| i have followed farmstead for a long time and they are now really kicking out some
numbers...the business from avaya is adding up to significant proftis...19 cents this qtr
alone...stock has about 3.6m out and trades amex around 1 9/16...this today:
(COMTEX) B: Farmstead Telephone Group, Inc. Reports Third Quarter and
B: Farmstead Telephone Group, Inc. Reports Third Quarter and Nine Months
Results; Q3 EPS $0.19 Vs. $0.13; Revenues Increased
EAST HARTFORD, Conn., Oct 30, 2000 (BUSINESS WIRE) -- Farmstead Telephone
Group, Inc. (ASE:FTG, FTG.WS, FTG.WS.A, FTG.WS.B) today announced operating
results for the third quarter and nine months ended September 30, 2000.
Revenues for the third quarter totaled $11,068,000, up 9% from $10,177,000 for
the same quarter last year, while revenues for the nine months ended September
30, 2000 totaled a record $31,642,000, up 34% from $23,623,000 for the same
period last year. The Company reported third quarter 2000 net income of $607,000
or $0.19 per share, and nine month net income of $809,000 or $0.25 per share,
compared to third quarter 1999 net income of $426,000 or $0.13 per share, and
nine month net income of $447,000 or $0.14 per share in 1999.
The Company said the higher third quarter and nine month revenues were
attributable to increased business opportunities arising from the Company's
expanding role as an Avaya, Inc. (formerly the Enterprise Networks Group of
Lucent Technologies which became a separate, independent company effective
October 1, 2000) Authorized Remarketing Supplier in Avaya's "Business Partner"
program. The Company also cited significant growth in sales to other equipment
resellers.
George J. Taylor, Jr., Chairman and CEO of Farmstead, commented "We continue to
show improved quarter over quarter operating results which we feel is due
primarily to the commitment of Avaya to rely more heavily on their indirect
channels as they transition from a direct sales business model to one that is
more balanced between direct and indirect channels."
Conference Call:
Mr. Taylor will discuss the Company's earnings results and other news discussed
herein in a group conference call Tuesday, October 31, 2000 at 10:00 a.m. EST.
To listen to the conference, please call 1(888) 792-1079. The call can also be
heard live as a webcast on www.vcall.com. A replay will also be available
beginning 1:00 p.m. EST, October 31, 2000, through 11:59 p.m. EST November 2,
2000, by dialing 1(888) 266-2081 Replay ID Code 4728718. The replay can also be
heard on www.vcall.com.
About Farmstead Telephone Group:
Farmstead Telephone Group, Inc., is an Authorized Remarketing Supplier of
Classic Avaya(TM) and new Avaya, Inc. business communications products. General
information about Farmstead Telephone may be found on the World Wide Web at
farmstead.com.
Farmstead Telephone Group
Financial Highlights
(Unaudited)
Quarter Ended 9/30 Nine Months Ended 9/30
2000 1999 2000 1999
---------- ---------- ---------- ----------
Revenues $11,068,000 $10,177,000 $31,642,000 $23,623,000
Net Income $607,000 $426,000 $809,000 $447,000
========== ========== ========== ==========
Basic and Diluted
Net Income
Per share $0.19 $0.13 $0.25 $0.14
========== ========== ========== ==========
Weighted Average Shares
Outstanding:
Basic 3,272,579 3,272,579 3,272,579 3,271,810
Diluted 3,273,870 3,272,808 3,274,644 3,276,116
This release contains forward-looking statements that involve risks and
uncertainties. In addition to historical information, investors should consider
carefully the risks associated with an investment in the Company's securities as
previously outlined by the Company in its prior filings with the Securities and
Exchange Commission.
This release is available on the KCSA Public Relations Worldwide website at
www.kcsa.com
CONTACT: Farmstead Telephone Group, Inc.
Robert LaVigne, Chief Financial Officer
860/610-6002
Fax: 860/610-6001
or
KCSA Public Relations Worldwide |
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