Printer Friendly

EXIDE ELECTRONICS GROUP, INC. ANNOUNCES RECORD FIRST QUARTER REVENUES

EXIDE ELECTRONICS GROUP, INC. ANNOUNCES RECORD FIRST QUARTER REVENUES
 RALEIGH, N.C., Jan. 28 /PRNewswire/ -- Exide Electronics Group, Inc. (NASDAQ: XUPS), a dedicated manufacturer of power protection products and services, today reported record revenues and significant operating improvements over the prior year for its first fiscal 1992 quarter. Revenues for the quarter which ended Dec. 31, 1991, were $43.9 million, up 8.4 percent from revenues of $40.5 million for the first quarter of fiscal 1991. Net income of $243,000 compared to a net loss of $2,925,000 for the corresponding period a year ago.
 Earnings per share were $.04 for the first quarter of fiscal 1992, compared with a net loss per share of $0.54 for the first quarter of fiscal 1991, based on 5,964,000 and 5,421,000 weighted average shares outstanding, respectively. The increased number of shares for the quarter reflects the Company's preferred stock (as if converted) issued to Nippon Electric Industry Co., Ltd. in August 1991.
 James A. Risher, President and Chief Executive Officer, attributed the significant improvement over the prior year to a number of factors. "Exide Electronics continues to experience good overall revenue growth with exceptionally strong performance in the workstation, LAN and office market segment, including telecommunications, retail and medical applications. This strength continues to be moderated by softness in the larger systems marketplace. Our performance reflects the strong repositioning of our product lines; we experienced an improved product and channel mix in the first quarter compared to last year and we believe this trend should continue over the balance of the year. New, higher margin products including the Powerware(R) Plus 6 and 12 and additional models in the Powerware(R) Personal line showed excellent revenue growth over last year and favorably impacted gross profit."
 Risher also commented on operational improvements. "As discussed in our fiscal 1991 annual report to shareholders, last year was a transition year for the Company. Our performance was affected by several events, including a plant start-up, the costly settlement of two lawsuits, the Gulf War and new product line and channel mix issues. We made significant progress in the last half of fiscal 1991 in dealing with these problems and feel that our first quarter results indicate that our planning and the actions we have taken are having positive results." Gross profit margins were 27.3 percent in the quarter versus 21.1 percent a year ago.
 "We are particularly pleased with our performance improvement given that our first fiscal quarter historically represents our weakest quarter and we continue to be impacted by a weak economy. We obviously are excited about our prospects and remain cautiously optimistic about the year. With our continued introduction of new products and services, we are well positioned to meet customer needs. We have addressed many of our operational issues. Finally, we feel that a final resolution of the ongoing legal situation may be possible this year. We believe that these activities can ultimately lead to significant improvements in financial performance and investor confidence."
 Exide Electronics designs, develops, manufactures, markets, services and supports a broad line of power performance and protection products which safeguard computer and other sensitive electronic systems against electrical power loss and distortions. The Company's products are used in diverse applications, including distributed computing environments, mainframe and minicomputer systems, communications systems, medical applications and large computer facilities.
 EXIDE ELECTRONICS GROUP, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except per share data)
 (unaudited)
 Three Months Ended December
 Revenues 1991 1990(A)
 Products $34,255 $31,843
 Services 9,628 8,636
 Total Revenues 43,883 40,479
 Cost of Revenues
 Products 26,427 27,167
 Services 5,491 4,766
 Total cost of revenues 31,918 31,933
 Gross profit 11,965 8,546
 Selling, general and
 administrative expense 9,475 11,458
 Research and development expense 1,715 1,991
 Income (loss) from operations 775 (4,903)
 Interest expense 1,100 1,048
 Interest income (69) (195)
 Other (income) expense (614) 125
 Income (loss) before income taxes
 and the cumulative prior years'
 effect of change in accounting
 principle 358 (5,881)
 Provision for (benefit from)
 income taxes 115 (2,236)
 Income (loss) before the
 cumulative prior years'
 effect of change in
 accounting principle 243 (3,645)
 Cumulative prior years' effect
 of change in accounting
 for direct costs associated
 with deferred revenues
 (net of income tax effect
 of $441) - 720
 Net income (loss) $243 $(2,925)
 Income (loss) per share
 before the cumulative
 prior years' effect of change
 in accounting principle $0.04 $(0.67)
 Per share cumulative prior years'
 effect of change in
 accounting principle - 0.13
 Net income (loss) per share $0.04 $(0.54)
 Weighted average number
 of shares outstanding 5,964 5,421
 (A) Restated
 -0- 1/28/92
 /CONTACT: Karin Cram, Corporate Communications, 919-870-3239, or Marty R. Kittrell, Chief Financial Officer, 919-872-3020, both of Exide Electronics Group, Inc./
 (XUPS) CO: Exide Electronics Group, Inc. ST: North Carolina IN: CPR SU: ERN


CM-DF -- CH018 -- 4427 01/28/92 17:00 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 28, 1992
Words:843
Previous Article:LTV AWARDS MANNESMANN DEMAG CONTRACT FOR STEEL PLANT MODERNIZATION
Next Article:EDISTO ANNOUNCES 11TH REDEMPTION OF PREFERRED SHARES
Topics:


Related Articles
EXIDE ELECTRONICS GROUP, INC. ANNOUNCES RECORD FOURTH QUARTER AND FISCAL 1991 REVENUES
EXIDE ELECTRONICS ANNOUNCES DISMISSAL OF SEC LITIGATION
EXIDE ELECTRONICS APPOINTS NEW CHIEF OPERATING OFFICER, WILLIAM TIPPETT
EXIDE ELECTRONICS ANNOUNCES APPOINTMENT OF SENIOR VICE PRESIDENT AND GENERAL MANAGER
EXIDE ELECTRONICS ANNOUNCES LETTER OF INTENT TO ACQUIRE LECTRO PRODUCTS
EXIDE ELECTRONICS PROVIDES GUIDANCE FOR FISCAL 1996 AND 1997 AND UPDATE ON INTEGRATION OF ACQUISITION
Exide Electronics' Next Generation UPS Offers Dual Benefits Of On-Line Technology And Energy Efficiency
Exide Electronics Group, Inc. Strengthens Australian Operations
Exide Electronics and Tubbesing Sales Corp. Join Forces to Provide Customers With Power Management Solutions

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