TII Industries Announces the Award of a Multi-Year, Multi-Million Dollar Contract With a Regional Bell Operating Company.COPIAGUE, N.Y.--(BUSINESS WIRE)--Sept. 25, 1997-- Reports Annual and Fourth Quarter Results TII TII The International Investor (web site) TII Transmitter Identification Information TII Tourism Intelligence International TII Total Inactive (Aircraft) Inventory TII Terminal Indicate Identity Industries Inc. (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 NMS See NetWare Management System. : TIII) announced today the award of a major, multi-year contract with a Regional Bell Operating Co. ("RBOC (Regional Bell Operating Company) The Bell telephone companies that were spun off of AT&T by court order in 1984 (the Divestiture). Also known as the "Baby Bells," the initial seven RBOCs were Nynex, Bell Atlantic, BellSouth, Southwestern Bell, US West, "). The first year's revenues are estimated at $20,000,000, which approximately doubles the current contract with this customer. TII has already received volume orders under this contract with shipments of its new broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). network interface device ("NIDs") scheduled to begin in the first week in October. "We are pleased to announce this award as it represents another major endorsement of our newly developed, patented family of broadband NIDs. This contract, together with the recently announced award from the Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. Telephone Co. alone should increase our revenues over $20,000,000 a year, or 40% over our current base of $50,000,000," stated Timothy J. Roach roach: see cockroach. roach Common European sport fish (Rutilus rutilus) of the carp family (Cyprinidae), found in lakes and slow rivers. A high-backed, yellowish green fish with red eyes and reddish fins, the roach is 6–16 in. , president and chief executive officer. "TII's investments in new products and new cost-effective, higher volume production processes were essential to successfully implement our new aggressive growth strategy. These investments, accelerating our new broadband NID NID Next ID NID Network Interface Device NID No I Don't NID Namespace Identifier NID National Intelligence Director NID New Iraqi Dinar NID No I Didn't NID Network Identification NID National Inventory of Dams NID NCVA product line to market, has enabled us to compete for and win these two recent major contracts. We believe that these products, with their unique proprietary features, should be highly successful in other RBOCs, several of which have major bids next year." Year End Results TII reported record revenues in fiscal 1997 rising 14 percent to $50.7 million, up from $44.5 million reported in fiscal 1996. Revenues rose to a record $13.1 million for the fourth fiscal quarter ended June 30, 1997, an increase of 13.9 percent from the fourth fiscal quarter 1996 revenues of $11.5 million. Fourth quarter net income was effected by investments in the acceleration of the broadband NID product line into production, and heightened expenses associated with the company's previously announced cost reduction program. Fiscal 1997 net income was effected also by a non-recurring $3,000,000 charge announced in the third quarter. TII reported a net loss for the year ended fiscal 1997 of $856,000 or $0.12 per share, compared to net income of $3,737,000 or $0.47 per share for the fiscal year ended 1996. The net loss for the fourth quarter was approximately $188,000 or $0.03 per share, compared with net income of $622,000 or $0.08 per share during the fourth quarter last year. These start-up costs are expected to continue through the first half of the current fiscal year with earning improvements occurring during the second half. Roach further stated, "As a result of our investments in accelerating the broadband NID products to production, we believe that TII Industries is now positioned to increase its growth dramatically." To meet increasing demand for voice, data and video, telephone companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and abroad are expanding and upgrading their network infrastructure to facilitate provision of broadband services See broadband and broadband service provider. . TII's broadband NIDs will be used by telephone companies to provide multiple access lines, advanced overvoltage protection and remote electronics to its business and residential customers. Designed with future technologies in mind, TII's broadband NIDs can also accommodate TII's patented COAX overvoltage protector protector /pro·tec·tor/ (-tek´ter) a substance in a catalyst that prolongs the rate of activity in the latter. as well as high performance fiber optic connectors, produced by the company's subsidiary TII-Ditel. TII Industries Inc., with facilities in Copiague, New York Copiague (pronounced /KOH payg/) is a hamlet (and census-designated place) in Suffolk County, New York, United States. The population was 21,922 at the 2000 census. Once