Printer Friendly

APPOINT TECHNOLOGIES INC. ANNOUNCES THIRD QUARTER RESULTS

 PLEASANTON, Calif., Sept. 15 /PRNewswire/ -- Appoint Technologies, Inc. (NASDAQ: APNT), today announced its revenues and earnings for the three months and nine months ended July 31, 1993.
 The company reported net sales of $891,756 and a net loss of $852,380, or $0.06 per share, for the fiscal quarter ended July 31, 1993. In the same quarter of the prior year, the company reported net sales of $570,477 and a net income of $0.01 per share.
 For the nine-month period ended July 31, the company reported net sales of $1,426,966 and a net loss of $979,751, or $0.09 per share. In the comparable period of the prior year, the company reported net sales of $2,013,105 and net income of $799,517, or $0.09 per share. These results are summarized in the table attached.
 According to Joseph C. Picken, president and chief executive officer of Appoint Technologies Inc., "We are clearly disappointed with the company's performance during the most recent quarter. A significant portion of the loss in the current quarter is related to Appoint Inc. which was acquired by APNT in April of this year. Approximately half the loss is attributable to Appoint's operating expenses, the remainder is related to interest expenses and amortization of goodwill associated with the Appoint acquisition. Standard Logic operated at a break-even level for the quarter.
 "We recognized, at the time of the acquisition, that Appoint Inc. was in a turnaround situation, and required product improvements, cost reductions and a significant increase in sales to reach a break-even level of operations. We are pleased with the improvements in product quality and performance, and have achieved significant reductions in both product and operating costs. We have attempted to increase sales by introducing new products while maintaining sales levels of the existing products and offsetting an anticipated near term decline in OEM sales. Although Appoint's new product offerings have been favorably received, sales levels have not yet increased to the level required to maintain profitable operations.
 "We expect improved results during the fourth quarter, when Standard Logic will ship the bulk of its latest order from the General Electric Co. We are encouraged by improved retail sales of Appoint products in August, positive reviews of the Gulliver and Computer Crayon products in the trade press, and initial reactions to the Gliffic Plus Desk Set, the first units of which will ship next week. We are optimistic that these new products, coupled with seasonal increases during the fall and winter months, will help Appoint to achieve break-even levels by end of the calendar year."
 Appoint Technologies Inc. is the parent of Appoint Inc. and Standard Logic Inc. Appoint designs, manufactures and markets a full line of high-performance miniature input devices for IBM PC-compatible and Apple Macintosh personal computers. Standard Logic designs, manufactures and markets custom electronic packaging systems for OEM and industrial customers.
 APPOINT TECHNOLOGIES INC.
 Three Months Ended Nine Months Ended
 July 31, July 25, July 31, July 25,
 1993 1992 1993 1992
 Net sales $891,756 $570,477 $1,426,966 $2,013,105
 Net income
 (loss) ($852,380) $126,312 ($979,751) $799,517
 Earnings (loss)
 per share ($0.06) $0.01 ($0.09) $0.09
 Weighted average
 shares
 outstanding 14,905,904 8,759,351 11,213,469 8,759,351
 -0- 9/15/93
 /CONTACT: Joseph C. Picken, president and CEO, Appoint Technologies, 805-239-8976 or 510-463-3003; or Shannon T. Squyres, Corporate Relations Group, 714-955-1860/
 (APNT)


CO: Appoint Technologies Inc. ST: California IN: CPR SU: ERN

EH-JB -- LA014 -- 2303 09/15/93 14:15 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 15, 1993
Words:602
Previous Article:ANGELES PARTICIPATING MORTGAGE TRUST REPORTS SECOND QUARTER FISCAL 1993 RESULTS
Next Article:MPTV ANNOUNCES LETTER OF INTENT FOR ACQUISITION OF RESORT PROJECT LOCATED IN THE BAHAMA ISLANDS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters