Printer Friendly

ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD FISCAL 1993 FIRST QUARTER OPERATING RESULTS

 * * * * R E P E A T * * * *
 ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. FISCAL 1993
 FIRST QUARTER OPERATING RESULTS
 VANCOUVER, May 26 /PRNewswire/ -- Total revenues for the three months ending April 30, 1992 were $2,647,038 versus $1,093,222 for the same period in 1991. The net profit for the three months was $170,548, or 2 cents per share, versus a net loss of $84,604 or 2 cents for the same period last year.
 The revenue increase of $1,553,816 or 142 percent was attributable to new channel sales, strong sales increases in Europe, and a full quarter sales of the new PC GamePad which accounted for nearly 20 percent of total revenues for the first quarter. MouseStick sales were up 430 percent over the same period last year. The bulk of these MouseStick sales were for Apple Macintosh computers, a market where the Gravis MouseStick has gained substantial support and is now considered by many to be the joystick standard for the Apple Macintosh. Unfortunately the company still has substantial back orders for the MouseStock, and is implementing new technologies to increase production and reduce manufacturing costs.
 New Product Development
 The company continues to invest in further research and development and tooling for new products. Major efforts are continuing for the completion of the UltraSound, PC sound card. The company still plans to commence shipping the UltraSound product during June 1992.
 Outlook For Second Quarter
 The company is now entering its slowest period of the year. Traditionally sales of joysticks are lower from May to August of each year. The company expects this trend to recur, and therefore plans for lower revenues than reported in the first quarter of this year. Greater revenues than for the same period in 1991 are expected, however. Continued growth over 1991 is expected, due to customers in the mass merchant channel, continued growth in Europe and the strong demand for the PC GamePad and Macintosh MouseStick. If the planned introduction of UltraSound in June is successful, it is hoped that revenues for the second quarter could meet those of the first quarter, and that the company could continue to be profitable for the second quarter.
 New Financing
 The company is pleased to announce that it has finalized a private placement with Logitech International S.A. ("Logitech"), a Swiss corporation. The private placement consists of a three year $1,500,000 CDN secured debenture convertible into 1,363,637 common shares of Advanced Gravis at an exercise price of Cdn$1.10 during the first year, $1.20 during the second year, $1.30 during the third year, $1.40 during the fourth year and $1.50 during the fifth year of the term of the warrant. The debenture bears interest at 10 percent per annum, payable quarterly and is convertible at any time prior to maturity, in whole or in part, at Logitech's option.
 Proceeds from this private placement will be used to supplement working capital and launch its new PC Sound Card, UltraSound, in June 1992.
 Advanced Gravis designs, manufactures and markets high-quality microcomputer input devices including the Gravis analog and switch joysticks, PC GamePads, and an optical MouseStick, for the Macintosh and IBM PC, UltraSound.
 -0- 5/26/92 R
 /CONTACT: Grant Russell, President, 604-431-5020/
 (AED.) CO: Advanced Gravis Computer Technology Ltd. ST: British Columbia IN: CPR SU: ERN


ML -- NYON1R -- 3625 05/26/92 09:06 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 26, 1992
Words:570
Previous Article:INTERSOLV ANNOUNCES RELEASE OF EXCELERATOR FOR WINDOWS
Next Article:USTRAILS ANNOUNCED ACCEPTANCE OF 2,800,000 SHARES IN THOUSAND TRAILS TENDER OFFER
Topics:


Related Articles
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. REPORTS NINE-MONTH OPERATING RESULTS
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. ANNOUNCES YEAR-END AND FOURTH QUARTER OPERATING RESULTS
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. ANNOUNCES FISCAL 1993 SECOND QUARTER OPERATING RESULTS
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. ANNOUNCES RECORD FOURTH QUARTER AND YEAR-END OPERATING RESULTS
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. ANNOUNCES $5,800,000 EQUITY FINANCING
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. ANNOUNCES SECOND QUARTER RESULTS FISCAL 1994
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. ANNOUNCES THIRD QUARTER RESULTS FISCAL 1994
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. ANNOUNCES RECORD FOURTH QUARTER AND YEAR-END REVENUES
ADVANCED GRAVIS COMPUTER TECHNOLOGY LTD. FIRST QUARTER OPERATING RESULTS FISCAL 1995
ADVANCED GRAVIS ANNOUNCES FISCAL 1996 FIRST QUARTER OPERATING RESULTS

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