predominantly Italian-American, today Copiague is home to a large Polish-American population. , Hickory, North Carolina Hickory is a city in Catawba County, North Carolina, United States. Hickory has the 162nd largest urban area in the United States. It is the economic, social, and cultural center of the Catawba River Valley. , Toa Alta, Puerto Rico Toa Alta (TO-ah AHL-tah) is a municipality of Puerto Rico located in the northern coast of the island, north of Naranjito; south of Dorado and Toa Baja; east of Vega Alta and Corozal; and west of Bayamón. and San Pedro De Macoris, Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. , specializes in the design, manufacture and sale of overvoltage protectors For the 1970s television series made by Gerry Anderson, see The Protectors Protectors was a team of fictional superheroes that starred in the eponymous title published by Malibu Comics. , fiber optic components and enclosures, network interface devices and station electronic products principally for use in the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. . TII markets its products to the Regional Bell and independent telephone operating companies  This article has too many unnecessary external links.Please help Wikipedia by organising, removing or transferring them to other articles. Statements in this release that are not strictly historical are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, and which should be considered as subject to the many risks and uncertainties that exist in the company's operations and business environment. These risks and uncertainties include economic conditions, market demand and pricing, competitive and cost factors as well as other factors from time to time discussed in TII's SEC reports, including but not limited to TII's Annual Report on Form 10K for the fiscal year ended June 28, 1996, its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the fiscal quarter ended March 31, 1997, and its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 27, 1997. Visit our world wide web site located at http://www.tii-industries.com -0-
TII Industries, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in Thousands, except per share data)
(unaudited)
Three Months Ended Year Ended
June June
27, 1997 28, 1996 27, 1997 28, 1996
Net sales $13,143 $ 11,536 $ 50,675 $44,513
Cost of sales 10,783 8,846 41,421 31,956
Gross profit 2,360 2,690 9,254 12,557
Operating expenses
Selling, general and
administrative 1,800 1,426 7,061 5,881
Research and development 723 663 3,085 2,820
Total operating expenses 2,523 2,089 10,146 8,701
Operating (loss) income (163) 601 (892) 3,856
Interest expense (58) (123) (287) (416)
Interest income (10) 39 314 191
Other income (expense) 31 105 72 106
(Loss) income before provision
for income taxes (200) 622 (793) 3,737
Provision for income taxes (12) -- 63 --
Net (loss) income $(188) $ 622 $ (856) $ 3,737
Net (loss) income per share -
primary $(.03) $ .08 $ (.12) $ .48
Weighted average number of
common and common equivalent
shares outstanding 7,431 7,827 7,430 7,853
Net (loss) income per share --
fully diluted $ (.03) $ .08 $ (.12) $ .47
Weighted average number of
common and common equivalent
shares outstanding 7,431 8,127 7,430 8,179
TII INDUSTRIES INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 27, 1997 AND JUNE 28, 1996
(Dollars in Thousands)
June 27, June 28,
1997 1996
ASSETS
Current Assets
Cash and cash equivalents $ 247 $ 2,883
Marketable securities available for
sale 3,552 5,999
Receivables 7,388 7,084
Inventories 15,574 14,032
Prepaid expenses 402 388
Total current assets 27,163 30,386
Fixed Assets
Property, plant and equipment 37,812 33,018
Less: Accumulated depreciation and
amortization (23,768) (22,029)
Net fixed assets 14,044 10,989
Other Assets 1,616 1,448
TOTAL ASSETS $ 42,823 $ 42,823
LIABILITIES AND STOCKHOLDERS'
INVESTMENT
Current Liabilities
Current portion of long-term debt
and obligations under capital
leases $ 537 $ 363
Accounts payable 5,833 5,185
Accrued liabilities 1,138 1,037
Total current liabilities 7,508 6,585
Long-Term Debt 839 853
Long-Term Obligations Under
Capital Leases 1,465 1,523
2,304 2,376
Commitments and Contingencies (Note 13)
Stockholders' Investment
Preferred Stock, par value $1.00 per
share; 1,000,000 authorized and
issuable in series (Note 10);
Common Stock, par value $.01 per share;
30,000,000 shares authorized;
7,448,473 and 7,446,975 shares issued
at June 27, 1997 and June 28, 1996,
respectively (Note 9) 75 75
Warrants outstanding 159 120
Capital in excess of par value 29,052 29,046
Retained earnings 3,999 4,855
Valuation adjustment to record marketable
securities available for sale at fair
value 7 47
33,292 34,143
Less-Treasury stock, at cost; 17,637 (281) (281)
common shares
Total stockholders' investment 33,011 33,862
TOTAL LIABILITIES AND STOCKHOLDERS'
INVESTMENT $ 42,823 $ 42,823
CONTACT: TII Industries, Inc., Copiague Paul Sebetic/Jack Tarulli, 516/789-5000 |
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