Printer Friendly

LASERMASTER TECHNOLOGIES ANNOUNCES EARNINGS OF $.04 PER SHARE AND INCREASED SALES

 LASERMASTER TECHNOLOGIES ANNOUNCES EARNINGS
 OF $.04 PER SHARE AND INCREASED SALES
 MINNEAPOLIS, April 27 /PRNewswire/ -- LaserMaster Technologies, Inc. (NASDAQ: LMTS), reported net sales for its third fiscal quarter, ended March 31, 1992, of $15,234,000 and net income of $412,000 or $.04 per share. This is an increase of 18 percent in net sales as compared to the prior year's third quarter net sales which were $12,937,000 with a net loss of $1,855,000 or $.20 per share. Operating profits increased to $881,000 for the third quarter fiscal 1992 from an operating loss of $2,087,000 for the third quarter fiscal 1991. Operating expenses for the quarter were $6,836,000, a reduction of 18 percent from $8,304,000 in the previous fiscal year's third quarter.
 The company attributes its return to profitability to a combination of factors, including the successful launch and early sales momentum of the company's WinPrint product line, growth of the company's OEM business, including completion of a development and licensing agreement with Lexmark International, and continued reductions in overhead costs.
 The company released sales information on its principal business groups which showed Typesetting sales had declined slightly quarter to quarter as a result of general economic conditions, while remaining stable year-to-date. Significant growth was shown year-to-date for Windows printing products, OEM products and typeface sales. Excluding sales from the company's former TeleVAR subsidiary, year-to-date sales of $43,323,000 are up 18 percent from the nine months ending March 31, 1991.
 Mel Masters, LaserMaster's CEO, was very pleased with the quarterly results and emphasized developments in each of the company's key areas. "The success of our Windows printing products has been gratifying, and at the same time we have released new TurboRes Typesetting products and achieved significant OEM licensing success. We're proud of and excited about the accomplishments in each of our business areas."
 LaserMaster Technologies, Inc. designs, manufactures and markets high resolution, high performance printing systems for the microcomputer market. The LaserMaster product line features the company's proprietary TurboRes(R) resolution enhancement technology.
 LASERMASTER TECHNOLOGIES, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited) (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Net sales $15,234 $12,937 $43,323 $40,465
 Cost of goods sold 7,517 6,720 22,475 18,367
 Gross profit 7,717 6,217 20,848 22,098
 Operating expenses:
 Sales and marketing 4,367 4,693 12,529 13,601
 Research and
 development 441 859 1,565 2,401
 General and admin-
 istrative 2,028 2,752 5,868 7,583
 -- 6,836 8,304 19,962 23,585
 Operating income (loss) 881 (2,087) 886 (1,487)
 Other expense, net 324 498 1,364 968
 Income (loss) before
 income taxes 557 (2,585) (478) (2,455)
 Income tax (provision)
 benefit (145) 730 105 690
 Net income (loss) $412 $(1,855) $(373) $(1,765)
 Earnings (loss) per
 common share $0.04 $(0.20) $(0.04) $(0.20)
 Average number of common
 and common equivalent
 shares outstanding 10,785 9,108 9,325 8,914
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 (Unaudited)
 3/31/92 6/30/91
 ASSETS
 Current Assets:
 Cash and cash equivalents $1,022 $1,399
 Accounts receivable, net 12,035 9,693
 Inventory 5,864 8,942
 Other 1,370 1,607
 Income taxes receivable 115 727
 Total current assets 20,406 22,368
 Property and equipment, net 6,858 8,033
 Capitalized software, net 2,565 1,809
 Other assets, net 1,348 1,507
 Total assets $31,177 $33,717
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current Liabilities:
 Notes payable $5,637 $5,426
 Payables and accrued expenses 8,310 9,093
 Current long-term debt 937 823
 Total current liabilities 14,884 15,342
 Long-term debt 768 1,264
 Convertible subordinated debentures 5,528 6,331
 Other long-term obligation - 1,125
 Deferred income taxes 100 100
 Stockholders' equity 9,897 9,555
 Total liabilities and stockholders'
 equity $31,177 $33,717
 NET SALES BY PRODUCT LINE
 (in thousands)
 Three Months Ended Nine Months Ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Typesetting/TurboRes $10,747 $12,115 $35,042 $34,967
 OEM 1,956 332 4,364 1,667
 Windows 2,504 0 3,289 0
 Typefaces 27 17 628 70
 Totals 15,234 12,464(A) 43,323 36,704(B)
 (A) Excludes TeleVAR sales for the three months ended 3/31/91 of $473,000, for total sales of $12,937,000.
 (B) Excludes TeleVAR for the nine months ended 3/31/91 of $3,761,000, for total sales of $40,465,000.
 -0- 4/27/92
 /CONTACT: Karen Neset of LaserMaster Technologies, 612-941-8687/
 (LMTS) CO: LaserMaster Technologies ST: Minnesota IN: CPR SU: ERN


MA -- MN003 -- 2971 04/27/92 09:12 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:Apr 27, 1992
Words:819
Previous Article:JAMES J. HOGAN APPOINTED EXECUTIVE ASSOCIATE COMMISSIONER FOR OPERATIONS AT INS
Next Article:CONCURRENT COMPUTER FEELS JAPANESE MARKETS OPEN FOR SUPERIOR PRODUCTS, AIDED BY JOINT VENTURES


Related Articles
LASERMASTER TECHNOLOGIES ANNOUNCES LOSS FOR QUARTER, GAINS IN WINDOWS/BUSINESS PRINTER LINES
LASERMASTER TECHNOLOGIES ANNOUNCES PROFIT FOR YEAR ENDED JUNE 30, 1992
LASERMASTER TECHNOLOGIES, INC. REPORTS RECORD QUARTERLY AND DECEMBER SALES; INCREASE IN UNITY TYPESETTER SALES REDUCES ANTICIPATED LOSS
LASERMASTER REPORTS PROFITABLE THIRD QUARTER; BOTTOM LINE IMPROVES $870,000 FROM DECEMBER QUARTER
LASERMASTER TECHNOLOGIES, INC. ANNOUNCES FOURTH QUARTER PROFITS OF $.08 PER SHARE ON $19.7M SALES
LASERMASTER TECHNOLOGIES ANNOUNCES FIRST QUARTER PROFITS OF $.07 PER SHARE ON $20.1M SALES
LASERMASTER TECHNOLOGIES, INC. ANNOUNCES THIRD QUARTER PROFITS OF $.17 PER SHARE ON SALES OF $28.2 MILLION
LASERMASTER TECHNOLOGIES, INC. REPORTS RECORD RESULTS WITH NET SALES UP 55 PERCENT
LASERMASTER TECHNOLOGIES, INC. REPORTS FIRST QUARTER SALES UP 50% AND EARNINGS UP 103% OVER ONE YEAR AGO
LASERMASTER REPORTS BREAK EVEN QUARTER

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