Printer Friendly

MIRROR TECHNOLOGIES THIRD QUARTER RESULTS

 ROSEVILLE, Minn., Feb. 18 /PRNewswire/ -- Mirror Technologies, Incorporated (NASDAQ: MIRR) has reported net sales of $4,491,000 for the third quarter ended Dec. 31, 1992. This is a decrease of approximately 21 percent from the third quarter of the preceding year. The company experienced a net loss for the third quarter of $2,193,000 compared to net income of $272,000 for the corresponding period of the prior year.
 A considerable portion of the third quarter losses are attributable to non-cash adjustments related to restructuring costs of the company including inventory and other balance sheet write-offs. These third quarter adjustments are part of management's commitment to reposition the company for fiscal 1994.
 The company has reviewed market conditions, reduced operating expenses, and refined product lines in an effort to position the company to compete profitably in the market and to take advantage of growth opportunities in the future.
 New products introduced in January, at the largest Macintosh trade show, were received favorably by editors and resellers. The company expects sales from these new products to contribute significantly to FY94 revenues.
 Mirror Technologies is a worldwide marketer of mass storage, display and imaging products for the Macintosh computer. The company sells similar products in the reseller channel through Envisio, a wholly owned subsidiary, acquired in November of 1992.
 MIRROR TECHNOLOGIES, INCORPORATED
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Unaudited)
 Third Quarter Ended Nine Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Net sales $4,491,440 $5,625,565 $15,016,891 $14,204,181
 Less: cost of sales 4,321,643 4,432,054 13,006,402 11,344,018
 Gross margin 169,797 1,193,511 2,010,489 2,860,1?
 Gross margin (pct.) 3.78 21.22 13.39 20.14
 Other costs and expenses (income):
 Selling & marketing 1,301,736 659,525 2,679,303 2,019,546
 General &
 administrative 676,317 226,594 1,194,595 740,188
 Product development 345,775 0 553,061 0
 Interest expense 63,823 57,919 180,283 153,384
 Interest income (24,967) (22,516) (85,489) (60,562)
 -- 2,362,684 921,522 4,521,753 2,852,556
 Net income (loss) before
 income taxes (2,192,887) 271,989 (2,511,264) 7,607
 Income tax expense 0 0 0 0
 Net income (loss) $(2,192,887) $271,989 $(2,511,264) $7,607
 Net income (loss)
 per common share $(.14) $.02 $(.18) $.00
 Weighted average common
 shares outstanding 15,275,480 11,373,161 14,225,255 11,369,410
 CONSOLIDATED CONDENSED BALANCE SHEETS
 12/31/92 03/31/92
 (Unaudited)
 Assets:
 Cash $1,461,656 $3,817,605
 Marketable securities 1,020,812 0
 Notes and accounts receivable, net 1,088,298 1,784,809
 Inventories 1,334,574 1,986,921
 Prepaid expenses 335,306 121,396
 Total current assets 5,240,646 7,710,731
 Equipment, net 410,020 319,031
 Excess acquisition costs, net 1,868,691 0
 Deferred debt issue costs 222,299 272,316
 Total assets $7,741,656 $8,302,078
 Liabilities and stockholders' equity:
 Accounts payable, trade $315,217 $1,501,627
 Other accrued liabilities 913,798 417,006
 Total current liabilities 1,229,015 1,918,633
 11 percent convertible debenture 2,089,000 2,089,000
 Long-term debt 175,000 0
 Stockholders' equity 4,248,641 4,294,445
 Total liabilities & stockholders equity $7,741,656 $8,302,078
 -0- 2/18/93
 /CONTACT: Ronald E. Eibensteiner, chairman of the board for Mirror, 612-633-4450/
 (MIRR)


CO: Mirror Technologies, Incorporated ST: Minnesota IN: CPR SU: ERN

KH -- MN013 -- 8094 02/18/93 16:34 EST
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:Feb 18, 1993
Words:615
Previous Article:FIRST HAWAIIAN INC. DECLARES QUARTERLY DIVIDEND
Next Article:OPERATING INCOME DOUBLES AT MUNSINGWEAR
Topics:


Related Articles
MIRROR TECHNOLOGIES REPORTS RECORD SALES AND EARNINGS
RECORD SALES FOR MIRROR TECHNOLOGIES
MIRROR TECHNOLOGIES REPORTS FIRST QUARTER EARNINGS
MIRROR TECHNOLOGIES REPORTS NET LOSS FOR SECOND QUARTER
MIRROR TECHNOLOGIES ANTICIPATES LOSSES
MIRROR TECHNOLOGIES RELEASES YEAR-END NUMBERS
MIRROR TECHNOLOGIES RELEASES YEAR-END NUMBERS
MIRROR TECHNOLOGIES RELEASES FIRST QUARTER RESULTS -- SOFTWARE SERVICES CONTRACT AWARDED
MIRROR TECHNOLOGIES ANNOUNCES SECOND QUARTER RESULTS; REPORTS IMPROVED MARGIN AND REDUCED OPERATING COSTS
MIRROR TECHNOLOGIES RELEASES THIRD QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters