BOSTON TECHNOLOGY ANNOUNCES FIRST QUARTER RESULTS
BOSTON TECHNOLOGY ANNOUNCES FIRST QUARTER RESULTS WAKEFIELD, Mass., May 26 /PRNewswire/ -- Boston Technology Inc.
(NASDAQ: BSTN) today reported net income of $151,000 on revenues of $9,042,000 for the first quarter of fiscal year 1993 ended April 30, 1992, compared with net income of $645,000 on revenues of $11,273,000 for the same period in fiscal year 1992. Revenues for this first quarter were a 9 percent increase over the fourth quarter of the fiscal year ended Jan. 31, 1992.
Net income per share for the first quarter of fiscal year 1993 was 1 cent compared to 3 cents for the same period in fiscal year 1992. Income per share was based on 22,956,000 common and common equivalent shares outstanding at the end of the first quarter of the current fiscal year, and 22,864,000 shares outstanding in the first quarter of last year. "We are pleased with our results for this quarter and the increase in revenues over our previous quarter," said Greg Carr, chairman and chief executive officer of Boston Technology. "Our research and development costs decreased by $700,000 to 23 percent of our revenues, as compared to 34 percent in the fourth quarter of last year. This decrease is primarily due to the reorganization which took place in January. Our balance sheet is strong with cash and cash equivalents and investments of approximately $10.7 million, an increase of $4 million from the year ended Jan. 31, 1992. For the same three-month period accounts receivable decreased $3.5 million." Carr continued, "We have spent the last several months reorganizing certain areas of the company and pursuing business opportunities in the international market, as well as expanding our customer base in the United States. We believe that these efforts are beginning to pay off. In fact, we recently signed a contract with Urmet Sud of Italy, a leading European telecommunications company, to distribute our products in Italy and Spain. We have also been pursuing many opportunities throughout Asia, Europe and Latin America and are very excited about the potential for Boston Technology in the international voice processing market." Based in Wakefield, Boston Technology develops, manufactures, markets and supports enhanced voice processing platforms for Regional Bell Operating Companies, independent telephone companies, long-distance providers, cellular and international telecommunications companies. BOSTON TECHNOLOGY, INC. Financial Results (unaudited) For the three months ended April 30, 1992 1991 Revenues $9,042,000 $11,273,000 Costs and expenses: Cost of revenues 3,040,000 4,703,000 Research & development 2,112,000 2,496,000 Marketing, general & administrative 3,733,000 3,390,000 Total 8,885,000 10,589,000 Income from operations 157,000 684,000 Interest income, net 54,000 242,000 Income before provision for income taxes 211,000 926,000 Provision for income taxes 60,000 281,000 Net income $151,000 $645,000 Net income per share 1 cent 3 cents Weighted average number of common and common equivalent shares outstanding 22,956,000 22,864,000 -0- 5/26/92 /CONTACT: Katherine Raphaelson, director of investor and public relations, Boston Technology, 617-246-9000 x3504/ (BSTN) CO: Boston Technology, Inc. ST: Massachusetts IN: TLS SU: ERN
CN-SH -- NE002 -- 3628 05/26/92 09:11 EDT
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|Date:||May 26, 1992|
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