TO ALL: EARNINGS REPORT
Monday October 21 6:30 AM EDT
Curtis Mathes Reports First Quarter Results
$499,000 First Quarter Profit
DALLAS, Oct. 21 /PRNewswire/ -- Curtis Mathes Holding Corp , a leader in television
technology, today announced the company's financial results for the quarter ending September 30,
1996. Curtis Mathes reported revenues of $2,090,383 for the quarter ended September 30, 1996,
versus $2,527,236 for the same quarter during the previous year. The net profit for the period was
$498,913, or $0.02 earnings per share, versus a net loss of $1,594,528, or $0.13 loss per share,
for the same quarter during the previous year.
"The company's first quarter net profit is attributable to several factors," said Shelton Richardson,
Curtis Mathes' chief financial officer. "First, we recognized income as a result of the deferred gain
related to the early payoff of debt, as previously reported in the company's June 30, 1996, Form
10-K. Secondly, our financing costs were lowered significantly due to the elimination of the previous
line of credit which was replaced with a more favorable line of credit. Lastly, the reduction of payroll
and related expenses through the streamlining of our workforce, and continued productivity
increases due to the consolidation of operations were also contributors to the company's first
quarter profitability."
Richardson continued: "The company's cash position has never been stronger. Curtis Mathes has
successfully concluded the raising of all outstanding private placements of its common stock and has
no immediate plans, or need, for any further offerings at this time. At present, the company is
prepared to move forward as new products are introduced to the marketplace."
This quarterly release may include forward-looking statements that may or may not materialize.
Additional information on factors that could potentially affect the company's financial results may be
found in the company's filings with the Securities and Exchange Commission.
Financial Table
Three Months Ended September 30,
1996 1995
Revenues $2,090,383 $2,527,236
Total net income (loss) $498,913 $(1,594,528)
Net income (loss) per share $0.02 $(0.13)
Weighted average shares outstanding 26,481,800 12,339,133
PAMELA (: |
