PEMBROKE, Mass., Nov. 4 /PRNewswire/ -- Fibronics International Inc. (NASDAQ-NMS: FBRX) today announced its third quarter financial results (July - Sept. 1993).
For the three months ended Sept. 30, 1993, revenues were $10.1 million with a net loss of $1.9 million or 24 cents per share. For the same period in 1992 the revenues were $13.9 million with net loss of $3.0 million or 46 cents per share.
For the nine months ended Sept. 30, 1993 revenues were $37.2 million with a net loss of $4.8 million or 60 cents per share. For the same period in 1992, the revenues were $40.1 million with a net loss of $8.4 million or $1.31 per share. For the nine months ended Sept. 30, 1992, the loss included restructuring charges of $1.1 million.
The nine months ended Sept. 30, 1993 include $1.4 million in revenue and $0.5 million in net income for a one time transaction completed and reported in June 1993, regarding the KNET product line.
Despite the decrease in the third quarter revenues, the incoming orders increased by 13 percent as compared to the three months ended June 1993, and company's opening orders backlog for the fourth quarter of 1993 in the amount of $4.3 million is an increase of 40 percent over opening orders backlog for the third quarter.
Gil Weiser, Fibronics' president, reported that the company is reducing its losses by lowering operational expenses. Weiser also said that in the past few weeks Fibronics announced some new products (GigaHub, a 12 gigabits per second switching ATM hub and Ethernet and Token Ring stackable hubs), which raised substantial interest amidst the communications networks community.
Fibronics has won some prestigious projects in the United States like RG&E (Rochester Gas & Electric) in New York State, Department of Treasury of Puerto Rico (project sold through Data Research and Communications) and has established a joint venture with AEG in Germany to service the customers in that country. Fibronics has also signed a worldwide framework agreement with AEG, under which AEG will use Fibronics equipment as active networking components within its total solutions offerings. AEG has already installed Fibronics equipment in the new Railway building (Bundesbahn) in Frankfurt.
Fibronics International designs, manufactures, integrates, sells, installs and services networking solutions for distributed workgroups and enterprise networks throughout the world.
FIBRONICS INTERNATIONAL, INC.
(Dollars in thousands, except share and per share amounts)
Three Months Ended Nine Months Ended
Sept. 30 Sept. 30
1993 1992 1993 1992
Net revenues $10,140 $13,878 $37,193 $40,059
Net loss $(1,941) $(2,988) $(4,821) $(8,374)
Loss per share
of Common Stock (24 cents) (46 cents) (60 cents) $(1.31)
Weighted avg. no.
outstand. 8,129,326 6,448,506 8,019,734 6,409,865
/CONTACT: Anat Arazi, vice president and chief financial officer, 617-826-0099, ext. 115 or 011-972-4-313 313; or Moshe Levin, president - America Division, 6 CM-DJ -- NE012 -- 0722 11/04/93 12:21 EST