PEAK TECHNOLOGIES GROUP REPORT RECORDS SALES & INCOME FOR FOURTH QUARTER AND YEAR.
NEW YORK, Feb. 25 /PRNewswire/ -- The Peak Technologies Group, Inc. (NASDAQ: PEAK) today reported that sales for the fourth quarter reached approximately $21.5 million up 34 percent compared to the $16 million reported for the same period last year. Sales for the 1992 period reflect both contributions from the Gentry acquisition as well as increased unit sales which year on year accounted for approximately half of the increase. Net income for the fourth quarter was $888,000 or $0.17 per share compared to $196,000 or $0.08 per share for the fourth quarter of 1991. Per share earnings reflect an increase of shares outstanding from 2.6 million to 5.4 million or 105 percent as a result of the August 1992 IPO. Sales for the 1992 fiscal year were $82 million up 87 percent compared to $43.8 million for the fiscal 1991. Net income for 1992 was $1.835 million or $0.49 per share up from a loss of $51,000 for 1991. Gross margin increased to 30.5 percent in the fourth quarter from the 29.2 percent for the same period in 1991. This improvement reflects a redirection of sales emphasis to value added solutions. Sales, general and administrative expenses as a percentage of sales were reduced to 21.3 percent in the fourth quarter 1992. SG&A expenses reflected a 3 percent reduction compared to the third quarter of 1992. Resulting income from operations for the quarter increased 98 percent over the previous year to $1.9 million. Nicholas Toms, chairman and CEO, stated, "The performance in our core business lines of industrial bar coding and mass storage continues to expand strongly. This is particularly noteworthy, I believe, because during the second half of the year, Peak completed its initial public offering of stock and successfully assimilated the acquisition of Gentry which was purchased in April. Total revenues were, however, limited by the continued elimination of non-core business lines resulting from acquisitions and the ongoing shortage of one key storage product affecting $1.2 million in bookings which could otherwise have been shipped in the fourth quarter 1992. Furthermore, the record sales and profit numbers were achieved despite the continuing margin erosion and depressed sales at the company's Telpar mini-printer unit, which we attribute to general economic conditions in the unit's OEM customer base. We anticipate that 1993 will see a continuation of the strong sales growth and profit momentum generated by the company this past year." The Peak Technologies Group, Inc., which completed its initial public offering of stock on August 11, is a full service value added distributor and systems integrator of bar code based data collection systems; mass storage systems; information systems printing equipment; and related supplies. Peak markets the products of more than 50 manufacturers. THE PEAK TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES Summary Consolidated Statement of Operations (Dollars in Thousands, Except Per Share Amounts) Period ended Dec. 31 Three Months Ended Percent 1992 1991 Increase Sales: 21,406 15,970 34 Gross Profit 6,530 4,662 40 Income from Operations 1,893 954 98 Income before income taxes 1,425 259 -- Provision for income taxes 537 63 -- Net income $ 888 $ 196 353 Primary and fully diluted earnings per common share $ 0.17 $ 0.08 113 Weighted average shares outstanding 5,382 2,629 105 Period ended Dec. 31 Year Ended Percent 1992 1991 Increase Sales: 82,091 43,811 87 Gross Profit 24,522 13,661 80 Income from Operations 5,801 2,881 101 Income before income taxes 3,240 219 -- Provision for income taxes 1,405 270 -- Net income (loss) $ 1,835 $ (51) -- Primary and fully diluted earnings per common share $ 0.49 $ -- -- Weighted average shares outstanding 3,858 2,628 47 -0- 2/25/93 /CONTACT: Nicholas Toms, chairman & CEO, 212-832-2833, or Ed Stevens, executive vice president & CFO, 410-997-6702, both of Peak Technologies Group, or Desmond Towey or Bernadette McLaughlin, both of Desmond Towey & Associates, 212-888-7600, for Peak Technologies/ (PEAK)
CO: Peak Technologies Group, Inc. ST: New York IN: SU: ERN
TM -- NY100 -- 0638 02/25/93 18:29 EST
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|Date:||Feb 25, 1993|
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