Printer Friendly

GENISCO REPORTS SECOND QUARTER EARNINGS

 GENISCO REPORTS SECOND QUARTER EARNINGS
 ANAHEIM, Calif., May 21 /PRNewswire/ -- Genisco Technology Corp.


(AMEX: GES) reported today a FY 1992 second quarter net income of $32,000 (less than $0.01 per share) on revenues of $5.8 million for the three months ended March 31, 1992. This compares with net income of $210,000 (or $0.08 per share) on revenues of $6.4 million for the same period in FY 1991.
 For the six months ended March 31, 1992, the company reported earnings of $1,161,000 (or $0.09 per share) on revenues of $11.0 million. During the corresponding period in FY 91, Genisco incurred a $16,000 net loss (or $0.01 per share) on revenues of $11.8 million.
 The year-to-date FY 92 net income of $1,161,000 included $1,400,000 (or $0.11 per share) in extraordinary income resulting from a bank debt for company equity exchange which occurred during the first quarter of FY 1992.
 "Of the company's divisions, the Solaris Systems Division continues to generate profits despite reductions in government sole-source procurements," said Phillip C. Friedman, Genisco chief executive officer and chairman. "Our new product strategy is now taking effect by capturing customers in the expanding UNIX marketplace.
 "Solaris has demonstrated its long-term viability by emerging from the sole-source U.S. defense business into domestic industrial applications and international military tactical computer markets.
 "The $239,000 loss before the extraordinary item for the six months ended March 31, 1992 we attribute to losses incurred by the Electronics Division," he added. The company disclosed a 36 percent decline in revenue by its Electronics Division for the six months ended March 31, 1992 compared to the corresponding period during the prior year. Friedman said that "corrective actions have been taken to minimize future losses in the Electronics Division."
 In December 1991, Genisco completed a recapitalization in which several lawsuits against the company were dismissed and the company's bank converted $4 million of debt into equity. As a result of the recapitalization, Genisco's shareholders' equity increased by approximately $5.5 million.
 Genisco Technology Corp. is a producer of ruggedized computer products and electronic components for aerospace, defense and industrial markets. Its products include UNIX-based workstations, high density storage devices, custom EMI filters, and high voltage power supplies, all of which meet stringent environmental requirements.
 GENISCO TECHNOLOGY CORP.
 Statement of Income
 (Unaudited)
 Three months ended Six months ended
 March 31, March 31,
 1992 1991 1992 1991
 Revenues $5,813,414 $6,443,957 $10,980,775 $11,781,153
 Costs and
 Expenses:
 Cost of sales 4,050,831 4,585,645 7,781,069 8,561,401
 Selling,
 general and
 admini-
 strative 1,658,734 1,429,205 3,263,441 2,778,153
 Total costs
 and expenses 5,709,565 6,014,850 11,044,510 11,339,554
 Income (loss)
 from
 operations 103,849 429,107 (63,735) 441,599
 Interest
 expense (115,667) (219,403) (247,078) (457,743)
 Other income 44,223 0 72,258 0
 Income (loss)
 before provision
 for income
 taxes 32,405 209,704 (238,555) (16,144)
 Provision for
 income taxes 0 0 0 0
 Income (loss)
 before extra-
 ordinary item 32,405 209,704 (238,555) (16,144)
 Extraordinary
 item - Gain on
 debt forgiveness 0 0 1,399,898 0
 Net income
 (loss) $32,405 $209,704 $1,161,343 ($16,144)
 Per Share Data:
 Income (loss)
 before extra-
 ordinary item $0.00 $0.08 ($0.02) ($0.01)
 Extraordinary
 item --- --- $0.11 ---
 Net income
 (loss) $0.00 $0.08 $0.09 ($0.01)
 Number of shares
 used in
 calculation 21,065,468 2,685,446 12,921,183 2,685,338
 -0- 5/21/92
 /CONTACT: Phillip C. Friedman, chairman and CEO of Genisco Technology Corp., 714-563-4300; or Frank Widder of Dateline Communications, 213-649-9099, for Genisco Technology Corp./
 (GES) CO: Genisco Technology Corp. ST: California IN: CPR SU: ERN


AL-EH -- LA022 -- 3003 05/21/92 15:47 EDT
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:May 21, 1992
Words:665
Previous Article:UNIQUE DETENTION FACILITY TO BE SHOWN AT AMERICAN JAIL ASSOCIATION CONFERENCE IN MINNEAPOLIS
Next Article:BROCK NAMED FAST TECH 50 TOP 10 HIGH GROWTH PERFORMER
Topics:


Related Articles
GENISCO ANNOUNCES RECAPITALIZATION PLAN AGREEMENT THAT WOULD DECREASE DEBT SERVICE, SETTLE PENDING LITIGATION
GENISCO TECHNOLOGY REPORTS FY 1991 RESULTS
GENISCO REPORTS $1.1 MILLION FIRST QUARTER EARNINGS
GENISCO TECHNOLOGY CORP.'S $5.5 MILLION CREDIT LINE EXTENDED TO APRIL 1993
COLTEC INDUSTRIES REPORTS SECOND QUARTER AND SIX MONTH RESULTS
OLD KENT REPORTS 24-PERCENT INCREASE IN QUARTERLY EARNINGS
ENRON CORP. POSTS 35 PERCENT INCREASE IN REPORTED EARNINGS PER SHARE FOR SECOND QUARTER OF 1992
POTTER PRODUCTION CORPORATION ACQUIRES GENISCO ELECTRONICS

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