IN FOCUS SYSTEMS ANNOUNCES FIRST-QUARTER EARNINGS
IN FOCUS SYSTEMS ANNOUNCES FIRST-QUARTER EARNINGS TUALATIN, Ore., April 21 /PRNewswire/ -- In Focus Systems Inc.
(NASDAQ: INFS) today announced results for the first quarter ended March 31, 1992. Revenue for the quarter was $12.6 million, a slight decrease from the $13.0 million reported for the comparable quarter of 1991. Net income for the first quarter was $0.6 million, or 7 cents per share on 8.9 million shares, compared to $2.1 million, or 23 cents per share on 9.0 million shares, in the comparable quarter of 1991.
"Although earnings were less than first quarter of 1991, the results were equal to our expectations," said John V. Harker, the company's chief executive officer. "The first quarter was a transition period for In Focus, and we anticipated lower revenue and earnings as we phased out several mature product lines and introduced five new products. We also continued high levels of marketing and engineering spending to ensure a successful launch of the new products which included a new monochrome overhead projection panel, a high- performance passive matrix color panel, our first active matrix projection panel, our first active matrix video projector, and the industry's first 1024 x 768 resolution projection panel," Harker commented further. "The addition of these new products substantially enhances our competitive position, giving In Focus the broadest product line in its market. All five products are now being shipped to customers, and we are optimistic that these new products will make a significant contribution to our revenue and earnings for the remainder of 1992. In Focus Systems Inc. is a leader in developing, manufacturing and marketing innovative products using proprietary flat panel LCD technology to present output from personal computers. The company fulfills a broad range of presentation needs with a complete line of products. The company's headquarters are located at 7770 S.W. Mohawk St., Tualatin, OR 97062. IN FOCUS SYSTEMS INC. CONSOLIDATED BALANCE SHEETS March 31, Dec. 31, 1992 1991 (unaudited) ASSETS Current Assets: Cash and cash equivalents $ 4,259,330 $15,145,262 Investments 16,910,532 7,645,365 Accounts receivable, net 9,127,199 8,696,142 Inventories, net 8,919,996 5,963,334 Other current assets 1,129,290 1,310,757 Total current assets 40,346,347 38,760,860 Property and equipment, net 2,310,636 2,263,799 Other assets 317,541 297,879 Total $42,974,524 $41,322,538 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current portion of capital lease obligations $ 395,444 $ 373,499 Income taxes payable 4,014 320,744 Accounts payable 6,595,394 5,229,068 Payroll and related benefits payable 486,389 368,814 Other current liabilities 696,994 1,181,908 Total current liabilities 8,178,235 7,474,033 Capital lease obligations 366,462 407,279 Shareholders' equity: Common stock 30,000,000 shares authorized; shares issued and outstanding: 7,786,640 (1992) and 7,700,488 (1991) 24,656,944 24,533,429 Additional paid-in capital 779,957 544,957 Retained earnings 8,992,926 8,362,840 Total 34,429,827 33,441,226 Total $42,974,524 $41,322,538 IN FOCUS SYSTEMS INC. CONSOLIDATED INCOME STATEMENTS (Unaudited) Three Months Ended March 31: 1992 1991 Revenue $12,605,536 $13,041,031 Cost of sales 8,030,510 6,950,951 Gross profit 4,575,026 6,090,080 Operating expenses: Marketing and sales 2,276,209 1,726,993 Engineering 1,025,686 711,725 General administrative 728,767 772,838 Total 4,030,662 3,211,556 Income from operations 544,364 2,878,524 Other income (expense): Interest expense (24,983) (24,376) Interest income 281,742 371,685 Other expense, net 39,963 (47,996) Total 296,722 299,313 Income before provision for income taxes 841,086 3,177,837 Provision for income taxes 211,000 1,067,500 Net income $ 630,086 $ 2,110,337 Net income per share $ 0.07 $ 0.23 Shares used in per-share calculations 8,932,109 8,983,722 -0- 4/21/92 /CONTACT: Joseph I. Martin of In Focus Systems, 503-692-4968; or Heidi A. Flannery of in.ves'com, 503-221-2087, for In Focus Systems/ (INFS) CO: In Focus Systems Inc. ST: Oregon IN: CPR SU: ERN
SC-LM -- SE002 -- 0352 04/21/92 07:51 EDT
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|Date:||Apr 21, 1992|
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