Printer Friendly

LASERMASTER TECHNOLOGIES, INC. ANNOUNCES FOURTH QUARTER PROFITS OF $.08 PER SHARE ON $19.7M SALES

 MINNEAPOLIS, Aug. 12 /PRNewswire/ -- LaserMaster Technologies, Inc. (NASDAQ-NMS: LMTS) today announced that net sales for the fiscal year ended June 30, 1993 were a record $68.2 million, a 14 percent increase over revenues of $59.9 million for fiscal 1992. Net sales for the three months ended June 30, 1993 were a record $19.7 million, an increase of 19 percent over net sales of $16.5 million for the same period one year ago.
 The company had earnings of $824,000 or $.08 per share for the three months ended June 30, 1993. This compares to earnings of $62,000, or $.01 per share, in the quarter ended June 30, 1992. The company reported a loss of $710,000, or $.07, for the fiscal year ended June 30, 1993, with losses restricted to the first two fiscal quarters, prior to cost reduction measures of approximately $1.5 million per quarter begun in December. Earnings in fiscal 1992 were $144,000, or $.02 per share.
 Mel Masters, LaserMaster's CEO, indicated that increased sales of the company's industry leading typesetter products had contributed to the company's growth. "Typesetting sales increased over 40 percent from last year's fourth quarter," according to Masters, "and we believe LaserMaster has increased its leadership position with regard to world- wide market share for plain paper typesetters."
 Additionally, in June 1993, the company launched its first large- format "Big Color" printer, with approximately $1 million in sales in the first month. Masters commented, "LaserMaster has a golden opportunity to bring our technology to the professional desktop publisher looking for on-demand large color printing. We believe our Big Color printer offers quality and features previously found only in systems costing up to ten times as much. Based on our initial results," he continued, "we are working to repeat some of the success we have enjoyed by bringing typesetting to the desktop by creating a similar market for desktop Big Color output from PC and Macintosh computers."
 According to Masters, "LaserMaster, like many other companies in the computer-related industries, has sailed through some troubled waters in the last two years. We have been strengthened by that journey, returning to profitability in our March and June quarters. With distinctive products and effective direct sales channels allowing us to become 'The Professional's Choice' in specialty computer printing markets, we believe profits will continue."
 LaserMaster Technologies, Inc. designs, manufactures and markets plain-paper typesetting, large-format color and specialized Windows printing systems for professional graphics arts, pre-press and desktop publishing users. LaserMaster distinguishes its product line by proprietary software and hardware engineering, including the company's patented TurboRes resolution enhancement and ColorSpan color management and image enhancement technologies.
 LASERMASTER TECHNOLOGIES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Year Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net sales $19,703 $16,534 $68,227 $59,857
 Cost of goods sold 11,019 8,570 37,387 31,045
 Gross profit 8,684 7,964 30,840 28,812
 Operating expenses
 Sales and marketing 4,381 4,921 19,360 17,450
 Research and development 499 469 1,890 2,034
 General and
 administrative 2,124 1,927 8,813 7,795
 Total operating expenses 7,004 7,317 30,063 27,279
 Operating income 1,680 647 777 1,533
 Other expense, net 431 572 1,776 1,935
 Income (loss) before
 income taxes 1,249 75 (999) (402)
 Income tax (provision)
 benefit (425) (13) 289 546(a)
 Net income (loss) $824 $62 $(710) $144
 Earnings (loss) per
 common share $0.08 $0.01 $(0.07) $0.02
 (a) Includes $301,000 of cumulative effect benefit related to change
 in accounting method for income taxes
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 6/30/93 6/30/92
 Assets
 Current assets
 Cash and cash equivalents $1,520 $1,025
 Accounts receivable, net 8,404 11,830
 Inventory 6,277 5,505
 Other 1,165 1,481
 Income taxes receivable -- 60
 Deferred tax asset 1,402 812
 Total current assets 18,768 20,713
 Property and equipment, net 5,373 6,635
 Capitalized software, net 3,661 2,731
 Other assets, net 1,206 1,397
 Total assets 29,008 31,476
 Liabilities and stockholders' equity
 Current liabilities
 Notes payable 2,114 5,514
 Payables and accrued expenses 10,453 8,129
 Current maturities long-term debt 332 935
 Total current liabilities 12,899 14,578
 Long-term debt 215 541
 Convertible subordinated debentures 5,528 5,528
 Deferred income taxes 549 416
 Stockholders' equity 9,817 10,413
 Total liabilities and stockholders'
 equity 29,008 31,476
 -0- 8/12/93
 /CONTACT: Michael W. Dreis, director, investor relations, 612-941-8687, or Randall L. Ruegg, chief financial officer, 612-944-6069, both of LaserMaster Technologies/
 (LMTS)


CO: LaserMaster Technologies, Inc. ST: Minnesota IN: CPR SU: ERN

TJ-DB -- MN001 -- 2013 08/12/93 09:21 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:Aug 12, 1993
Words:818
Previous Article:CLEARLY CANADIAN ANNOUNCES SECOND QUARTER OPERATING RESULTS
Next Article:INTERACTIVE ANNOUNCES THIRD QUARTER RESULTS
Topics:

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