Printer Friendly

BROOKTREE REPORTS FIRST QUARTER FISCAL 1992 RESULTS

 BROOKTREE REPORTS FIRST QUARTER FISCAL 1992 RESULTS
 SAN DIEGO, Jan. 20 /PRNewswire/ -- Brooktree Corp. (NASDAQ: BTRE) today reported financial results for the first quarter of its fiscal year 1992 ended Dec. 28, 1991. Brooktree reported quarterly revenues of $20.2 million, up 15 percent over the same period in fiscal 1991. Net income for the first fiscal quarter of 1992 was $2.9 million, an increase of 62 percent over the $1.8 million recorded in the same period of fiscal 1991. Earnings per share for the first fiscal quarter of 1992 were $0.18, a 38 percent increase over $0.13 reported in fiscal 1991.
 "We are pleased by our increased profitability, especially in light of the uncertain economic situation," said James Bixby, chairman and chief executive officer. "We did an excellent job of managing our costs while still continuing to make substantial investments in R&D to fuel our future growth. While our quarterly revenue growth was up 15 percent over fiscal 1991, revenues did decrease approximately 10 percent from the prior quarter due to an overall softness in the workstation sector of our market that caused some customers to delay orders or work off their excess inventory.
 "While we continue to carefully monitor the overall sluggishness in the economy, we are hopeful that as business conditions improve, we will experience an increase in demand. We intend to continue our current level of investment in R&D to ensure that we are well-positioned to respond when economic conditions improve."
 Brooktree Corp. designs, develops and markets a broad family of proprietary mixed-signal VLSI integrated circuits that solve complex technical problems in computer graphics, imaging and ATE systems. Brooktree is the leading supplier of RAMDACs which enable workstation, personal computer and laptop computer vendors to offer cost-effective color and gray-scale graphics.
 BROOKTREE CORP.
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share data)
 (Unaudited)
 Three Months Ended
 Dec. 28, Dec. 29,
 1991 1990
 REVENUES $20,191 $17,580
 COST OF SALES 7,769 7,021
 GROSS MARGIN 12,422 10,559
 OPERATING EXPENSES:
 Research and development 4,085 3,545
 Sales and marketing 3,104 3,253
 General and administrative 1,361 1,216
 Patent litigation 235 354
 Total 8,785 8,368
 OPERATING INCOME 3,637 2,191
 INTEREST INCOME - Net 526 241
 INCOME BEFORE INCOME TAXES 4,163 2,432
 PROVISION FOR INCOME TAXES 1,249 631
 NET INCOME $2,914 $1,801
 EARNINGS PER SHARE $0.18 $0.13
 WEIGHTED AVERAGE
 COMMON AND COMMON
 EQUIVALENT SHARES 16,299 13,636
 BROOKTREE CORP.
 CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 Dec. 28, Sept. 28,
 1991 1991
 (Unaudited)
 ASSETS:
 CURRENT ASSETS:
 Cash and cash equivalents $4,341 $4,439
 Short-term investments 37,411 32,138
 Receivables 9,241 11,992
 Inventories 13,128 14,295
 Prepaids and other current assets 2,077 1,819
 Total current assets 66,198 64,683
 PROPERTY AND EQUIPMENT 18,033 16,701
 OTHER ASSETS 1,558 1,663
 Total $85,789 $83,047
 LIABILITIES AND SHAREHOLDERS' EQUITY:
 CURRENT LIABILITIES:
 Current portion of long-term debt $892 $869
 Accounts payable 2,679 3,249
 Accrued payroll and benefits 1,998 4,086
 Accrued expenses 2,772 1,426
 Deferred revenue 1,717 1,645
 Total current liabilities 10,058 11,275
 LONG-TERM DEBT 1,108 1,334
 SHAREHOLDERS' EQUITY:
 Preferred stock 2,967 3,666
 Common stock 58,911 57,152
 Retained earnings 13,042 10,128
 Notes receivable for shares issued (297) (508)
 Total shareholders' equity 74,623 70,438
 Total $85,789 $83,047
 -0- 1/20/92
 /CONTACT: William R. Peavey (financial/investor), CFO, 619-535-3205; or Cathy Batchelor (media), MARCOM manager, 619-535-3273/
 (BTRE) CO: Brooktree Corp. ST: California IN: CPR SU: ERN


JL -- SD003 -- 1280 01/20/92 07:33 EST
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:Jan 20, 1992
Words:628
Previous Article:BURNHAM PACIFIC PROPERTIES TO HOLD SPECIAL MEETING OF SHAREHOLDERS ON JAN. 27
Next Article:GEM INTERNATIONAL NETWORK INTRODUCES REVOLUTIONARY NEW GLOBAL GEM MARKET SYSTEM
Topics:


Related Articles
BEI ELECTRONICS REPORTS 79 PERCENT EARNINGS INCREASE FOR FIRST QUARTER FISCAL 1992
BURLINGTON REPORTS IMPROVED RESULTS FOR FIRST QUARTER OF FISCAL 1992
STANFORD TELECOM REPORTS THIRD QUARTER FISCAL YEAR 1992 RESULTS
BROOKTREE REPORTS SECOND QUARTER FISCAL 1992 RESULTS
HADCO CORPORATION REPORTS RECORD SECOND QUARTER RESULTS

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