Printer Friendly

ICOT REPORTS RESULTS FOR THE THIRD QUARTER OF FISCAL 1992

 ICOT REPORTS RESULTS FOR THE THIRD QUARTER OF FISCAL 1992
 SAN JOSE, Calif., May 13 /PRNewswire/ -- ICOT Corp. (NASDAQ: ICOT) today announced sales and earnings for the third quarter of fiscal 1992.
 For the three months ended April 25, 1992, sales grew 121 percent to $7,530,000 from $3,410,000 in the same period last year. Net income for the third quarter of fiscal 1992 was $1,064,000 or $.08 per share compared to a loss of $1,331,000 or $.10 per share for the third quarter of fiscal 1991.
 For the nine months ended April 25, 1992, sales grew 102 percent to $21,019,000 from sales of $10,427,000 in the same period last year. Net income for the nine month period of fiscal 1992 was $2,732,000 or $.20 per share compared to a loss of $5,585,000 or $.44 per share for the nine month period of fiscal 1991. The loss for the nine months ended April 27, 1991, included a $2,560,000 writedown of the company's holdings in VeriFone Inc. common stock that was recorded in the first quarter of fiscal 1991. That stock was sold in the fourth quarter of fiscal 1991 and a gain of $7,120,000 was recorded in the fourth quarter. For fiscal year 1991 the total impact of ICOT's VeriFone stock was a gain of $4,560,000.
 According to Joe Becker, president of ICOT, "Sales growth in the quarter over the comparable quarter a year ago was due to an increase in shipments to the company's largest OEM customer, IBM Corp. Shipments to IBM are strictly determined by IBM which can result in fluctuation of quarterly sales. During the quarter, the company successfully introduced its new OmniPATH for Windows product line in both the European and United States' markets. We are encouraged by the initial response to the product from potential customers as well as from various industry trade media. The company continues on course towards meeting the goals for fiscal 1992 outlined in the letter to stockholders which accompanied the company's annual report on Form 10-K for the year ended July 27, 1991."
 ICOT Corp. is a provider of network connectivity systems for the PC-Connectivity and OEM markets. ICOT's products include local area network gateways, client-based workstation software and network data communications interfaces. The products are sold principally in the United States and Western Europe from its corporate headquarters in San Jose, sales offices located in several major cities in the United States, and a wholly owned subsidiary in the United Kingdom.
 ICOT
 Consolidated Condensed Statements of Operations (Unaudited)
 (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 April 25, April 27, April 25, April 27,
 1992 1991 1992 1991
 Net sales $7,530 $3,410 $21,019 $10,427
 Cost of sales 3,458 1,991 10,251 5,811
 Gross margin 4,072 1,419 10,768 4,616
 Operating expenses:
 Research and
 development 721 708 1,700 1,928
 Marketing,
 administrative and
 general 2,296 2,059 6,432 5,825
 Total operating
 expenses 3,017 2,767 8,132 7,753
 Income (loss) from
 operations 1,055 (1,348) 2,636 (3,137)
 Other expense
 (income):
 Interest income (116) (28) (390) (146)
 Interest expense 8 11 29 34
 Other (A) -- -- -- 2,560
 Total other expense
 (income) (108) (17) (361) 2,448
 Income (loss) before
 income taxes 1,163 (1,331) 2,997 (5,585)
 Provision for income
 taxes 99 -- 265 --
 Net income (loss) $1,064 $(1,331) $2,732 $(5,585)
 Net income (loss)
 per share $0.08 $(0.10) $0.20 $(0.44)
 Number of shares used
 in computation 13,610 12,750 13,439 12,750
 (A) Other expense for the nine months ended April 27, 1991, resulted from a revaluation of company holdings of VeriFone Inc. common stock due to a decline in market value of these securities recorded at the close of the first quarter in fiscal 1991. The stock was sold in the fourth quarter of fiscal 1991. nds)
 April 25, July 27,
 1992 1991
 Assets
 Current assets:
 Cash and cash equivalents $12,356 $11,540
 Accounts receivable, less
 allowance of $42 and $479 3,208 3,122
 Inventories 2,925 1,844
 Other current assets 533 479
 Total current assets 19,022 16,985
 Equipment and leasehold improvements
 -- net 1,294 1,142
 Other assets, net of amortization
 of $1,954 and $1,617 1,422 870
 Total assets $21,738 $18,997
 Liabilities and Stockholders' Equity
 Current liabilities:
 Current maturities of capitalized
 lease obligations $76 $79
 Accounts payable and accrued expenses 3,557 3,085
 Employee compensation 1,337 909
 Total current liabilities 4,970 4,073
 Long-term debt and liabilities:
 Capitalized lease obligations, less
 current maturities 178 226
 Obligations under rent commitments 1,522 1,906
 Total long-term debt and liabilities 1,700 2,132
 Stockholders' equity 15,068 12,792
 Total liabilities and stockholders'
 equity $21,738 $18,997
 -0- 5/13/92
 /CONTACT: Joel M. Becker, or John E. Arnold, both of ICOT, 408-433-3300/
 (ICOT) CO: ICOT Corp. ST: California IN: CPR SU: ERN


MC-RM -- SJ004 -- 9502 05/13/92 09:02 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 13, 1992
Words:871
Previous Article:ACKERLEY COMMUNICATIONS ANNOUNCES FIRST-QUARTER RESULTS
Next Article:ODETICS RECORDERS OPERATING FLAWLESSLY ON RECENT INTERNATIONAL EARTH RESOURCES PROGRAMS
Topics:


Related Articles
ICOT CORP. REPORTS RESULTS FOR THE FIRST QUARTER OF FISCAL 1992
ICOT CORP. REPORTS RESULTS FOR THE SECOND 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 © 2017 Farlex, Inc. | Feedback | For webmasters