Printer Friendly

SYMBOL FIRST-QUARTER NET INCOME IS $0.03 PER SHARE ON REVENUES OF $84 MILLION

 BOHEMIA, N.Y., April 21 /PRNewswire/ -- Symbol Technologies Inc. (NYSE:SBL), the leading manufacturer of portable bar code-driven data transaction systems, today reported results for the first quarter ended March 31, 1993.
 For the first quarter ended March 31, 1993, revenue was $83,719,000, compared with $89,043,000 in the corresponding year-earlier period. Net income for the quarter was $727,000 ($0.03 per share), compared with $4,747,000 ($0.19 per share) in the corresponding year-earlier period. Included in net income for the first quarter ended March 31, 1992, was a cumulative charge to earnings of $744,000 ($0.03 per share) resulting from the early adoption of SFAS 109 by the company in December 1992. Weighted average shares outstanding, fully-diluted, for the first quarter were 24,632,000 in 1993 and 25,095,000 in 1992.
 The company said execution of its consolidation and restructuring plan, initiated in December 1992, is on schedule. The plan includes streamlining operations along functional lines and consolidation of engineering and manufacturing operations into a single, Long Island- based Products Group. As the consolidation and restructuring are completed in the second half of 1993, the company expects its operating expenses to decrease as a result of the greater operating efficiency afforded by a simpler structure.
 Symbol Technologies, Inc. is the world leader in bar code-driven data transaction systems with two million scanners and terminals installed. The company designs, manufactures and markets bar code laser scanners, portable computers and radio frequency data communications networks that are used as strategic building blocks in technology systems for retail, warehousing and distribution, manufacturing, package and parcel delivery and other industries.
 SYMBOL TECHNOLOGIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (Unaudited, All amounts in thousands, except stock par value)
 Periods ended March 31, December 31
 1993 1992 (1)
 Assets
 Current assets:
 Cash and temporary investments $ 38,122 $ 6,867
 Accounts receivable, less
 allowance for doubtful accounts
 of $5,184 and $4,893,
 respectively 82,962 78,514
 Inventories, net 70,034 60,783
 Deferred income taxes 30,621 31,565
 Prepaid expenses and other
 current assets 10,305 7,084
 Total current assets 232,044 184,813
 Property, plant and equipment,
 net of accumulated depreciation
 and amortization of $46,339 and
 $48,327, respectively 56,324 58,042
 Intangible and other assets,
 net of accumulated amortization
 of $24,231 and $21,743,
 respectively 135,266 135,811
 Total $423,634 $378,666
 Liabilities and stockholders' equity
 Current liabilities:
 Notes payable $ -- $ 7,500
 Accounts payable and
 accrued expenses 39,257 38,398
 Current portion of
 long-term debt 2,646 2,646
 Income taxes payable 6,642 6,299
 Deferred revenues 6,399 6,819
 Accrued restructuring costs 33,022 34,528
 Total current liabilities 87,966 96,190
 Long-term debt,
 less current maturities 64,533 14,582
 Other liabilities
 and deferred revenues 23,642 22,933
 Commitments and contingencies
 Stockholders' equity:
 Preferred stock, par value $1.00;
 authorized 10,000 shares, none
 issued or outstanding -- --
 Common stock, par value $0.01;
 authorized 40,000 shares; issued
 24,423 shares and 24,336 shares,
 respectively 244 243
 Retained earnings 62,887 62,160
 Other stockholders' equity 184,362 182,558
 Sub-total 247,493 244,961
 Total $423,634 $378,666
 NOTE: (1) The consolidated balance sheet as of Dec. 31, 1992 has been taken from the audited financial statements at that date and condensed.
 SYMBOL TECHNOLOGIES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Earnings
 (Unaudited, All amounts in thousands, except per share data)
 Periods ended March 31 Three Months
 1993 1992 (1)
 Net revenues $83,719 $89,043
 Cost of revenues 44,023 43,251
 Amortization of software
 development costs 1,511 721
 Gross profit 38,185 45,071
 Operatp?enses:
 Engineering 8,807 7,677
 Selling, general and
 administrative 26,893 27,217
 Amortization of excess
 of cost over fair value of net
 assets acquired 678 662
 Total 36,378 35,556
 Earnings from operations 1,807 9,515
 Other income -- 3,200
 Other expense -- (4,768)
 Interest expense, net (531) (448)
 Earnings before income taxes
 and cumulative effect of accounting
 change 1,276 7,499
 Provision for income taxes 549 2,008
 Earnings before cumulative
 effect of accounting change 727 5,491
 Cumulative effect of accounting
 change -- 744
 Net earnings $ 727 $ 4,747
 Earnings per share:
 On Earnings Before Cumulative
 Effect of Accounting Change:
 Primary $0.03 $0.22
 Fully-diluted $0.03 $0.22
 On Cumulative Effect of Accounting
 Change:
 Primary $ -- ($0.03)
 Fully-diluted $ -- ($0.03)
 On Net Earnings:
 Primary $0.03 $0.19
 Fully-diluted $0.03 $0.19
 Weighted average number of
 common shares outstanding:
 Primary 24,624 24,828
 Fully-diluted 24,632 25,095
 NOTE: (1) Certain reclassifications have been made to the prior year condensed consolidated statement of earnings to conform with the current year presentation. In addition, the prior year condensed consolidated statement of earnings has been restated to reflect the cumulative effect of accounting change as a result of adopting the provisions of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes".
 -0- 4/21/93
 /CONTACT: Michael Archambault of Symbol Technologies, Inc., 516-244-4632/
 (SBL)


CO: Symbol Technologies Inc. ST: New York IN: SU: ERN

TM-SH -- NY100 -- 8965 04/21/93 16:39 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1993
Words:876
Previous Article:NUCLEAR METALS, INC. ANNOUNCES SECOND QUARTER FISCAL 1993 RESULTS
Next Article:E'TOWN CORPORATION WILL ISSUE 500,000 SHARES OF COMMON STOCK
Topics:


Related Articles
COREL CORPORATION REPORTS 1993 FIRST QUARTER RESULTS
ALC COMMUNICATIONS REPORTS RECORD FIRST QUARTER: INCOME UP 142 PERCENT; EPS UP 156 PERCENT
PULITZER PUBLISHING REPORTS GAIN IN FIRST-QUARTER NET INCOME
ARDEN POSTS SECOND QUARTER RESULTS
CITICASTERS ANNOUNCES FIRST QUARTER RESULTS
WORLDCOM REPORTS FIRST QUARTER 1997 RESULTS
CPS Systems, Inc. Reports 3rd Quarter Earnings.
/FIRST AND FINAL ADD -- LAW069 -- Edison International Earnings - Part II/.
New Century Bancorp Reports First Quarter 2005 Earnings.
LivePerson Reports First Quarter 2009 Financial Results.

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