Printer Friendly

NBI ANNOUNCES FIRST QUARTER RESULTS

 NBI ANNOUNCES FIRST QUARTER RESULTS
 BOULDER, Colo., Nov. 4 /PRNewswire/ -- NBI Inc. (PSE: NBI) today


reported net income of $246,000 for the quarter ended Sept. 30, 1992, or income of 2 cents per common share. This compares to a net loss of $609,000 for the like period of the prior year. The improved performance was primarily the result of a gain on the sale of the Service Division on Aug. 7, 1992, and reduced operating expenses, due to the discontinuance of development of Legacy(R) in June 1992, partially offset by reduced gross margin from the Service Division.
 Revenues totaled $2.4 million and $4.6 million for the quarters ended Sept. 30, 1992 and 1991, respectively. Revenues are expected to decline significantly during the second quarter of fiscal 1993 due to the recent sale of the Service Division and nonrecurring Legacy licensing fees received in the first quarter of fiscal 1993.
 NBI chairman of the board, Jay H. Lustig said, "During our first quarter, we continued to implement our strategy of converting non- strategic assets into cash. This balance sheet strengthening will continue during the second quarter as well."
 Based in Boulder, NBI provides network systems integration in the United States and the United Kingdom. In addition, NBI services system users and provides open systems solutions in the United Kingdom.
 NBI INC.
 Summary of Financial Performance
 First Quarter
 Condensed Statement of Operations
 (Unaudited)
 (Amounts in thousands, except per share data)
 Quarter Ended
 Sept. 30,
 1992 1991
 Revenues $2,428 $4,648
 Costs and expenses 2,182 5,257
 Income (loss) from continuing
 operations before reorganization
 costs and income taxes 246 (609)
 Reorganization costs (reduction)
 incurred subsequent to Chapter 11
 proceedings --- (81)
 Loss before income taxes 246 (528)
 Income tax expense --- ---
 Net income (loss) $246 $(528)
 Net income (loss) per common share $.02 $(.07)
 Weighted average number of common and
 common equivalent shares 10,001 9,527
 Condensed Balance Sheet
 (Unaudited)
 (Amounts in thousands)
 Sept. 30,
 1992
 Assets
 Cash, cash equivalents and
 marketable securities $8,351
 Receivables, net 539
 Inventories 53
 Other current assets 1,466
 Total current assets 10,409
 Field spare parts, net 31
 Property and equipment, net 268
 Other assets 6,689
 $17,397
 Liabilities and stockholders' equity
 Accrued income taxes $1,011
 Accounts payable 336
 Other current liabilities 1,121
 Current portion of prepetition debt 150
 Total current liabilities 2,618
 Notes payable 245
 Long-term income taxes 9,699
 Total stockholders' equity 4,835
 $17,397
 -0- 11/4/92
 /CONTACT: Nancy Hamilton of NBI, 303-938-2808/
 (NBI) CO: NBI Inc. ST: Colorado IN: CPR SU: ERN


MC-BB -- DV007 -- 2738 11/04/92 18:20 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:Nov 4, 1992
Words:441
Previous Article:PLM INTERNATIONAL COMPLETES $91 MILLION RE-FINANCING AND NAMES NEW CHIEF FINANCIAL OFFICER
Next Article:IES INDUSTRIES ANNOUNCES EARNINGS, DIVIDEND
Topics:


Related Articles
NBI SELECTED BY SIX MAJOR ACCOUNTS FOR INTEGRATION SERVICES
NBI SYSTEMS INTEGRATION CLOSES ITS FIRST ANNIVERSARY WITH A STRONG QUARTER
NBI REPORTS SECOND QUARTER RESULTS
JERRITTS TO LEAVE NBI
JERRITTS TO LEAVE NBI
NBI ANNOUNCES SALE OF LEGACY
NBI INC. REPORTS SECOND QUARTER RESULTS
NBI INC. REPORTS THIRD QUARTER RESULTS
NBI FIRST QUARTER PER SHARE RESULTS - $.04 VS. $.02
NBI FISCAL YEAR 1994 RESULTS

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