Cognitronics Reports Record Third Quarter Net Income Equal to 31 Cents vs. 19 Cents
DANBURY, Conn., Oct. 28 /PRNewswire/ -- Cognitronics Corporation (Amex: CGN - news) today reported:
-- Record quarterly net income per share on a diluted basis for the third
quarter of 1999 equal to $.31 versus $.19 a year ago.
-- Record nine months net income per share on a diluted basis for the
period ended September 30, 1999 equal to $.78 versus $.58 in 1998.
For the quarter ended September 30, 1999, net income was $1,873,000, up 68% from $1,114,000 for the same quarter of 1998. Sales for the third quarter were a record $9.7 million in 1999 compared to $7 million in 1998.
The company said that the 37% increase in third quarter 1999 sales over the comparable 1998 quarter was attributable to substantially higher sales in domestic operations of McIAS 16xx series products, including sales of $2.3 million to Alcatel Indetal in Mexico, and a modest increase in sales of distributorship products in the United Kingdom.
For the nine months ended September 30, 1999, the Company reported net income of $4,668,000, up 33% from $3,499,000 for the same period in 1998. Sales for the nine-month period were $25.8 million in 1999, compared to $21.6 million in 1998.
''To date, the year 1999 has continued with a strong performance in the company's domestic operations,'' said Brian J. Kelley, president and chief executive officer of Cognitronics. ''Trailing earnings per diluted share for the twelve months ended September 30, 1999 were a record $.98.
''The company continues to make progress in the development and customer laboratory evaluations of its next generation CX voice platform. The CX product line is designed as a carrier-class intelligent peripheral for use in an Advanced Intelligent Network (AIN), as well as a packet switching environment. The use of packet switch networks, including ATM, TCP/IP, Voice Over Internet Protocol (VOIP) and frame relay, are being developed by a growing number of telecommunications carriers for telephone services. The CX product line will allow these types of packet networks to be provisioned with essential voice information applications. In addition to internal development efforts, the company continues to seek external resources, such as Lucent Speech Solutions' Text-to-Speech application, to further expand the capabilities of the CX product line,'' Kelley concluded.
Statements contained herein which are not historical facts are forward-looking statements. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks and uncertainties including, but not limited to, variability of sales volume from quarter to quarter, product demand, market acceptance, litigation, risk of dependence on significant customers, third party suppliers and intellectual property rights, risks in product and technology development and other risk factors detailed in the company's Securities and Exchange Commission filings.
McIAS is a trademark of Cognitronics Corporation.
Cognitronics is a leading manufacturer and supplier of voice information systems, including telephone network and call management products, to telephone operating companies, other telecommunications providers and original equipment manufacturers. |
