Printer Friendly

VIDEOCART ANNOUNCES SECOND QUARTER RESULTS

 CHICAGO, August 3 /PRNewswire/ -- VideOcart (NASDAQ: VCRTC) announced today net income of $10.5 million, or $.65 per share, for its second quarter ended June 26, 1993. A major component of the net income for the quarter was a non-recurring gain of $13.1 million, or $.79 per share, realized in connection with a debt restructuring completed in April, 1993. These results compare to a loss of $6.1 million, or $.55 per share for the prior year's quarter. Revenues for the quarter rose 41 percent to $1.6 million from $1.1 million during the prior year's quarter. For the six months ended June 26, 1993 the company reported a gain of $3.2 million or $.23 per share versus a loss of $10.4 million or $.94 per share for the prior year's six month period. Revenues for the six month period increased 96 percent from $1.6 million to $3.2 million.
 Results from continuing operations showed a loss of $2.6 million or $.14 per share for the second quarter versus a loss of $6.1 million, or $.55 per share for the prior year's quarter. Six month results from continuing operations were a loss of $10.5 million or $.63 per share versus a loss in the prior year of $10.4 million or $.94 per share.
 Indirect costs and expenses, adjusted for non-cash expenses (depreciation and technology conversion costs), declined by 26 percent as a result of cost reduction efforts undertaken during the second quarter. Total costs and expenses for the quarter declined to $4.0 million from $7.3 million during the prior year's quarter primarily due to a reduction in technology conversion costs. As a result of the company's expectations that the new touchscreen display unit will not be available until early 1995, the provision for technology conversion costs was reduced by $4.2 million.
 -0- 8/3/93
 /CONTACT: Mark Prior, investor relations, or Ed Herbert, media relations of VideOcart, 312-987-5000/
 (VCRTC)


CO: VideOcart Inc. ST: Illinois IN: REA SU: ERN

MP -- NY029 -- 8780 08/03/93 09:57 EDT
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:Aug 3, 1993
Words:349
Previous Article:MEDCO RESEARCH REPORTS SECOND QUARTER FINANCIAL RESULTS
Next Article:TAUBMAN CENTERS ISSUES SECOND QUARTER, FIRST HALF RESULTS
Topics:

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