Printer Friendly

PROTEON REPORTS FIRST-QUARTER RESULTS; INCOME GROWS 70 PERCENT, NET SALES RISE 29 PERCENT

 PROTEON REPORTS FIRST-QUARTER RESULTS;
 INCOME GROWS 70 PERCENT, NET SALES RISE 29 PERCENT
 WESTBOROUGH, Mass., April 23 /PRNewswire/ -- Proteon, Inc. (NASDAQ: PTON) today announced that income before extraordinary credit for the first quarter ended March 28, 1992, increased 70 percent to $1,782,000 from $1,050,000 in the same period in 1991, and earnings per share increased to 12 cents compared with 9 cents in the first quarter of 1991. Net sales for the first quarter of 1992 rose 29 percent to $26,206,000 compared with $20,365,000 in the first quarter of 1991.
 "We are pleased by the significant increase in first-quarter earnings, which was principally a result of higher demand for our internetworking products as well as product cost reductions," said Patrick Courtin, president and chief executive officer.
 "During the quarter, we began shipping our Series 90 Intelligent Network Concentrator, a smart hub which expands our family of flexible wiring solutions. We believe the Series 90 reinforces our ability to provide customers with one-stop shopping for their token ring infrastructure," continued Courtin.
 "We also continued to expand our strategic partnerships with the announcement of a joint development agreement with Gandalf. The agreement will result in new internetworking solutions from both companies, and further strengthens our relationship with Gandalf as a reseller of Proteon's infrastructure family of products," concluded Courtin.
 Proteon, Inc., develops token ring networking and internetworking systems that integrate IBM with non-IBM computing environments into a single enterprise-wide network. Proteon's token ring adapters, smart wiring hubs, internetworking routers, and network management products are recognized for their technical innovation and compliance to industry standards.
 PROTEON, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share data)
 Three Months Ended
 (Unaudited)
 March 28, March 30,
 1992 1991
 Net sales $26,206 $20,365
 Cost of sales 12,627 10,917
 Gross profit 13,579 9,448
 Operating expenses:
 Research and development 3,000 2,173
 Selling and marketing 6,079 4,159
 General and administrative 1,862 1,203
 Total operating expenses 10,941 7,535
 Income from operations 2,638 1,913
 Interest income (expense), net 191 (219)
 Income before income taxes 2,829 1,694
 Provision for income taxes 1,047 644
 Income before extraordinary credit 1,782 1,050
 Extraordinary credit - benefit of
 tax loss carryforward --- 51
 Net income $1,782 $1,101
 Income per share before
 extraordinary credit $0.12 $0.09
 Extraordinary credit per share --- ---
 Net income per common and
 common equivalent share $0.12 $0.09
 Weighted average number of
 common and common equivalent
 shares outstanding 15,247 1,973
 PROTEON, INC.
 CONSOLIDATED BALANCE SHEETS
 (In thousands)
 March 28, Dec. 31,
 1992 1991
 (Unaudited)
 ASSETS
 Current assets:
 Cash and equivalents & marketable securities $20,157 $17,187
 Accounts receivable, net 16,573 18,761
 Inventories 8,809 7,196
 Deposits and other assets 2,075 1,740
 Total current assets 47,614 44,884
 Property and equipment, net 12,620 10,690
 Marketable securities 2,350 3,000
 Total assets $62,584 $58,574
 LIABILITIES & STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $4,950 $5,456
 Accrued expenses 7,901 6,391
 Long-term equipment notes and
 capital leases, current portion 18 64
 Total current liabilities 12,869 11,911
 Long-term equipment notes and capital leases 15 95
 Total liabilities 12,884 12,006
 Stockholders' equity 49,700 46,568
 Total liabilities and stockholders'
 equity $62,584 $58,574
 -0- 4/23/92
 /CONTACT: Suzanne E. Barclay, director-marketing, of Proteon, 508-898-2153; or Maureen Wolff, Investor Relations, Sharon Merrill Assoc., 617-262-1800, for Proteon; or Cathy O'Rourke, Media Relations, Rourke & Co., 508-777-6006, for Proteon/
 (PTON) CO: Proteon, Inc. ST: Massachusetts IN: CPR SU: ERN


SH -- NE020 -- 2075 04/23/92 15:59 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 23, 1992
Words:619
Previous Article:ASHLAND COAL BOARD APPROVES QUARTERLY DIVIDEND
Next Article:CHASE MORTGAGE FINANCE CORP. SERIES 1992D CLASS A RATED 'AAA' BY FITCH --FITCH FINANCIAL WIRE (FFW)--


Related Articles
McDONALD'S REPORTS RECORD RESULTS; OPERATING RESULTS STRONG
PROTEON REPORTS RECORD SECOND-QUARTER RESULTS
CEMEX, S.A. REPORTS INCREASED NINE MONTH AND THIRD QUARTER SALES AND INCOME
PROTEON REPORTS SECOND-QUARTER RESULTS
PROTEON, INC. REPORTS THIRD QUARTER RESULTS
PROTEON REPORTS FOURTH QUARTER AND FULL YEAR 1995 FINANCIAL RESULTS
PROTEON REPORTS FIRST QUARTER RESULTS
PROTEON REPORTS SECOND QUARTER RESULTS
Proteon Inc. Reports Fourth Quarter and Full Year 1996 Financial Results
Proteon, Inc. Reports First Quarter Results

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