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VSI POSTS SECOND QUARTER REVENUES INCREASE OF 67 PERCENT

      VSI POSTS SECOND QUARTER REVENUES INCREASE OF 67 PERCENT
    NORCROSS, Ga., Nov. 18 /PRNewswire/ -- VSI Enterprises Inc. (NASD Bulletin Board: VSIN) announced a 67 percent increase in revenues for the quarter ended Sept. 30, as compared to the same period in 1990.
    Sales of videoconference systems and support services by the company's wholly owned subsidiary, Videoconferencing Systems Inc. (VSI), totaled $1,946,886 for the quarter, as compared to $1,167,607 for the same quarter in 1990.  Net income for the quarter was $126,089 or $.01 per share, as compared to a loss of $303,525 or $.03 per share for the second quarter of last year.  Revenues for the six-month period ended Sept. 30 were $3,756,115, representing a 100 percent increase over revenues of $1,873,766 for the same period last year, and net income for the six-month period was $254,716 or $.02 per share, as compared to a loss of $893,158 or $.09 per share for the same period last year.
    Paul A. Scott, president and chief executive officer of the Norcross, Ga., company, cited the company's continued refocus on direct sales and away from the reseller strategy previously employed as the primary reason for the increase in revenues.
    "This is the fifth straight quarterly increase in sales. solutions," Scott added.  "We are maintaining our strong marketing campaign to refocus the company and its image to the marketplace."
    VSI is a leading international manufacturer and integrator of high-quality videoconferencing systems, solutions, technology and services, providing a broad line of products and custom-design services.  The company's clients include U.S. governmental agencies as well as Fortune 1000 companies.
                  CONSOLIDATED STATEMENT OF OPERATIONS
                  VSI Enterprises, Inc. and Subsidiary
                          6 mos. ended            3 mos. ended
       (Unaudited)      9/30/91     9/30/90     9/30/91     9/30/90
    Revenue          $3,756,115  $1,873,766  $1,946,886  $1,167,607
    Cost of revenue   1,943,689   1,474,133   1,042,109     840,635
    Gross margin      1,812,426     399,633     904,777     326,972
       Operating expenses:
    Selling expenses    600,731     653,847     310,404     278,725
    Admin. expenses     681,849     275,671     341,476     161,459
    Research & devel.
     expenses           118,534     260,752      54,790     133,600
    Total oper. exps. 1,401,114   1,190,270     706,670     573,784
    Oper. profit (loss) 411,312    (790,637)    198,107    (246,812)
    Non-oper. expense  (151,597)   (102,521)    (69,018)    (56,713)
    Inc. (loss) bef. inc.
     taxes and extraord.
     credit          $  259,716  $ (893,158) $  129,089  $ (303,525)
    Prov. for income
     taxes              (99,991)        ---     (49,991)        ---
    Inc. (loss) bef.
     extraord. credit   159,725    (893,158)     79,098    (303,525)
    Extraord. credit
     resulting from
     utilization of tax
     loss carryforward   94,991         ---      46,991         ---
    Net inc. (loss)  $  254,716  $ (893,158) $  126,089  $ (303,525)
       Earnings per common share:
    Inc. (loss) before
     extraord. credit       .01        (.09)        .01        (.03)
    Extraord. credit        .01         ---         .00         ---
    Net income (loss)
     per share       $      .02  $     (.09) $      .01  $     (.03)
    Wtd. avg. shares
     outstanding     13,218,158  10,480,000  13,279,270  10,480,000
                       CONSOLIDATED BALANCE SHEET
       (Unaudited)                        9/30/91        3/31/91
       ASSETS
       Current assets:
    Cash and cash equivalents          $   47,159     $   52,402
    Accounts receivable                 2,747,592      1,212,528
    Inventories, less reserve for
     obsolence of $263,377 and
     $284,322, respectively             1,319,936      1,021,392
    Inventory-Rental/Demo less
     reserve for depreciation
     of $124,150 and $86,791,
     respectively                         410,554        314,542
    Prepaid expenses                      113,207        122,311
    Total current assets               $4,638,448     $2,723,175
    Property and equipment, at cost
     less accumulated depreciation
     and amortization                     342,673        300,893
    Other assets                           30,388         20,570
    Total                              $5,011,509     $3,044,638
       LIABILITIES AND STOCKHOLDERS' EQUITY
       Current liabilities:
    Notes payable                      $1,439,801     $  675,931
    Accounts payable                    1,203,296      1,009,369
    Accrued expenses                      671,245        289,363
    Sales contract advances               358,403         93,472
    Total current liabilities           3,672,745      2,068,135
    Deferred rent                          75,788         75,788
    Long term portion-notes payable         5,842            ---
       Stockholders' equity:
    Common stock, $.00025 par value,
     authorized 15,000,000 shares,
     10,690,526 and 10,480,000 issued,
     respectively                           2,673          2,620
    Series A redeemable preferred stock,
     $.00025 par value; authorized 800,000
     shares issued and outstanding 400,000
     shares                                   100            100
    Series B redeemable preferred stock,
     $.00025 par value; authorized, issued
     and outstanding 24,400 shares              6              6
    Additional paid-in capital          5,861,816      5,760,166
    Accumulated deficit                (4,607,461)    (4,862,177)
    Total stockholders' equity          1,257,134        900,715
    Total                              $5,011,509     $3,044,638
    -0-                 11/18/91
    /CONTACT:  Paul Scott or Ginger Ausban of VSI Enterprises, 404-242-7566; or Rick Gove of Fleishman Hillard, 404-659-4446, for VSI Enterprises/
    (VSIN) CO:  VSI Enterprises, Inc. ST:  Georgia IN: SU:  ERN BN-BR -- AT003 -- 1346 11/18/91 10:49 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.

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Date:Nov 18, 1991
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