Telebyte reports 15th consecutive profitable quarter; Stock repurchase plan initiated.GREENLAWN, N.Y.--(BUSINESS WIRE)--Nov. 15, 1994--Telebyte Technology Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :TBTI) reported its 15th consecutive profitable quarter. Revenue for the third quarter ended Sept. 30, 1994 was $1,007,701, a decrease of 1% from $1,020,053, reported for the comparable quarter in 1993. Net income for the quarter ended Sept. 30, 1994 was $71,933, or 5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , a 6 percent decrease from the $76,247, or 5 cents per share, reported in the comparable period in 1993. For the nine months ended Sept. 30, 1994, the company achieved revenues of $2,865,163, as compared to the $2,872,974, reported for the nine months ended Sept. 30, 1993. Net income for the last nine months was $175,291, or 11 cents per share, compared to a net income of $205,302, or 13 cents per share, reported for the nine months ended Sept. 30, 1993. Earlier this year, the Board of Directors of the company authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of a limited amount of the company's stock each quarter. In the third quarter the company purchased 25,000 shares which has reduced the average number of shares outstanding to 1,519,899 from 1,536,566. Joel A. Kramer, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented that sales of the company's products were in line with the company's historical yearly sales curve. Expected sales growth had been delayed due to the late printing of the company's new catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. . The company's sales are expected to be positively affected by distribution of its new catalog. Over 75,000 were mailed during the second week of November and 30,000 more will be mailed or shipped, over the next eight weeks, to support distributor sales efforts around the world. Kramer added that the company had recently signed a contract to deliver 2,500 Abort Timers to a systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. who is supplying telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. systems to the Federal Government. The value of the contract is approximately $125,000.
Telebyte Technology Inc. (TBTI)
Statement of Earnings (Unaudited)
Three months ended Nine months ended
Sept. 30, Sept. 30,
1994 1993 1994 1993
Net sales $1,007,701 $1,020,053 $2,865,163 $2,872,974
Net income $ 71,933 $ 76,247 $ 175,291 $ 205,302
Net income per share $.05 $.05 $.11 $.13
Average shares
outstanding 1,519,899 1,536,566 1,531,010 1,536,566
CONTACT: Telebyte Technology Inc. Michael Breneisen, 516/423-3232 |
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