Printer Friendly

U.S. ROBOTICS REPORTS 55 PERCENT ANNUAL PROFIT INCREASE; FOURTH QUARTER EARNINGS UP 50.7 PERCENT

      U.S. ROBOTICS REPORTS 55 PERCENT ANNUAL PROFIT INCREASE;
            FOURTH QUARTER EARNINGS UP 50.7 PERCENT
    SKOKIE, Ill., Nov. 8 /PRNewswire/ -- U.S. Robotics, Inc. (NASDAQ: USRX) today announced its financial results for the fourth quarter and fiscal year ended Sept. 30, 1991.  This was U.S. Robotics' first disclosure of earnings as a publicly held corporation, following its public offering of stock on Oct. 11, 1991.
    Revenues for the quarter ended Sept. 30, 1991 were $21,609,000, an increase of 35.9 percent over the $15,899,000 for the same quarter of the previous year.  Net income was $1,853,000 compared to $1,229,000, a 50.7 percent increase.  Earnings per share were $.22 on 8,357,606 weighted average shares compared to $.12 on 10,649,846 weighted average shares for the same quarter of the prior year.
    Revenues for the 1991 fiscal year were $78,787,000, a 39.8 percent increase over the $56,359,000 for the corresponding period last year. Fiscal 1991 net income was $7,343,000, or $.78 per share on 9,457,954 weighted average shares, versus $4,727,000, or $.44 per share on 10,674,671 weighted average shares, an increase of 55.3 percent.
    "We are pleased with our continued growth and success," said Casey Cowell, chairman, president and CEO.
    U.S. Robotics, Inc., is a leading designer, manufacturer and marketer of data communications hardware and software.  Product lines include the Total Control modem management system and BLAST software products for central data sites; Courier modems for corporate users; WorldPort portable modems for traveling professionals; and Sportster modems for small business, home office and entry-level users.  Both corporate headquarters and manufacturing operations are based in Skokie, Ill.  U.S. Robotics owns and operates Miracom Technology Ltd., Slough, England, Communications Research Group, Baton Rouge, La., and U.S. Robotics, s.a., Lille, France.  The company markets its products to business, industry, government agencies and original equipment manufacturers.
                   U.S. ROBOTICS, INC.
           INCOME STATEMENT 1991 FISCAL YEAR END
                          QUARTER ENDED            YEAR ENDED
                       9/30/91     9/30/90      9/30/91   9/30/90
    Net sales        $21,608,931  $15,898,739 $78,786,807 $56,359,105
    Cost of goods
     sold              9,708,741    7,790,763  36,493,934  28,552,486
    Gross Profit      11,900,190    8,107,976  42,292,873  27,806,619
    Operating expenses
     Selling and
      Marketing        4,352,066    2,957,514  14,604,162   9,715,773
     General and
      administrative   2,037,936    1,508,146   7,817,389   4,881,720
     Research and
      development      2,333,990    1,378,964   7,158,601   4,671,288
     Total             8,723,992    5,844,624  29,580,152  19,268,781
     Operating profit  3,176,198    2,263,352  12,712,721   8,537,838
    Interest income     (255,065)      (7,198)   (426,779)    (84,397)
    Interest expense     343,768      118,153     719,272     558,141
    Other expense        (32,540)      63,089     277,551     240,727
     Earnings before
      income tax       3,120,035    2,089,308  12,142,677   7,823,367
    Income tax expense 1,267,000      860,000   4,800,000   3,096,000
     Net earnings      1,853,035    1,229,308   7,342,677   4,727,367
    Earnings per share      0.22         0.12        0.78        0.44
    Shares used in per
     share calculation 8,357,606   10,649,846   9,457,954  10,674,671
    -0-       11/8/91
    /CONTACT:  John McCartney or Ross Manire of U.S. Robotics, 708-982-5010/
    (USRX) CO:  U.S. Robotics, Inc. ST:  Illinois IN:  CPR SU:  ERN JT -- NY073 -- 2779 11/08/91 18:18 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:Nov 8, 1991
Words:615
Previous Article:THE TORONTO STOCK EXCHANGE MARKET CLOSING
Next Article:ALBERTA NATURAL GAS COMPANY LTD ANNOUNCES RESULTS
Topics:


Related Articles
LENNAR ANNOUNCES 69 PERCENT INCREASE IN FOURTH QUARTER EARNINGS AND 55 PERCENT INCREASE IN ANNUAL EARNINGS
GE 1991 UNADJUSTED EARNINGS PER SHARE UP 5 PERCENT; FOURTH QUARTER EARNINGS PER SHARE UP 3 PERCENT
GRACO REPORTS 1991 OPERATING RESULTS
FOURTH-QUARTER MICHIGAN CORPORATE PROFITS: BACK IN THE BLACK
U.S. ROBOTICS SALES UP 44 PERCENT FOR THIRD QUARTER EARNINGS UP RECORD 64 PERCENT
U.S. ROBOTICS SALES UP 43 PERCENT FOR YEAR EARNINGS INCREASES 49 PERCENT
U.S. ROBOTICS ANNOUNCES SALES INCREASES 33 PERCENT FOR FIRST QUARTER; NET EARNINGS INCREASES 41 PERCENT
U.S. ROBOTICS SALES INCREASE 69 PERCENT FOR THIRD QUARTER SALES UP 47 PERCENT FOR NINE MONTHS
U.S. ROBOTICS ANNOUNCES YEAR END RESULTS WITH RECORD SALES AND EARNINGS SALES INCREASE 123 PERCENT FOR FOURTH QUARTER, 68 PERCENT FOR YEAR

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