Printer Friendly

SYMBOL TECHNOLOGIES REPORTS FOURTH-QUARTER NET LOSS

 BOHEMIA, N.Y., Feb. 17 /PRNewswire/ -- Symbol Technologies, Inc. (NYSE: SBL), the leading manufacturer of portable bar code data capture systems, today reported results for the fourth quarter and year ended Dec. 31, 1992.
 Revenues for the fourth quarter ended Dec. 31, 1992, were $82,596,000 compared with $83,833,000 in the corresponding year-earlier period. Lower margins and higher operating expenses, together with a pre-tax charge of $34,933,000 ($1.00 per share) associated with the consolidation and restructuring announced Dec. 9, resulted in a $23,788,000 loss ($0.99 per share) for the quarter ended Dec. 31, 1992. For the quarter ended Dec. 31, 1991, Symbol had net income of $5,866,000 ($.23 per share). Weighted average shares outstanding, fully-diluted, for the quarter were 23,966,000 in 1992 and 25,484,000 in 1991.
 Revenues for the year ended Dec. 31, 1992, were $344,940,000 compared with $319,376,000 in the prior year. The early adoption of SFAS 109 resulted in a cumulative charge to earnings of $744,000 ($0.03 per share) for the year ended Dec. 31, 1992. Net loss for the year ended Dec. 31, 1992, was $16,250,000 ($0.68 per share), which included a pre-tax charge of $40,933,000 ($1.17 per share) associated with a workforce reduction announced in August and the consolidation and restructuring announced in December, compared with net income of $22,768,000 ($.90 per share) in the prior year. Weighted average shares outstanding, fully-diluted, for the year were 24,028,000 in 1992 and 25,295,000 in 1991.
 Symbol Technologies, Inc. is the world leader in bar code-based data capture systems with nearly two million scanners and terminals installed. The company designs, manufactures and markets bar code reading equipment, portable data terminals and radio frequency data communications products which are used as strategic building blocks in technology systems for retailing, package and parcel delivery, warehousing and distribution, manufacturing, health care and other industries.
 SYMBOL TECHNOLOGIES, INC. AND SUBSIDIARIES
 Consolidated Balance Sheets
 (All amounts in thousands, except stock par value)
 Periods ended
 Dec. 31 1992 1991 (1)
 ASSETS
 Current assets:
 Cash, including temporary investments
 of $2,019 and $10,855, respectively $ 6,867 $ 17,303
 Accounts receivable, less allowance
 for doubtful accounts of $4,893 and
 $4,181, respectively 78,514 65,033
 Inventories, net 60,783 63,635
 Deferred income taxes 31,565 15,141
 Prepaid expenses and other current assets 7,084 9,921
 Total current assets 184,813 171,033
 Property, plant and equipment, net 58,042 58,794
 Intangible assets, net 103,687 103,016
 Software development costs, net 18,485 13,825
 Other assets, net 13,639 7,689
 Total $378,666 $354,357
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable and accrued expenses $ 38,398 $ 36,314
 Restructuring costs 34,528 --
 Notes payable 10,146 2,760
 Income taxes payable 6,299 2,450
 Deferred revenues 6,819 6,697
 Total current liabilities 96,190 48,221
 Long-term debt, less current maturities 14,582 21,675
 Deferred revenues 1,010 1,114
 Other liabilities 21,923 20,556
 Commitments and contingencies -- --
 STOCKHOLDERS' EQUITY:
 Preferred stock, par value $1.00; authorized
 10,000 shares, none issued or outstanding -- --
 Common stock, par value $0.01; authorized
 40,000 shares; issued 24,336 shares and
 23,948 shares, respectively 243 239
 Additional paid-in capital 197,623 192,539
 Cumulative translation adjustments (4,272) ( 1,065)
 Retained earnings 62,160 78,410
 Total 255,754 270,123
 Less:
 Treasury stock at cost, 573 shares and
 315 shares, respectively (10,793) (7,332)
 Subtotal 244,961 262,791
 Total $378,666 $354,357
 (1) Certain reclassifications have been made to the prior year consolidated balance sheet to conform with the current presentation.
 SYMBOL TECHNOLOGIES, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (All amounts in thousands, except per share data)
 Three Months Ended Year Ended
 Dec. 31 Dec. 31
 1992 1991(1) 1992 1991 (1)
 (Unaudited)
 Net revenues $ 82,596 $83,833 $344,940 $319,376
 Cost of revenues 44,065 40,732 173,567 153,519
 Amortization of software
 development costs 1,518 746 4,398 1,927
 Gross profit 37,013 42,355 166,975 163,930
 Operating expenses:
 Engineering 8,483 6,820 31,326 25,066
 Selling, general
 and administration 27,475 25,655 111,362 97,604
 Amortization of excess
 of cost over fair value
 of net assets acquired 511 673 2,697 2,653
 Restructuring costs 34,933 -- 40,933 --
 Total 71,402 33,148 186,318 125,323
 (Loss) earnings
 from operations (34,389) 9,207 (19,343) 38,607
 Other (expense)/income:
 Other income -- -- 3,200 --
 Other expense -- -- (4,768) --
 Interest income 60 178 472 933
 Interest expense (237) (599) (2,067) (2,817)
 (Loss) earnings before income taxes
 and cumulative effect of accounting
 change ($34,566) $ 8,786 ($22,506) $ 36,723
 (Benefit) provision
 for income taxes (10,788) 2,920 ( 7,000) 13,955
 (Loss) earnings before
 cumulative effect of
 accounting change ($23,788) $ 5,866 ($15,506) $ 22,768
 Cumulative effect of
 accounting change -- -- 744 --
 Net (loss) earnings ($23,788) $ 5,866 ($16,250) $ 22,768
 (Loss) earnings per share:
 On (loss) earnings before cumulative
 effect of accounting change:
 Primary ($0.99) $0.23 ($0.65) $0.91
 Fully-diluted ($0.99) $0.23 ($0.65) $0.90
 On cumulative effect
 of accounting change:
 Primary -- $ -- ($0.03) $ --
 Fully-diluted -- $ -- ($0.03) $ --
 On net (loss) earnings:
 Primary ($0.99) $0.23 ($0.68) $0.91
 Fully-diluted ($0.99) $0.23 ($0.68) $0.90
 Weighted average number of
 common shares outstanding:
 Primary 23,966 25,400 24,028 25,013
 Fully-diluted 23,966 25,484 24,028 25,295
 (1) Certain reclassifications have been made to the prior year consolidated statements of operations to conform with the current presentation.
 -0- 2/17/93
 /CONTACT: Michael G. Archambault of Symbol Technologies, Inc.,


