Printer Friendly

C-COR ANNOUNCES FISCAL YEAR 1992 SECOND QUARTER RESULTS

 C-COR ANNOUNCES FISCAL YEAR 1992 SECOND QUARTER RESULTS
 STATE COLLEGE, Pa., Jan. 14 /PRNewswire/ -- Richard E. Perry, chairman, president and chief executive officer of C-COR Electronics, Inc., (NASDAQ: CCBL) today announced the financial results for the second quarter ended Dec. 27, 1991.
 C-COR reported net income of $271,000 on sales of $11,067,000. This compares to a net loss of $849,000 on sales of $7,969,000 for the second quarter of the previous year. Earnings per share for the quarter ended December 27, 1991 were $.06. This compares to a loss per share of $.19 for the same quarter of the previous year. C-COR's fiscal year ends on the last Friday in June.
 Net income for the first six months totaled $396,000 on sales of $20,466,000, compared to a net loss of $1,093,000 for the first six months of fiscal 1991 on sales of $18,113,000. Earnings per share for the first six months were $.09 compared to a loss per share of $.25 for the first six months of fiscal 1991.
 Perry commented, "I am very pleased by the continued improvement in our financial results. C-COR's earnings come as a result of improved buying levels in the cable industry, coupled with C-COR's ongoing efficiency measures. C-COR continues to emphasize innovative product introductions, including the first 1 GHz amplifier in the industry capable of delivering 155 channels. We have made significant progress in penetrating the Far East market and look forward to continued sales growth internationally. The recent return to increased business has allowed us to make 130 temporary workers, regular, full-time employees and to rehire and/or recall a number of additional workers. With two improved quarters behind us, we look for continued growth in the remainder of FY92."
 C-COR, founded over 35 years ago, designs and manufactures high quality electronic equipment used in cable television and data communication systems. C-COR's headquarters is in State College, Pa., with production facilities in Tipton and State College, Pa. C-COR Electronics Canada, Inc., a subsidiary of C-COR Electronics, Inc., is located in Ontario, Canada. C-COR/COMLUX, Inc., C-COR's subsidiary manufacturing digital fiber optic products, is located in Mountain View, Calif. C-COR Europe B.V., C-COR's European subsidiary, is located in The Netherlands. C-COR's Common Stock is listed in the NASDAQ National Market System under the symbol CCBL.
 C-COR ELECTRONICS, INC.
 December 27, December 28,
Thirteen Weeks Ended 1991 1990
 Net Sales $11,067,000 $ 7,969,000
 Net Income (Loss) 271,000 (849,000)
 Earnings (Loss) Per Share 0.06 (0.19)


Weighted Average Number of
 Common Shares Outstanding 4,546,996 4,500,319
 December 27, December 28,
Twenty-six Weeks Ended 1991 1990
 Net Sales $20,466,000 $18,113,000
 Net Income (Loss) 396,000 (1,093,000)
 Earning (Loss) Per Share 0.09 (0.25)


Weighted Average Number of
 Common Shares Outstanding 4,541,261 4,525,451
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited in thousands of dollars except per share amounts)
 Thirteen Weeks Ended
 Increase
 Dec. 27, Dec. 28, (Decrease)
 1991 1990 percent
 Net sales $11,067 $7,969 39
 Cost of Sales 7,550 6,308 20
 Sales and Administrative 2,292 2,097 9
 Research and Product
 Development Costs 655 828 (21)
 Other Expenses 118 106 11
 $10,615 $9,339 14
 Income (loss) from operations
 before income tax
 expense (benefit) 452 (1,370)
 Income tax expense (benefit) 181 (521)
 Net income (loss) 271 (849)
 Earnings (loss) per share $0.06 ($0.19)
 Weighted average number of
 common shares outstanding 4,546,996 4,500,319
 CONSOLIDATED BALANCE SHEETS
 (unaudited in thousands of dollars)
 Dec. 27, Dec. 28,
 1991 1990
 Assets
 Current assets
 Cash and Cash Equivalents $4,464 $1,916
 Receivables 7,883 6,563
 Inventories 8,699 10,737
 Other 1,862 1,235
 Total current assets 22,908 20,451
 Long-Term Portion of Notes
 Receivable and Other Assets 58 111
 Intangible Assets 2,899 3,713
 Property, Plant, and Equipment 5,362 5,769
 Restricted Cash and Cash Equivalents
 Plant and Equipment Additions 0 1,785
 Total $31,227 $31,829
 Liabilities and shareholders' equity
 Current liabilities
 Payables and Accruals $5,363 $3,202
 Income Taxes Currently Payable 868 (53)
 Current Portion of Long-Term Debt 181 170
 Total current liabilities 6,412 3,319
 Long-term debt 721 2,705
 Other long-term liabilities 248 72
 Shareholders' equity 23,846 25,733
 Total $31,227 $31,829
 -0- 1/14/92
 /CONTACT: Sally O. Thiel of C-COR Electronics, 814-231-4402/
 (CCBL) CO: C-COR Electronics, Inc. ST: Pennsylvania IN: CPR SU: ERN


CD -- PG003 -- 9360 01/14/92 08:01 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 14, 1992
Words:773
Previous Article:ALR FIRST TO SHIP NEW 25-MHz INTEL CHIP; FULL FEATURED, UPGRADEABLE 386SX/25-MHz BREAKS $1,000 PRICE BARRIER
Next Article:LATTICE SEMICONDUCTOR ANNOUNCES THIRD-QUARTER RESULTS; REVENUES UP 21 PERCENT, NET INCOME UP 41 PERCENT
Topics:


Related Articles
C-COR ANNOUNCES FISCAL YEAR 1992 SECOND QUARTER RESULTS
C-COR ANNOUNCES FISCAL YEAR 1992 THIRD QUARTER RESULTS
C-COR ANNOUNCES 1992 YEAR-END FINANCIAL RESULTS, REVENUES UP 59 PERCENT
C-COR ANNOUNCES FISCAL YEAR 1993 FIRST QUARTER RESULTS
C-COR ANNOUNCES FISCAL YEAR 1993 SECOND QUARTER RESULTS
C-COR ANNOUNCES FISCAL YEAR 1993 THIRD QUARTER RESULTS
C-COR ANNOUNCES 1993 YEAR-END FINANCIAL RESULTS, EARNINGS UP 48 PERCENT
C-COR ANNOUNCES FISCAL YEAR 1994 FIRST QUARTER RESULTS
C-COR'S REVENUES AND NET INCOME TO BE SHORT FOR SECOND QUARTER; COMPANY OPTIMISTIC ABOUT THIRD AND FOURTH QUARTERS
C-COR Electronics, Inc., Reports Fiscal Year 1999 First Quarter Results.

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