Videonics Reports Results for First Quarter.CAMPBELL Campbell, city, United States Campbell, city (1990 pop. 36,048), Santa Clara co., W Calif., in the fertile Santa Clara valley; founded 1885, inc. 1952. , Calif.--(BUSINESS WIRE)--April 23, 1996--Videonics 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 :VDNX) today announced financial results for its first quarter ended March 31, 1996. Revenues for the first quarter were $7.1 million, down 14 percent from the $8.3 million reported in the first quarter a year ago. Net income for the first quarter was $449,000, down 62 percent from the net income of $1.2 million reported in the first quarter a year ago. The company reported earnings per share of $0.08 for the first quarter on 5.90 million shares, compared with earnings per share of $0.21 on 5.76 million shares in the first quarter a year ago. For the first quarter, gross profit as a percent of revenue was 50 percent. Research and development spending increased to $1.1 million, up 53% over the comparable quarter in 1995, as the company continued to invest in future products, as well as to complete new products slated for introduction in 1996. Inventories have increased in anticipation of new product shipments in the second quarter. The company's balance sheet remains strong, with cash, cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has of $11.3 million, as of March 31, 1996. "The downward trend in sales in the first quarter is a direct function of continued weakness in domestic retail sales. However, the company's international sales and sales of the OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and product by our Nova Systems Division continue to be strong," said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. D'Addio, Videonics president and chief executive officer. "We expect that pending shipments of the PowerScript character generator (1) Circuitry that converts data characters into dot patterns for a display screen. (2) A device that creates text characters that are superimposed onto video frames. , as well as new products from our Nova Systems Division, will strengthen sales in the U.S. and provide us with higher revenues in the second quarter," he added. "The PowerScript character generator was shown in advanced prototype form at the National Association of Broadcasters Show in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. last week, along with three new products from our Nova Systems Division. All products were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. received by the NAB audience, and we expect strong sales to the broadcast and video production markets in 1996." Videonics is a leading designer of affordable, high-quality, digital video post-production Post-production occurs in the making of audio recordings, films/movies, photography and digital art, videos and television programs. It is the general term for all stages of production occurring after the actual recording and ending with the completed work. equipment. Videonics' products are used by videographers, business, industry, education and videophiles; they are also used in the broadcast, cable, video presentation and video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. markets. The company manufactures standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. and personal-computer-based hardware and software products that edit and mix raw video footage and add special effects special effects, in motion pictures, cinematographic techniques that create illusions in the audience's minds as well as the illusions created using these techniques. and titles. Products include edit controllers, video and audio mixers, video processors, character generators, multimedia software, frame synchronizers A frame synchronizer is a device used in live television production to match the timing of an incoming video source to the timing of an existing video system. They are often used to "time in" consumer video equipment to a professional system but can be used to stabilize any video. , time base correctors, sync generators A device that supplies synchronization signals to a series of cameras to keep them all in phase. , transcoders, distribution amplifiers In electronics, a distribution amplifier is a device that accepts a single input signal and provides this same signal to multiple isolated outputs. These devices are important in audio electronics because they allow an audio signal to be distributed to multiple destinations and routing switchers. The company has its headquarters in Campbell. Its stock is traded on the NASDAQ National Market System under the symbol VDNX. Further information on Videonics may be obtained from the company's SEC filings, visiting the company's Web page at http://www.videonics.com/, or by contacting the company directly. -0-
VIDEONICS, INC.
Statement of Income
(in thousands, except per share data)
(unaudited)
Quarter Ended
-------------
March 31, March 31,
1996 1995
----- -----
Net revenues $7,059 $8,253
Cost of revenues 3,558 4,367
--- ---
Gross profit 3,501 3,886
--- ---
Operating expenses:
Research and development 1,120 731
Selling and marketing 1,429 1,156
General and administrative 249 334
Amortization of intangible assets 99
--- ---
Total operating expenses 2,897 2,221
--- ---
Operating income 604 1,665
Other income, net 98 253
--- ---
Income before income taxes 702 1,918
Provision for income taxes 253 729
--- ---
Net income $449 $1,189
======= =======
Net income per share $0.08 $0.21
======= =======
Weighted average shares 5,900 5,764
======= =======
VIDEONICS, INC.
Balance Sheets
(in thousands)
(unaudited)
March 31, December 31,
1996 1995
--------- -----------
Current assets:
Cash and cash equivalents $6,576 $7,287
Marketable securities 4,708 4,708
Accounts receivable, net 3,076 3,824
Inventories 7,115 5,561
Deferred income taxes 1,410 1,410
Prepaid income taxes 164 254
Prepaid and other current assets 329 284
--- ---
Total current assets 23,378 23,328
--- ---
Property and equipment, net 1,392 1,350
Other assets 11 11
Intangible assets, net 2,562 2,661
--- ---
Total assets $27,343 $27,350
======= =======
Current liabilities:
Notes payable $ 500 $1,000
Accounts payable 1,346 1,226
Accrued expenses 714 975
--- ---
Total current liabilities 2,560 3,201
--- ---
Shareholders' equity
Common stock 19,644 19,459
Retained earnings 5,139 4,690
--- ---
Total shareholders' equity 24,783 24,149
--- ---
Total liabilities and shareholders' equity $27,343 $27,350
======= =======-0-
CONTACT: Videonics Inc., Campbell Michael D'Addio, 408-866-8300 (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. ) Jim McNeill McNeill may refer to:
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion