Printer Friendly

COMMODORE ANNOUNCES FISCAL 1992 AND FOURTH QUARTER RESULTS

 COMMODORE ANNOUNCES FISCAL 1992 AND FOURTH QUARTER RESULTS
 NEW YORK, Aug. 19 /PRNewswire/ -- Commodore International Limited (NYSE: CBU) today reported earnings of $27.6 million, or $.82 per share on sales of $911 million for the fiscal year ended June 30, 1992. This compares with net income of $48.2 million, or $1.45 per share after extraordinary charge on sales of $1,047.2 million reported for fiscal 1991.
 For the fourth fiscal quarter ended June 30, 1992, Commodore reported a net loss of $21.9 million or $0.66 per share on sales of $140.7 million. In the prior year quarter, Commodore reported net income of $3.3 million or $0.10 per share on sales of $216.5 million.
 The decline in sales for the fourth quarter was related to the discontinuation of the low-end MS-DOS products, and a reduction in C64 sales due to economic weakness in European markets, especially Eastern Europe. Despite the significant economic softness throughout Europe, Amiga revenues were equal to the prior year, although peripheral sales declined. While overall PC revenues declined, revenues related to the continuing PC product range increased significantly.
 Gross profit for the quarter declined as a result of lower revenues, net unfavorable pricing, volume related cost inefficiencies, and the adverse impact of hedging and translation adjustments which substantially offset the favorable impact on revenues of strengthening European currencies. Operating expenses were reduced by 14 percent. Other income amounted to $8.7 million, primarily reflecting net gains from the sale of certain properties. As a result of these factors, the pre-tax loss for the quarter was $26.9 million compared with a pre-tax loss of $4.3 million in the prior year. The tax benefit for the quarter was significantly lower than the prior year, resulting in a net loss of $21.9 million compared with net income of $3.3 million in the prior year.
 Irving Gould, chairman and chief executive officer, stated: "Although we are disappointed with our fourth quarter results, we remained substantially profitable for the fiscal year. Our results for the quarter primarily reflect global economic softness, especially in major European consumer markets. We sold over 1 million Amigas in fiscal 1992 and are planning to launch new Amiga products as we enter our traditionally strong Christmas selling season. We are also redoubling our efforts to expand our PC business and achieve substantially greater cost efficiencies."
 Commodore International Limited, through its operating subsidiaries around the world, manufactures and markets personal computers to customers in the professional, government, education and consumer market sectors. The company has four product lines: the Amiga multimedia computers, the MS-DOS PC compatibles, the C64 computers, and the CDTV.
 COMMODORE INTERNATIONAL LIMITED AND SUBSIDIARIES
 Consolidated Statements of Operations
 ($000's)
 Periods ended Three Months 12 Months
 June 30 1992 1991 1992 1991
 Net Sales $140,700 $216,500 $911,000 $1,047,200
 Cost of Sales 126,400 162,200 664,700 714,500
 Gross Profit 14,300 54,300 246,300 332,700
 Operating Expenses 46,400 54,200 215,000 259,300
 Operating Income
 (Loss) (32,100) 100 31,300 73,400
 Interest Expense,
 Net 3,500 3,400 14,700 15,400
 Other Expense
 (Income) (8,700) 1,000 (8,800) 5,400
 Income (Loss) Before
 Income Taxes (26,900) (4,300) 25,400 52,600
 Provision (Benefit) for
 Income Taxes (A) (5,000) (7,600) (2,200) (4,800)
 Income (Loss) Before
 Extraordinary Item (21,900) 3,300 27,600 57,400
 Extraordinary Item (B) --- --- --- (9,200)
 Net Income (Loss) ($21,900) $ 3,300 $ 27,600 $ 48,200
 Earnings Per Share:
 Income (Loss) Before
 Extraordinary Item ($0.66) $ 0.10 $0.82 $1.73
 Extraordinary Item (B) --- --- --- (0.28)
 Net Income (Loss) ($0.66) $ 0.10 $0.82 $1.45
 Average Shares
 Outstanding 33,027,000 34,112,000 33,593,000 33,163,000
 (A) Tax benefit for 1992 and 1991 reflects reduction of certain income tax accruals no longer needed to meet the current estimate of the probable exposure for certain tax contingencies.
 (B) Represents court settlement of litigation.
 COMMODORE INTERNATIONAL LIMITED AND SUBSIDIARIES
 Consolidated Balance Sheets
 ($000's)
 June 30 1992 1991
 Cash and Investments $ 65,500 $ 64,500
 Accounts Receivable, Net 258,400 229,700
 Inventories 204,400 219,600
 Other Current Assets 10,700 7,200
 Total Current Assets 539,000 521,000
 Fixed and Other Assets 108,100 105,400
 Total $647,100 $626,400
 Current Debt $ 97,300 $ 95,200
 Other Current Liabilities 163,100 169,700
 Total Current Liabilities 260,400 264,900
 Long-Term Debt and Other 61,700 71,800
 Shareholders' Equity 325,000 289,700
 Total $647,100 $626,400
 /delval/
 -0- 8/19/92
 /CONTACT: Ronald B. Alexander, chief financial officer and secretary of Commodore International Limited, 215-431-9100/
 (CBU) CO: Commodore International ST: Pennsylvania IN: CPR SU: ERN


MP -- PH003 -- 1212 08/19/92 08:41 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:Aug 19, 1992
Words:819
Previous Article:GTECH SELECTED TO OPERATE LOTTERY SYSTEM FOR CZECHOSLOVAKIA
Next Article:DEB SHOPS REPORTS SALES AND NET INCOME FOR SIX MONTHS AND SECOND QUARTER
Topics:


Related Articles
INTERFACE SYSTEMS, INC. REPORTS 1991 FISCAL YEAR RESULTS
COMMODORE ENVIRONMENTAL SERVICES ANNOUNCES FIRST QUARTER RESULTS
COMMODORE REPORTS THIRD FISCAL QUARTER RESULTS
DATAPOINT REPORTS FINAL FISCAL 1992 RESULTS
APPLE COMPUTER REPORTS RECORD REVENUES AND EARNINGS
COMMODORE ANNOUNCES FIRST QUARTER RESULTS
COMMODORE ANNOUNCES SECOND QUARTER RESULTS
NEWBRIDGE NETWORKS ANNOUNCES RESULTS FOR FISCAL YEAR 1993
COMMODORE INTERNATIONAL LIMITED ANNOUNCES FOURTH QUARTER 1993 AND FIRST QUARTER 1994 RESULTS
COMMODORE ANNOUNCES SECOND QUARTER 1994 RESULTS

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