TELECONCEPTS REPORTS RESULTS
TELECONCEPTS REPORTS RESULTS NEWINGTON, Conn., Nov. 19 /PRNewswire/ -- TeleConcepts Corporation
(AMEX: TCC) announced that net sales for the third quarter of 1991 were $2,162,000 versus $2,925,000 for the same period of 1990. This decline is consistent with the general decline of retail sales in consumer electronics.
Net sales for the first nine months of 1991 were $5,216,000 versus $7,102,000 for the same period in 1990. Backlog at Sept. 30, 1991, was $1,651,000 versus $1,402,000 at Sept. 30, 1990. Costs of goods sold for the third quarter of 1991 was $1,744,000 versus $2,268,000 for the same period of 1990. The percentage of net sales for these periods for cost of goods sold was 80.6 percent and 77.5 percent, respectively. This increase in the cost of goods sold percentage was due to a reduction in the amount of overhead allocated to inventory as a result of lower purchasing levels and additional air freight costs for transport of telephones from the Far East. Selling, general and administrative expenses were down from $543,000 in the third quarter of 1990 to $473,000 in the third quarter of 1991 due primarily to reductions in commissions and advertising allowances which are generally tied to net sales. Inventories have decreased from $3,380,000 as of Dec. 30, 1990, to $1,759,000 as of Sept. 30, 1991, as a result of a change in inventory purchasing procedures. Short-term borrowing has been reduced from $1,090,000 at year end 1990 to $309,000 at Sept. 30, 1991, due primarily to the company's ability to sell its inventory and reduce its purchases of new product. Interest declined from $92,000 in the third quarter of 1990 to $60,000 in the same period of 1991 due primarily to reduced borrowing. Net loss for the third quarter of 1991 was $126,000 versus a net profit of $10,000 for the third quarter of 1990. This variation was due almost entirely to the reduced sales volume. Net loss for the first nine months of 1991 was $708,000 versus $191,000 for the same period of 1990. TELECONCEPTS CORPORATION Financial Highlights Periods ended Three Months Nine Months Sept. 30 1991 1990 1991 1990 (Unaudited) Net sales $2,162,000 $2,925,000 $5,216,000 $7,102,000 Net income (loss) (126,000) 10,331 (708,000) (191,000) Net loss per share $(.02) -- $(.11) $(.03) Avg. shrs. outstdg. 6,639,422 6,639,422 6,639,422 6,639,422 9/30/91 12/31/90 (Unaudited) (Audited) Total assets $5,249,000 $6,640,000 Working capital 2,535,000 3,266,000 Total liabilities 2,832,000 3,514,000 Stockholders' equity 2,417,000 3,125,000 Estimated federal net operating loss carryover 17,316,000 16,608,000 -0- 11/19/91 /CONTACT: William D. Putt of TeleConcepts, 203-666-5666/ (TCC) CO: TeleConcepts Corporation ST: Connecticut IN: TLS SU: ERN JT-CK -- NY031 -- 4912 11/19/91 11:26 EST
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|Date:||Nov 19, 1991|
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