Printer Friendly

DATAPOINT REPORTS FIRST QUARTER RESULTS

 PARIS, Nov. 26 /PRNewswire/ -- Datapoint Corporation (NYSE: DPT) today reported a net loss of just under $1.0 million on revenue of $41.6 million for the company's first quarter ended Oct. 30, 1993. This compares with net income of $0.1 million on revenue of $60.5 million for the first quarter of the prior year. The company had an operating loss of $0.3 million during the first quarter of fiscal year 1994 compared with operating income of $2.8 million a year ago.
 The operating loss was a direct result of the revenue shortfall, as the cost of the company's internal operations were significantly reduced over the past year. The decline in revenue during the first quarter of 1994 as compared to the same period last year was due to a much stronger U.S. dollar against the functional currencies of the company's European subsidiaries, as compared with a year ago. This factor negatively influenced sales revenue by $3.8 million and service and other revenue by $5.1 million. Revenue was further negatively impacted by the continuing economic difficulties in much of Europe. The company draws a substantial percentage of its revenue from its European operations.
 Asher B. Edelman, chairman and CEO, stated: "The company's product offering with respect to its traditional networking products were much improved for fiscal year 1994 as was its position in Telephony and Networked Video Communications. We expect to see these improvements reflected in future revenue. It is hoped that these improvements will offset the economic and currency issues in Europe."
 During the first quarter of fiscal 1994, the company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," and as a result recorded a favorable cumulative accounting change effect of $1.3 million.
 Datapoint, a leader in providing computer-based networking, telephony, and MINX video communication technologies, markets its products and services in 49 countries worldwide.
 DATAPOINT CORPORATION
 Summary Operating Statements
 (In thousands, except per share data)
 Three Months Ended
 Oct. 30, Oct. 31,
 1993 1992
 Revenue:
 Sales $19,329 $29,856
 Service and other 22,319 30,687
 Total revenue $41,648 $60,543
 Operating income (loss) $(291) $2,839
 Non-operating income (expense), net (1,986) (2,650)
 Income (loss) before income taxes
 and extraordinary item (2,277) 189
 Income tax expense 49 567
 Loss before extraordinary item (2,326) (378)
 Extraordinary item:
 Utilization of tax loss carryforward -- 473
 Adjustment for effect of adoption of
 Statement No. 109 1,340 --
 Net income (loss) $(986) $95
 Net loss per share applicable to
 common stock(A) $(.10) $(.03)
 Average common shares 14,380,672 13,891,766
 (A) -- Includes $446 of dividends paid in the first quarter of 1994 on the $1 preferred stock.
 Summary Balance Sheets
 (In thousands)
 Oct. 30, July 31,
 1993 1993
 Current assets $83,245 $94,169
 Fixed assets, net 27,659 27,950
 Excess of cost of investment over net
 assets acquired, net 57,078 58,216
 Other assets, net 23,590 21,940
 Total $191,572 $202,275
 Current liabilities $72,060 $74,759
 Long-term debt and other 80,511 80,495
 Stockholders' equity 39,001 47,021
 Total $191,572 $202,275
 -0- 11/26/93
 /CONTACT: Patricia Coble of Datapoint Corporation, 210-593-7910/
 (DPT)


CO: Datapoint Corporation ST: Texas IN: TLS CPR SU: ERN

TW -- NY004 -- 7915 11/26/93 10:16 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 26, 1993
Words:561
Previous Article:FIELDCREST CANNON COMPLETES TENDER OFFER FOR AMOSKEAG COMPANY; FIELDCREST STOCKHOLDERS AUTHORIZE CREATION OF PREFERRED STOCK
Next Article:BANK OF SOUTHINGTON CEO AND PRESIDENT JOSEPH E. LAPLUME TO RESIGN
Topics:

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