Printer Friendly

MICROLOG ANNOUNCES 3rd QUARTER RESULTS

 MICROLOG ANNOUNCES 3rd QUARTER RESULTS
 GERMANTOWN, Md., Sept. 11 /PRNewswire/ -- Microlog Corporation


(NASDAQ-NMS: MLOG) today reported consolidated sales of $3.7 million and a consolidated net loss of $3.1 million ($.77 per share) for the quarter ended July 31, 1992. By comparison, Microlog reported sales of $4.4 million and a loss of $3.4 million ($.84 per share) in the third quarter of Fiscal 1991. The results for the nine months ended July 31, 1992 area net loss of $3.7 million ($.92 per share) on revenues of $14.0 million as compared to a net loss of $5.2 million ($1.28 per share) on revenues of $14.7 million for this comparable period last year.
 As previously disclosed, this loss is attributable to Microlog's voice processing business and includes an extensive restructuring and consolidation following the hiring of a new president in June 1992. Voice processing revenues of $1.8 million for the quarter were well below expectations and historical levels, due primarily to delays in introducing the CallStar voice messaging system into Microlog's distribution channels.
 "Delays encountered in the design and production of the CallStar voice messaging system contributed to a slower than anticipated product rollout in our distribution channel," stated Richard A. Thompson, president and chief operating officer. "Initial reaction to the CallStar product from our distribution partners and end users continues to be very positive. We are pleased with CallStar's product design and quality but are disappointed that the expected unit sales from our distribution channels have been sluggish," added Thompson.
 $1.3 million of the $3.1 million third quarter loss is a one-time charge attributable to restructuring and consolidation of Microlog's voice processing operations. Included in this one-time charge is a substantial non-cash expense associated with the reduction in leased space at the company's Rancho Cordova, Calif., facility. The restructuring was extensive and includes a twenty-five percent reduction in personnel. Thompson stated: "We have acted aggressively to cut costs and streamline operations throughout the company. We remain optimistic that these cost cutting measures, together with aggressive sales and marketing programs, will enable us to return to profitable operations in the near term."
 Microlog Corporation, headquartered in Germantown, manufactures voice processing systems. Its products find wide application in government, health care, utility, media/entertainment and other markets, and are sold through a direct sales force, by distributors and by value-added resellers. Through its subsidiary, Old Dominion Systems, Inc., of Maryland, it also provides performance analysis and technical and administrative support services under contracts with government and commercial customers.
 MICROLOG CORPORATION
 Operating Results
 For the Third Quarter Ended July 31,
 1992 1991
 Revenues $ 3,646,756 $ 4,373,728
 Net Income (Loss) (3,091,025) (3,400,998)
 Earnings (Loss) Per Share (0.77) (0.84)
 Weighted Average Number of
 Outstanding Shares 4,020,280 4,069,169
 For the Nine Months Ended July 31,
 1992 1991
 Revenues $14,081,053 $14,738,119
 Net Income (Loss) (3,683,200) (5,137,628)
 Earnings (Loss) Per Share (0.92) (1.28)
 Weighted Average Number of
 Outstanding Shares 4,020,280 4,009,332
 -0- 9/11/92
 /CONTACT: Richard A. Thompson, president and chief operating officer, Microlog, 301-428-9100/
 (MLOG) CO: Microlog Corporation ST: Maryland IN: CPR SU: ERN


KD -- DC020 -- 8512 09/11/92 13:55 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:Sep 11, 1992
Words:554
Previous Article:OREGON $42.0 MILLION GENERAL OBLIGATION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:ROYALE INVESTMENTS, INC. DECLARES QUARTERLY DIVIDEND
Topics:


Related Articles
MICROLOG CORPORATION ANNOUNCES SIGNIFICANT CONTRACT AWARD
MICROLOG ANNOUNCES SECOND QUARTER RESULTS
STEVEN R. DELMAR RESUMES CFO DUTIES FOR MICROLOG
MICROLOG ANNOUNCES EXPECTED FOURTH QUARTER PROFIT
MICROLOG CORPORATION ANNOUNCES BANKING AGREEMENT
MICROLOG ANNOUNCES THIRD QUARTER RESULTS
MICROLOG ANNOUNCES PAYMENT OF MORTGAGE DEBT:
MICROLOG CORPORATION ANNOUNCES RECORD 1995 RESULTS
MICROLOG CORPORATION GENERATES HIGHEST FIRST QUARTER REVENUES IN COMPANY'S HISTORY
MICROLOG SECURES CREDIT LINE TOTALING $3 MILLION

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