Printer Friendly

PENRIL REPORTS FIRST QUARTER RESULTS AND REDEEMS SENIOR SUBORDINATED DEBT

 PENRIL REPORTS FIRST QUARTER RESULTS
 AND REDEEMS SENIOR SUBORDINATED DEBT
 GAITHERSBURG, Md., Dec. 9 /PRNewswire/ -- Penril DataComm Networks Inc. (NASDAQ: PNRL) today reported revenues of $12,028,000 for the first quarter ended Oct. 31, 1991, compared to revenues of $12,446,000 for the first quarter ended Oct. 31, 1990. These first quarter fiscal 1992 revenues eased slightly due to the continued sluggish economy and the general softening in the lower-end sectors of the data communications market.
 Net income for the first quarter ended Oct. 31, 1991, was $820,000, or 12 cents per share, compared to $1,182,000, or 18 cents per share, for the quarter ended Oct. 31, 1990. Penril's management had announced earlier that it had planned to increase its expenditures in engineering and marketing to support production and sales of its new lines of internetworking products in the second half of fiscal 1992. First quarter net income reflects the impact of this increased spending.
 Penril also announced that it has notified holders of its 12-1/2 percent Senior Subordinated Notes that these debt securities will be redeemed at par effective Dec. 20, 1991. A total of $3,838,000 is outstanding. The company will be able to effect meaningful interest savings by early redemption of the notes.
 Henry Epstein, Penril's chairman, stated: "We are honored to have been included in Forbes Magazine's list of 'The 200 Best Small Companies.' This honor is a fitting tribute to the dedication of Penril's employees. Our goal is to grow our company in fiscal 1992 with the introduction of a host of new internetworking products. These new products have been enhanced to bring multiport intelligent wiring hub capability to the multifunction high-speed RISC platform, which forms the basis for Penril's new bridge, router and fiber optic technologies.
 Penril DataComm Networks Inc. manufactures data communications equipment and test and measurement instruments.
 PENRIL AND SUBSIDIARIES
 CONDENSED CONSOLIDATED EARNINGS
 (Unaudited)
 Three months ended
 10/31/91 10/31/90
 Net revenues $12,028,000 $12,446,000
 Income before income taxes $ 901,000 $ 1,289,000
 Provision for income taxes (81,000) (107,000)
 Net income from operations $ 820,000 $ 1,182,000
 Weighted average common and common
 equivalent shares 6,986,000 7,044,000
 Earnings per share $ .12 $ .18
 SELECTED BALANCE SHEET ITEMS
 10/31/91 7/31/91
 (unaudited) (audited)
 Current Assets $26,878,000 $28,663,000
 Total Assets $33,277,000 $34,839,000
 Current Liabilities $10,507,000 $12,886,000
 Principal Amount of Long-Term Debt $ 896,000 $ 892,000
 Stockholders' Equity $21,716,000 $20,901,000
 Common Shares Outstanding 5,723,000 4,935,000
 -0- 12/9/91
 /CONTACT: Harry O. Christenson, executive vice president, Penril DataComm Networks, 301-417-0552, or Mark Cohen of Cameron Associates, 212-683-4545/
 (PNRL) CO: Penril DataComm Networks ST: Maryland IN: CPR SU: ERN


TW -- DC005 -- 0463 12/09/91 10:28 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 9, 1991
Words:484
Previous Article:EXPIRING INSURANCE LAW TO DRIVE AUTO INSURANCE PREMIUMS UP
Next Article:FANNIE MAE EXPANDS RURAL MORTGAGE INITIATIVE TO MAKE FARMERS HOME LOANS AVAILABLE TO MORE FAMILIES NATIONWIDE
Topics:


Related Articles
PENRIL REPORTS SECOND QUARTER RESULTS
PENRIL REPORTS FIRST QUARTER PROFITS, DECLARES DIVIDEND
PENRIL REPORTS SECOND QUARTER PROFITS
PENRIL REPORTS SECOND QUARTER RESULTS
PENRIL CONFIRMS FISCAL 1995 RESULTS
PENRIL'S ALX V.34 MODEM BEATS COMPETITION IN A HEAD-TO-HEAD COMPARISON TEST; ALX V.34 WINS EDITOR'S CHOICE AT NETWORK COMPUTING MAGAZINE
PENRIL UNVEILS CORPORATE AND PRODUCT STRATEGIES; NEW ACCESS BEYOND IS THE FOUNDATION FOR PENRIL'S PRODUCT FUTURE
PENRIL REPORTS SECOND QUARTER RESULTS
PENRIL DATACOMM NETWORKS, INC. REPORTS THIRD QUARTER AND NINE-MONTH FINANCIAL RESULTS
Penril Datacomm Networks, Inc. Announces Fourth Quarter Operating Results;

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