FIBRONICS ANNOUNCES THIRD QUARTER RESULTS
FIBRONICS ANNOUNCES THIRD QUARTER RESULTS HYANNIS, Mass., Nov. 6 /PRNewswire/ -- Fibronics International Inc.
(NASDAQ: FBRX) today announced third quarter operating results (June - Sept. 1991).
For the three months ended Sept. 30, 1991, revenues were $12,184,000, as compared with revenues of $16,034,000 for the same period in 1990. The net income for this period was $33,000, or 1 cent per share, as compared with net income of $833,000, or 13 cents per share, for the equivalent period in 1990. For the nine months ended Sept. 30, 1991, revenues were $37,896,000, as compared with revenues of $45,459,000 for the same period in 1990. The net loss for nine months was $1,085,000, or 17 cents per share, as compared with net income of $2,603,000, or 40 cents per share, for the equivalent period in 1990. For the three months ended Sept. 30, 1991, revenues of $12,184,000 increased over revenues of the second quarter ended June 30, 1991, which were $11,665,000, and net income substantially improved to $33,000, or 1 cent per share, from a loss of $1,480,000, or 23 cents per share. This improvement in revenues and net income resulted from the steps taken by management to reduce costs in response to current worldwide economic conditions and the beginning of new product deliveries. Expected modest improvements in the worldwide economy, the continued resolution of product issues, increased acceptance of new products by our customers, and retention of cost controls instituted in the third quarter should further improve financial results. Fibronics International Inc. is a leading worldwide provider of enterprise-wide network solutions that enhance the speed and reliability required for complex data operations in heterogeneous computing environments. A forerunner in the development of fiber-based multiplexed hubs, sophisticated network management systems, FDDI and mainframe connectivity products, Fibronics provides distributed solutions for all seven layers of the Open Systems Interconnection (OSI) model, and is recognized for its expertise in fiber optics and commitment to open systems standards. FIBRONICS INTERNATIONAL INC. Third Quarter Financial Results (Dollars in thousands, except share and per share amounts) Three Months Ended Nine Months Ended 9/30/91 9/30/90 9/30/91 9/30/90 Net revenues $12,184 $16,034 $37,896 $45,459 Earnings (loss) before income taxes & extraordinary credit $(58) $1,023 $(1,176) $3,044 Provision for income taxes $(91) $171 $(91) $974 Earnings (loss) before extraordinary credit $33 $852 $(1,085) $2,070 Extraordinary credit utilization of net operating loss carryforward --- $(19) --- $533 Net earnings (loss) $33 $833 $(1,085) $2,603 Per share of common stock: Earnings (loss) before extraordinary credit 1 cent 13 cents (17 cents) 32 cents Extraordinary credit --- --- --- 8 cents Earnings (loss) per share 1 cent 13 cents (17 cents) 40 cents Weighted average number of shares outstanding 6,497,223 6,600,027 6,324,133 6,537,080 -0- 11/6/91 /CONTACT: John T. Hislop, joint chief executive officer of Fibronics International Inc., 508-778-0700/ (FBRX) CO: Fibronics International ST: Massachusetts IN: TLS SU: ERN DD-KM -- NE006 -- 1680 11/06/91 12:00 EST
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|Date:||Nov 6, 1991|
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