Printer Friendly

MICROCOM ANNOUNCES YEAR-END RESULTS

 MICROCOM ANNOUNCES YEAR-END RESULTS
 NORWOOD, Mass., April 20 /PRNewswire/ -- Microcom, Inc.,


(NASDAQ: MNPI) today reported financial results for the company's fourth quarter and year ended March 31, 1992.
 Revenues for the year ended March 31, 1992 were $73,906,000 -- an increase of 33 percent over the $55,401,000 reported one year earlier. Operating income for the year was $4,205,000 vs. an operating loss of $33,434,000 reported one year ago. Net income per share was 34 cents for the year compared to a net loss per share of $3.16 for Fiscal Year 1991.
 For the three months ended March 31, 1992, revenues were $19,214,000 as compared to $16,092,000 for the fourth quarter of last year, representing a 19 percent increase from one year ago. Operating income for the period was $1,230,000 vs. an operating loss of $19,203,000 in the comparable period one year ago. Net income per share was 10 cents for the period. This compares favorably to a net loss per share of $2.15 for the fourth quarter of last year.
 James M. Dow, Microcom president and CEO summarized the company's performance by stating, "Fiscal Year 1992 was a milestone year for Microcom. We achieved four consecutive profitable quarters and we are well positioned for continued growth in Fiscal Year 1993."
 Dow noted that Microcom had orders for approximately $20.2 million in the fourth quarter of Fiscal Year 1992, but shipped only $19.2 million due to temporary component shortages in its manufacturing operations. These orders will be filled in the first quarter of Fiscal Year 1993.
 Microcom also announced an OEM agreement with Microdyne Corp., to provide high-speed (V.32bis) MNP 10 MicroPorte modems for the recently announced Novell NetWare Access Server and Asynchronous Communications Server (NACS). Initial quantities of the MNP 10 MicroPorte modems have already been shipped to Microdyne.
 Microcom's Annual Report and interim reports are distributed regularly to stockholders. In addition, the annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission are available upon request to:
 Manager, Corporate Communications
 Microcom, Inc.
 500 River Ridge Dr.
 Norwood, MA 02062
 Microcom, Inc. designs, manufactures and markets software and hardware solutions for PC connectivity via LANs and dial-up access. The corporation is headquartered in Norwood, Maas., with offices in Danbury, Conn.; Durham, N.C.; Wilmington, Del.; Yonkers, N.Y.; Caguas, Puerto Rico; sales offices throughout the United States; and international offices in France, Hong Kong, Singapore and the United Kingdom.
 Principal product lines include Protocol(tm) and MicroPorte(tm) modems; Microcom Bridge/Routers(tm), Carbon Copy(tm) and Relay(R) communications software, Microcom Networking Protocol(tm) (MNP)(R), LANlord(R) LAN resource management software, Cellular Data Link (CDL) integrated voice and data communications solutions, and Virex(R) anti- virus software.
 ----
 NOTE: Microcom, MNP, Relay, Virex and LANlord are registered trademarks of Microcom Systems, Inc. Microcom Networking Protocol, MicroPorte modems, Carbon Copy, Microcom Bridge/Router are trademarks of Microcom Systems Inc. All other trademarks are the property of their respective holders.
 Microcom, Inc.
 Condensed Consolidated Statement of Operations
 For the Three and Twelve Months Ended March 31
 (in thousands, except per share amounts)
 Three months ended 12 months ended
 3/31/92 3/31/91 3/31/92 3/31/91
 Net sales $19,214 $16,092 $73,906 $55,401
 Cost of sales 8,323 7,411 32,102 27,956
 Gross margins 10,891 8,681 41,804 27,445
 Operating expenses:
 Research and 3,021 3,097 12,502 12,415
 development
 Sales and marketing 5,306 4,641 19,496 18,361
 General and
 administrative 1,334 2,146 5,601 9,603
 Restructuring costs --- 18,000 --- 20,500
 Total operating
 expenses 9,661 27,884 37,599 60,879
 Income (loss) from
 operations 1,230 (19,203) 4,205 (33,434)
 Interest income 25 36 124 352
 Interest expense (51) (19) (195) (161)
 Income (loss) before
 income taxes 1,204 (19,186) 4,134 (33,243)
 Income taxes 205 --- 703 (4,499)
 Net income (loss) $999 $(19,186) $3,431 $(28,744)
 Net income (loss)
 per share 10 cents $(2.15) 34 cents $(3.16)
 Weighted average
 number of shares 10,429 8,938 10,002 9,083
 Condensed Consolidated Balance Sheet
 (In Thousands)
 3/31/92 3/31/91
 ASSETS
 Current assets:
 Cash and equivalents $5,609 $6,324
 Accounts receivable, net 16,130 13,855
 Inventories 11,304 10,432
 Refundable income taxes 476 3,150
 Prepaid expenses 1,968 2,785
 Total current assets 35,487 36,546
 Property and equipment, net 8,507 9,119
 Other assets 8,963 6,616
 Total assets $52,957 $52,281
 LIABILITIES & STOCKHOLDERS EQUITY
 Current liabilities:
 Notes payable and current
 portion of long-term debt $183 $185
 Accounts payable 4,847 5,681
 Accrued expenses 1,236 3,035
 Accrued restructuring costs -- 2,164
 Income taxes -- 260
 Total current liabilities 6,266 11,325
 Long-term debt 649 815
 Stockholder's Equity:
 Common stock 104 99
 Capital in excess
 of par value 54,571 52,256
 Stock loans - related parties (116) (302)
 Retained earnings (deficit) (5,743) (9,174)
 Treasury stock (2,613) (2,613)
 Cumulative translation
 adjustment (161) (125)
 Total stockholders' equity 46,042 40,141
 Total 52,957 52,281
 -0- 4/20/92
 /CONTACT: James M. Dow, president and CEO, 617-551-1369; Peter J. Minihane, executive VP and CFO, 617-551-1236; or Mark Williams, manager of corp. communications, 617-551-1681, all of Microcom/
 (MNPI) CO: Microcom, Inc. ST: Massachusetts IN: CPR SU: ERN


PB-DD -- NE011 -- 0123 04/20/92 13:49 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 20, 1992
Words:941
Previous Article:FIRST UNION NAMES FORMER MINISTER AS FIRST WORK/FAMILY COORDINATOR
Next Article:EMERY WORLDWIDE EXPANDS AM DELIVERY SERVICE FOR COMMERCIAL AIR FREIGHT SHIPMENTS


Related Articles
MICROCOM ANNOUNCES THIRD QUARTER RESULTS
MICROCOM ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
MICROCOM ANNOUNCES FIRST QUARTER FINANCIAL RESULTS /FOLLOWING IS REPEAT OF RELEASE MOVED YESTERDAY/
MICROCOM ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
MICROCOM ANNOUNCES NEGOTIATIONS FOR SALE OF ANTI-VIRUS SOFTWARE DIVISION
MICROCOM ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
MICROCOM ANNOUNCES FOURTH QUARTER & FISCAL YEAR 1993 RESULTS
MICROCOM ANNOUNCES PRELIMINARY FIRST QUARTER FINANCIAL RESULTS
MICROCOM ANNOUNCES SECOND QUARTER FINANCIAL RESULTS
MICROCOM ANNOUNCES FOURTH QUARTER & FISCAL YEAR 1994 RESULTS

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