Printer Friendly

TELEMATICS INTERNATIONAL ANNOUNCES INCREASED SALES AND PROFITS FOR FIRST QUARTER 1992

 TELEMATICS INTERNATIONAL ANNOUNCES
 INCREASED SALES AND PROFITS FOR FIRST QUARTER 1992
 FORT LAUDERDALE, Fla., April 24 /PRNewswire/ -- Telematics International, Inc. (NASDAQ: TMAX) announced today that revenues for the first quarter of 1992 were $15,229,000, up from $14,574,000 for the comparable 1991 period, and net income was $884,000 or $.05 per share, compared to net income of $378,000 or $.02 per share for the corresponding 1991 quarter. The 1992 results include an extraordinary tax credit of $435,000 or $.02 per share.
 For the quarter ended March 31, 1992, the company realized income before taxes and extraordinary credit of $976,000, up 105 percent, as compared to $475,000 in the same period of 1991. Income from operations increased $318,000 to $1,001,000 for the three months ended March 31, 1992, primarily due to a $345,000 reduction in operating expenses, to $7,797,000 compared to $8,142,000 of operating expenses in the same period of the prior year. The results for the 1992 first quarter also include a $527,000 income tax provision which was partially offset by a $435,000 extraordinary credit resulting from the utilization of prior period net operating loss carryforwards.
 William A. Hightower, president and chief executive officer, stated, "It appears that the decisions made at year end 1991 are beginning to support improvement of the company's business fundamentals in 1992. Revenues in the first quarter of 1992 were up 4.5 percent over the same period in 1991 with domestic revenues up 32.0 percent offset by an 11.6 percent decrease in international revenues, primarily due to the weak economic conditions in Asia Pacific. The company achieved income from operations of approximately $1 million during the quarter ended March 31, 1992, up 47 percent, as compared to $683,000 in the same period of 1991. The March 31, 1992 balance sheet has improved from Dec. 31, 1991 with cash up $688,000 to $14,810,000, accounts receivable down $1,185,000 to $14,592,000, and working capital up $630,000 to $30,264,000 due to revenue growth as well as continued expense and asset management."
 On March 19, 1992, the company sold its 28 percent investment in and indebtedness from Network Automation Holdings Pty. Ltd. to a private Australian company for approximately Australian $1,220,000, which amount is due in 12 equal monthly installments beginning Jan. 31, 1993. Unless circumstances warrant recognition at an earlier date, the company plans to record this recovery as it is received.
 Founded in 1982, Telematics designs, manufactures, sells and supports a complete line of wide area networking products designed for voice and data communications applications and networks. The company's products include a full range of programmable packet switching systems, access communications processors, T1/E1 networking multiplexers and Frame Relay switches. Telematics has approximately 360 employees worldwide. Headquartered in Fort Lauderdale, Fla., Telematics also has facilities in five domestic locations and Basingstoke, England; Paris; and Frankfurt, Germany.
 TELEMATICS INTERNATIONAL, INC.
 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended
 March 31, March 31,
 1992 1991 (A)
 Sales:
 Systems $12,713 $12,125
 Service 2,516 2,449
 Total 15,229 14,574
 Operating costs and expenses:
 Systems cost of sales 4,653 4,203
 Services cost of sales 1,778 1,546
 Product development 2,608 3,148
 Sales and marketing 3,593 3,707
 General and administrative 1,596 1,287
 Total 14,228 13,891
 Income (loss) from operations 1,001 683
 Other income (expense):
 Losses on equity investment -- (181)
 Interest income 127 190
 Interest expense (1) (56)
 Foreign exchange gain (loss) (137) (197)
 Other (14) 36
 Total (25) (208)
 Income (loss) before income tax
 provision and extraordinary credit 976 475
 Provision for income taxes 527 97
 Income (loss) before
 extraordinary credit 449 378
 Extraordinary credit -- income tax
 benefit resulting from utilization
 of net operating loss carryforwards 435 --
 Net income (loss) $ 884 $ 378
 Earnings (loss) per share:
 Income (loss) before
 extraordinary credit $ .03 $ .02
 Extraordinary credit .02 --
 Net income (loss) $ .05 $ .02
 Weighted average shares
 outstanding 17,109 16,981
 (A) -- Results for 1991 reflect the elimination of extraordinary credit (income tax benefits resulting from utilization of net operating loss carryforwards) of $93,000 previously recorded based on projected taxable income for the full year and subsequently revised as the result of recording a loss for the 1991 year.
 TELEMATICS INTERNATIONAL, INC.
 CONSOLIDATED CONDENSED BALANCE SHEETS
 (In thousands)
 March 31 Dec. 31
 1992 1991
 (Unaudited) (Audited)
 ASSETS
 Current assets:
 Cash and cash equivalents $14,810 $14,122
 Accounts receivable, net 14,592 15,777
 Inventories 8,017 7,767
 Refundable income taxes 66 66
 Prepaid expenses and other 1,175 1,530
 Total current assets 38,660 39,262
 Plant, equipment and leasehold
 improvements, net 3,816 3,958
 Software production costs, net 6,650 6,373
 Other assets 1,753 1,634
 Total $50,879 $51,227
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 2,472 $ 2,973
 Accrued compensation 1,829 1,891
 Accrued expenses and other 3,686 4,415
 Income taxes payable 409 349
 Total current liabilities 8,396 9,628
 Shareholders' equity
 Preferred stock, $1.00 par value;
 authorized 5,000,000 shares,
 issued none -- --
 Common stock, $.01 par value; a
 authorized 24,000,000 shares,
 issued and outstanding 17,106,724
 at March 31, 1992 & 17,099,524
 at Dec. 31, 1991 171 171
 Capital in excess of par value 51,465 51,465
 Retained earnings (deficit) (9,153) (10,037)
 Total shareholders' equity 42,483 41,599
 Total $50,879 $51,227
 -0- 4/24/92
 /CONTACT: Miriam K. Frazer, chief financial officer and corporate secretary of Telematics International, 305-772-3070/
 (TMAX) CO: Telematics International, Inc. ST: Florida IN: CPR SU: ERN


JJ-AW -- FL004 -- 2275 04/24/92 08:29 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 24, 1992
Words:981
Previous Article:KELLOGG ANNOUNCES RECORD FIRST-QUARTER RESULTS
Next Article:CARTER HAWLEY HALE REPORTS FOURTH QUARTER AND FISCAL 1991 RESULTS


Related Articles
TELEMATICS INTERNATIONAL ANNOUNCES IMPROVED FOURTH QUARTER AND 1991 RESULTS
CIRCON ANNOUNCES FIRST QUARTER 1992 NET INCOME UP 207 PERCENT
MINE SAFETY APPLIANCES ISSUES EARNINGS
TUBOSCOPE CORPORATION ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
TELEMATICS INTERNATIONAL ANNOUNCES 53 PERCENT IMPROVED PROFITS IN SECOND QUARTER AND 71 PERCENT IN FIRST HALF OF 1992
TELEMATICS INTERNATIONAL DOUBLES PROFITS YEAR-TO-DATE 1992
TELEMATICS INTERNATIONAL POSTS RECORD PROFITS IN 1992
TELEMATICS INTERNATIONAL REPORTS RECORD FIRST QUARTER REVENUES AND INCOME
TELEMATICS ANNOUNCES RECORD SECOND QUARTER AND YEAR-TO-DATE REVENUES
TELEMATICS INTERNATIONAL ANNOUNCES RECORD REVENUES AND PROFITS

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