NATURAL MICROSYSTEMS CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS - Year End Net Income Increases 241% -.NATICK, Mass.--(BUSINESS WIRE)--January 24, 1995--NATURAL MICROSYSTEMS CORPORATION (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 NM Symbol: NMSS NMSS National Multiple Sclerosis Society NMSS Nuclear Material Safety and Safeguards NMSS New Model Special Schools NMSS Network Management Support Services ) today announced results for the quarter and year ended December 31, 1994. Revenues for the fourth quarter ended December 31, 1994 increased 54% to $5,006,000 from $3,255,000 reported for the corresponding quarter last year. Net income for the quarter increased 262% to $1,316,000 from $364,000 reported for the fourth quarter last year. Earnings per share for the fourth quarter of 1994 were $0.44 per share based on 3,016,403 weighted average shares outstanding, compared to pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share of $0.20 based on 1,817,548 weighted average shares outstanding for the comparable 1993 period. Revenues for the twelve months ended December 31, 1994 increased 51% to $16,957,000 from $11,214,000 reported for the comparable 1993 period. Net income for the year increased 241% to $2,752,000 from $807,000 reported for the corresponding 1993 period. Earnings per share for the twelve months ended December 31, 1994 were $1.00 per share based on 2,751,013 weighed average shares outstanding, compared to pro forma earnings per share of $0.44 based on 1,817,548 weighted average shares outstanding for the corresponding 1993 period. Net earnings for the fourth quarter of 1994 reflect an income tax benefit of $491,000, or $0.16 per share, which reflects the recognition of a portion of the Company's net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carryforward. Commenting on the results, David Levi David Levi may refer to:
"Going forward we see many opportunities in the mixed media market and are poised to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. them. Our new mixed media single slot T-1 card, announced at the end of October, has already received the industry's highest accolade from AT&T, being Accucall certified See certification. . Already we have secured a very large order from a service provider using speech recognition. In fact, our text to speech expertise has us partnered with Centigram cen·ti·gram n. A metric unit of mass equal to one hundredth (10-2) of a gram. centigram one-hundredth of a gram; abbreviated cg. and Big Sky, and we are scheduled to demonstrate our solution shortly at Lotusphere. We expect our solution to be productized and sold directly by Lotus in the second quarter. "Additionally, we continue to satisfy demand for PC-based non-proprietary solutions with MVIP (MultiVendor Integration Protocol) A voice bus and switching protocol developed by Natural Microsystems, Natick, MA, and others. Used to build call center equipment using regular PCs, MVIP provides a second communications bus within the computer that can , the industry standard for facilitating interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. among the many different call processing In telecommunication, the term call processing has the following meanings:
Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ in wireless and distributed switching Distributed switching is an architecture in which multiple processor-controlled switching units are distributed. There is often a hierarchy of switching elements, with a centralized host switch and with remote switches located close to concentrations of users. applications such as PC ACD's and PC PBX's and emerging applications such as Wildfire. Also, there was an upswing Upswing An upward turn in a security's price after a period of falling prices. in new product introductions which included multi-chassis MVIP and distributed switching software," added Mr. Levi. Natural MicroSystems was founded in 1983 and pioneered the development of PC-based digital signal processor A digital signal processor (DSP) is a specialized microprocessor designed specifically for digital signal processing, generally in real-time computing. Characteristics of typical Digital Signal Processors
NATURAL MICROSYSTEMS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands except share and per share data)
(unaudited)
For the Three Months Ended For the Year Ended
December 31, December 31,
1994 1993 1994 1993
Revenues:
Product $ 4,996 $ 3,228 $ 16,788 $ 10,969
Contract 10 27 169 245
Total revenues 5,006 3,255 16,957 11,214
Cost of revenues:
Product 2,121 1,369 7,369 4,831
Contract 7 18 135 192
Total cost of revenues 2,128 1,387 7,504 5,023
Gross profit 2,898 1,868 9,453 6,191
Operating expenses:
Selling, general and
administrative 1,524 988 5,155 3,903
Research and development 612 472 2,174 1,359
Total operating expenses 2,136 1,460 7,329 5,262
Operating income 742 408 2,124 929 Interest expense 3 32 41 105 Interest income 86 -- 207 1 Income before income taxes 825 376 2,290 825 Income taxes (benefit) (491) 29 (462) 18 Net income $ 1,316 $ 364 $ 2,752 $ 807 Earnings per share $ 0.44 $ 0.20(a) $ 1.00 $ 0.44(a) Weighted avg. shares outstanding 3,016,403 1,817,548(a) 2,751,013 1,817,548(a) (a) Pro forma in 1993 -0-
NATURAL MICROSYSTEMS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited)
December 31, December 31,
1994 1993
Assets
Current assets:
Cash and cash equivalents $ 7,611 $ 340
Accounts receivable, net of allowance
for uncollectible accounts of $231
and $176, respectively 5,300 3,386
Inventory 2,209 1,321
Prepaid and other assets 332 287
Deferred tax asset 190 --
Total current assets 15,642 5,334
Property and equipment and
other long term assets 802 490
Deferred tax asset 506 --
Total Assets $ 16,950 $ 5,824
Liabilities and Stockholders' Equity (Deficit)
Current liabilities:
Bank line of credit $ -- $ 1,122
Subordinated convertible shareholder notes -- 505
Accounts payable 2,031 1,671
License fee note payable -- 374
Current portion of note payable
to related party -- 58
Current portion of capital lease obligation 23 28
Accrued expenses and other liabilities 736 387
Total current liabilities 2,790 4,145
Long term liabilities less current portion -- 89 Redeemable cumulative convertible preferred stock -- 2,818
Common equity 19,229 6,594
Accumulated deficit (5,069) (7,822)
Total stockholders' equity (deficit) 4,160 (1,228)
Total liabilities and
stockholders' equity (deficit) $ 16,950 $ 5,824
-0- This information contained herein was obtained from the Management of NATURAL MICROSYSTEMS CORPORATION and other sources deemed to be reliable. This does not constitute the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of the purchase or sale of securities. CONTACT: Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: John Nesbett/Jason Thompson Lippert/Heilshorn & Associates (212) 838-3777 Company Contact: John Kennedy Chief Financial Officer (508) 650-1329 |
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