Printer Friendly


 CHANTILLY, Va., Oct. 21 /PRNewswire/ -- GENICOM Corporation (NASDAQ-NMS: GECM) today reported operating results for the third quarter and nine-month period ended Oct. 3, 1993.
 For the 1993 third quarter, the company reported revenues of $54.0 million, compared with $53.2 million reported in the similar period a year ago. Net loss in the 1993 third quarter was $(1.7) million, or (16 cents) per share, compared to year-ago third quarter net income of $0.1 million, or 1 cent per share.
 For the nine months ended Oct. 3, 1993, revenues increased to $165.7 million, compared with $163.4 million recorded a year ago. Net loss for the first nine months of 1993 was $(1.5) million, or (15 cents) per share. In the first nine months of 1992, the company reported net income of $1.6 million, or 15 cents per share, after an extraordinary gain in the 1992 second quarter of $1.3 million, or 12 cents per share. The extraordinary gain resulted from the financial effect of the company's open market purchases of $4.0 million principal amount of its 12.5 percent Senior Subordinated Notes at a discount from par value.
 Paul T. Winn, GENICOM's president and chief executive officer, commented: "During the quarter, we continued to experience year over year revenue growth in our strategic businesses of Enterprising Service Solutions and Laser Printing Solutions and in Supplies. The growth in these businesses was largely offset by declines in our mature impact printer, spares and relay businesses.
 "GENICOM continues to be challenged by an uncertain global business environment and margin pressures in our equipment business. Adversely impacting third quarter 1993 operations were $0.6 million charges associated with the reorganization of the company's sales and marketing, development and administrative operations including the formation of an application solutions' function. We believe these measures will lower our cost structure and better position our company to meet customer application solutions requirements."
 GENICOM's order backlog was $36.2 million at Oct. 3, 1993, compared to $38.6 million at July 4, 1993, and $34.9 million at Sept. 27, 1992. The decline in order backlog from the 1993 second quarter is due to a decline in the backlog from the company's largest laser printer customer.
 GENICOM Corporation, through its worldwide operations, designs, manufactures, markets and services a wide range of computer printers for general purpose applications as well as a line of hermetically sealed relays.
 Condensed Consolidated Statements of Income
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 Oct. 3, Sept. 27, Oct. 3, Sept. 27,
 1993 1992 1993 1992
 Revenues $53,973 $53,157 $165,693 $163,370
 Operating costs
 and expenses 53,522 50,892 161,482 156,868
 Operating Income 451 2,265 4,211 6,502
 Interest, net 2,019 1,942 5,550 5,751
 Income before
 income taxes and
 extraordinary gain (1,568) 323 (1,339) 751
 Income tax expense 101 200 208 450
 Net income before
 extraordinary gain (1,669) 123 (1,547) 301
 Extraordinary gain,
 net of taxes of $141 0 0 0 1,273
 Net Income $(1,669) $123 $(1,547) $1,574
 Earnings per common
 share and common share
 Income before
 extraordinary gain $(0.16) $0.01 $(0.15) $0.03
 Extraordinary gain 0.00 0.00 0.00 0.12
 Net Income $(0.16) $0.01 $(0.15) $0.15
 Weighted average number
 of common shares
 and common share
 outstanding: 10,613 10,605 10,608 10,605
 Condensed Consolidated Balance Sheets
 (unaudited, in thousands)
 Oct. 3, 1993 Jan. 3, 1993
 Cash and cash equivalents $2,089 $3,001
 Accounts receivable 41,551 41,113
 Inventories 57,473 55,894
 Property, plant and equipment 25,582 26,430
 Other ass ? 18,806 20,368
 Total $145,501 $146,806
 Liabilities and Stockholders' Equity
 Current portion of long-term debt $1,754 $693
 Current liabilities 45,457 46,818
 Long-term debt, less current portion 69,181 68,618
 Other non-current liabilities 2,320 2,153
 Stockholders' equity 26,789 28,524
 Total $145,501 $146,806
 Certain reclassificiations have been made to the 1992 condensed financial statements in order to conform to the 1993 presentation.
 -0- 10/20/93
 /CONTACT: James C. Gale, senior vice president, finance and CFO, of GENICOM Corporation, 703-802-9259/

CO: GENICOM Corporation ST: Virginia IN: CPR SU: ERN

DT-MH -- DC003 -- 4976 10/21/93 08:34 EDT
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:Oct 21, 1993

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