516-244-4632/
 (SBL)


CO: Symbol Technologies, Inc. ST: New York IN: SU: ERN

WB -- NY098 -- 7481 02/17/93 16:04 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 17, 1993
Words:1012
Previous Article:SCRIPT SYSTEMS, INC REPORTS SIX MONTHS RESULTS
Next Article:RICHARD L. KEGG ELECTED VICE PRESIDENT TECHNOLOGY, MANUFACTURING DEVELOPMENT
Topics:


Related Articles
SYMBOL REPORTS THIRD-QUARTER NET LOSS
CHIPS AND TECHNOLOGIES REPORTS NET SALES OF $26.3 MILLION AND A LOSS FOR FISCAL FIRST QUARTER 1993
AEL REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS
VALENCE TECHNOLOGY REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS
DEVELOPED TECHNOLOGY RESOURCE, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 1993 EARNINGS
DEVELOPED TECHNOLOGY RESOURCE, INC. ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 1994 RESULTS
VALENCE REPORTS FOURTH QUARTER AND FISCAL 1995 RESULTS
VALENCE REPORTS FOURTH QUARTER AND FISCAL 1996 RESULTS
Check Technology Corporation Reports Third Quarter Results.
Check Technology Corporation Reports Fourth Consecutive Quarter Of Profitability; Increased Maintenance, Spares and Supplies Revenues and Lower...

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