Printer Friendly

ICOT CORP. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1992

   ICOT CORP. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1992
    SAN JOSE, Calif., Nov. 13 /PRNewswire/ -- ICOT Corp. (NASDAQ: ICOT) today announced results for the first quarter of fiscal year 1992.
    For the three months ended Oct. 26, 1991 sales increased 72 percent to $5,752,000 compared to last year's first quarter sales of $3,335,000.  For the first quarter of fiscal 1992, ICOT reported a net profit of $432,000, or 3 cents per share compared to a loss of $(3,523,000), or $(.28) per share in the first quarter of 1991.  The loss for last year's first quarter included a $2,560,000 write down of the company's holdings of VeriFone, Inc. common stock.  that stock was subsequently sold during fiscal year 1991.
    According to Joe Becker, president and CEO of ICOT, "We are pleased with the results for the quarter and with the overall progress of the company."
    ICOT Corp. is a provider of network connectivity systems for the PC-Connectivity and OEM markets.  ICOT's products include local area network gateways and network data communications interfaces.  The products are sold principally in the United States and Western Europe from its corporate headquarters in San Jose, Calif., sales offices located in several major cities in the Unite States, and a wholly owned subsidiary in the United Kingdom.
                          ICOT CORP.
       CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                         (Unaudited)
           (In thousands, except per share amounts)
                                        Three Months Ended
                                      Oct. 26,       Oct. 27
                                       1991           1990
    Net sales                      $ 5,752          $ 3,335
    Cost of sales                    3,057            1,828
      Gross margin                   2,695            1,507
    Operating expenses:
     Research and development          476              651
     Marketing, administrative
      and general                    1,863            1,881
      Total operating expenses       2,339            2,532
      Income (loss) from operations    356           (1,025)
    Other expense (income):
     Interest income                  (135)             (73)
     Interest expense                   11               11
     Other (i)                          --            2,560
      Income (loss) before
       income taxes                    480           (3,523)
    Provision for income taxes          48               --
      Net income (loss)           $    432         $ (3,523)
      Net income (loss) per share $   0.03         $  (0.28)
    Number of shares used
     in computation                 12,750           12,750
    (i) Other expenses for the three months ended Oct. 27, 1990, resulted from a revaluation of company holdings of VeriFone Inc. common stock due to a decline in market value at the close of that three month period.  The stock was sold in the fourth quarter of fiscal 1991.
                           ICOT CORP.
            CONSOLIDATED CONDENSED BALANCE SHEETS
                          (Unaudited)
                         (in thousands)
                                    Oct. 26,         July 27,
                                      1991             1991
    ASSETS
    Current assets:
     Cash and cash equivalents     $ 10,609         $ 11,540
     Accounts receivable, less
      allowance of $160 and $479      3,296            3,122
     Inventories                      2,419            1,844
     Other assets                       554              479
      Total current assets           16,878           16,985
    Equipment and leasehold
     improvements-net                 1,189            1,142
    Other assets, net of amortization
     of $1,724 and $1,617             1,194              870
      Total assets                 $ 19,261         $ 18,997
    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
     Current maturities of
      capitalized lease
      obligations                  $     78         $     79
     Accounts payable and
      accrued expenses                3,880            3,085
     Employee compensation              768              909
      Total current liabilities       4,726            4,073
    Long-term debt and liabilities:
     Capitalized lease
      obligations, less
      current maturities                207              226
     Obligations under
      rent commitments                1,779            1,906
      Total long-term debt
       and liabilities                1,986            2,132
    Stockholders' equity             12,549           12,792
      Total liabilities and
       stockholders' equity        $ 19,261         $ 18,997
    -0-                     11/13/91
    /CONTACT:  Joe Becker of ICOT Corp. 408-433-3300/
    (ICOT) CO:  ICOT Corp. ST:  California IN:  CPR SU:  ERN JL -- SJ003 -- 3775 11/13/91 09:04 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 13, 1991
Words:585
Previous Article:HELIAN HEALTH GROUP INC. TO ACCOUNT FOR ITS AUSTIN OPERATION AS AN ASSET HELD FOR SALE
Next Article:SUPERCUTS REPORTS THIRD QUARTER RESULTS
Topics:


Related Articles
ICOT CORP. REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 1992
ICOT REPORTS RESULTS FOR THE THIRD QUARTER OF FISCAL 1992
ICOT REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1993
ICOT REPORTS RESULTS FOR THE SECOND QUARTER OF FISCAL 1993
ICOT CORPORATION REPORTS FINANCIAL RESULTS FOR FISCAL 1993
ICOT CORP. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1994
ICOT CORPORATION REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 1995
ICOT CORPORATION REPORTS FINANCIAL RESULTS FOR THE SECOND QUARTER OF FISCAL 1995
ICOT CORPORATION REPORTS FINANCIAL RESULTS FOR FISCAL 1995
ICOT CORPORATION REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER OF FISCAL 1996

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