH SPEED COMMUNICATIONS TECHNOLOGY
LASERMASTER TECHNOLOGIES SHIPS HIGH-SPEED PRINTING PRODUCT FOR MICROSOFT WINDOWS
LASERMASTER TECHNOLOGIES ANNOUNCES LEXMARK TO RELEASE PRINTERS USING LASERMASTER'S HIGH-SPEED GDI PRINTING TECHNOLOGY
LASERMASTER TECHNOLOGIES TARGETS KEY MARKETS FOR WINDOWS PRINTING; ANNOUNCES STAFF, COST REDUCTIONS TO IMPROVE PROFITABILITY
LASERMASTER TECHNOLOGIES, INC. ANNOUNCES NEW PRODUCTS AND IMPROVED REVENUE ESTIMATE
MACUSER NAMES 1994 EDITORS' CHOICE "EDDY" AWARD WINNERS; MACINTOSH INDUSTRY'S TOP HONORS FOR YEAR'S BEST HARDWARE AND SOFTWARE

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