Another version of earnings press release:
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
Dallas-based Curtis Mathes manufactures and markets consumer and industrial electronic display products. The company specializes in consumer televisions with screen sizes up to 50 inches. For the commercial market, Curtis Mathes has an easily transportable projection unit with a 10-foot diagonal screen. All products maintain the company's reputation for reliability and quality. SOURCE Curtis Mathes Holding Corporation
BACK TO ME **************************
This last paragraph gives me some concern. They talk of their product offerings but no mention of Uniview. Makes no sense.
Jim |
