Printer Friendly

COMMODORE REPORTS SECOND FISCAL QUARTER RESULTS

 COMMODORE REPORTS SECOND FISCAL QUARTER RESULTS
 NEW YORK, Jan. 27 /PRNewswire/ -- Commodore International Limited


(NYSE: CBU) today reported earnings of $40.1 million, or $1.18 per share on sales of $371.6 million for the second fiscal quarter ended Dec. 31, 1991.
 This compares with earnings of $36.5 million, or $1.12 per share on sales of $384.1 million in the year-ago quarter. Earnings per share of $1.18 in the December quarter were based on diluted average outstanding shares of 34 million vs. 32.4 million in the prior year.
 For the six months ended Dec. 31, 1991, net income increased to $45.4 million, or $1.35 per share compared with $43.5 million, or $1.34 per share in the prior year. Sales for the six months were $575.7 million compared with $584.4 million in the year-ago period.
 Net sales declined 3 percent for the quarter, due entirely to the adverse impact of foreign currency fluctuations. Unit sales of the Amiga line increased 21 percent while C64 sales experienced nominal growth. Sales of the Professional PC line and CDTV combined to offset volume declines related to the discontinued low-end MS-DOS range.
 Gross profit for the quarter declined 11 percent, due entirely to the adverse impact of foreign exchange rates. Operating expenses were reduced by 18 percent vs. the prior year, more than offsetting the decline in gross profit. These factors resulted in net income for the quarter of $40.1 million.
 On Dec. 30, 1991, the company repaid a 100 million Deutsche Mark debenture issue, and maintained a year-end cash position at a level approximately equal to the prior year.
 Irving Gould, chairman and chief executive officer stated: "We are pleased with the sustained growth in the Amiga and Professional PC lines, along with the continued demand for the C64. The growth in profitability for the quarter was achieved despite the significant unfavorable effect of foreign exchange rates."
 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 Balance Sheets
 (Unaudited)
 ($000's)
 Dec. 31, Dec. 31,
 1991 1990
 Cash and Investments $119,800 $123,300
 Accounts Receivable, Net 303,600 291,700
 Inventories 217,800 224,500
 Other Current Assets 10,200 12,800
 Total Current Assets 651,400 652,300
 Fixed and Other Assets 109,000 95,900
 Total $760,400 $748,200
 Current Debt $ 60,200 $ 31,000
 Other Current Liabilities 266,600 244,700
 Total Current Liabilities 326,800 275,700
 Long-Term Debt and Other 86,700 165,000
 Shareholders' Equity 346,900 307,500
 Total $760,400 $748,200
 COMMODORE INTERNATIONAL LIMITED AND SUBSIDIARIES
 Consolidated Statement of Operations
 (Unaudited)
 ($000's)
 Periods ended Three Months Six Months
 Dec. 31 1991 1990 1991 1990
 Net Sales $371,600 $384,100 $575,700 $584,400
 Cost of Sales 251,000 248,600 398,000 385,700
 Gross Profit 120,600 135,500 177,700 198,700
 Operating Expenses 73,100 89,100 119,500 139,800
 Operating Income 47,500 46,400 58,200 58,900
 Interest Expense, Net 4,500 4,400 8,400 8,900
 Other Expense 800 3,200 1,800 4,000
 Income Before
 Income Taxes 42,200 38,800 48,000 46,000
 Provision for
 Income Taxes 2,100 2,300 2,600 2,500
 Net Income $ 40,100 $ 36,500 $ 45,400 $ 43,500
 Earnings Per Share: $1.18 $1.12 $1.35 $1.34
 Average Shares
 Outstanding 34,034,000 32,582,000 33,605,000 32,477,000
 /delval/
 -0- 1/27/92
 /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 -- 3539 01/27/92 08:37 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 27, 1992
Words:665
Previous Article:SYNERGEN AND INSITE VISION ANNOUNCE COOPERATIVE AGREEMENT TO EVALUATE ANTRIL FOR OPHTHALMIC APPLICATIONS
Next Article:COMPAQ INTRODUCES LIGHTWEIGHT 386SL NOTEBOOK PCs WITH REVOLUTIONARY POWER-SAVING TECHNOLOGY
Topics:


Related Articles
COMMODORE REPORTS THIRD FISCAL QUARTER RESULTS
COMMODORE ANNOUNCES FISCAL 1992 AND FOURTH QUARTER RESULTS
COMMODORE ANNOUNCES FIRST QUARTER RESULTS
COMMODORE ANNOUNCES SECOND QUARTER RESULTS
COMMODORE INTERNATIONAL LIMITED ANNOUNCES FOURTH QUARTER 1993 AND FIRST QUARTER 1994 RESULTS
COMMODORE ANNOUNCES SECOND QUARTER 1994 RESULTS
RGB COMPUTER & VIDEO INC. ANNOUNCES SECOND QUARTER RESULTS
Commodore Applied Technologies, Inc. Reports Third Quarter, Nine Month Results
Commodore Environmental Services, Inc. Reports 1998 Year End and First Three Quarters of 1999 Results.
Commodore Applied Technologies Reports Fourth Quarter, Year End Results.

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