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(BSNS WIRE) Farmstead Telephone Group, Inc. Reports Year-End And Fourth Qua
Farmstead Telephone Group, Inc. Reports Year-End And Fourth Quarter Results;
Year-End and Fourth Quarter Revenues Increase 30% and 21% Respectively
Business Editors
EAST HARTFORD, Conn.--(BUSINESS WIRE)--Feb. 28, 2001--Farmstead
Telephone Group, Inc. (ASE:FTG, FTG.WS, FTG.WS.A, FTG.WS.B) today
announced operating results for the year and fourth quarter ended
December 31, 2000.
For the year ended December 31, 2000 revenues increased to
$42,786,000, a 30 percent increase over revenues of $32,871,000,
reported for 1999. Net income for the year was $1,753,000, or $0.54
per share, compared with net income of $57,000, or $0.02 per share, in
1999.
The Company reported a 21 percent increase in revenues for the
fourth quarter, totaling $11,144,000, compared with revenues of
$9,248,000 reported for the fourth quarter of 1999. For the quarter,
the Company reported net income of $944,000, or $0.29 per share,
compared with a net loss of $(390,000), or $(0.12) per share during
the same period in 1999.
The above results reflect a tax benefit of $455,000 realized
during the fourth quarter, from the reduction of deferred tax asset
valuation allowances. Excluding this benefit, net income for the
quarter was $489,000, or $0.15 per share. Net income for the year
excluding the tax benefit was $1,298,000 or $0.40 per share.
According to the Company, the increase in revenues was
attributable to a continued increase in business opportunities arising
from the Company's expanding role as an Avaya Inc. Authorized
Remarketing Supplier in Avaya's "Business Partner" program, as well as
significant growth in sales to other equipment resellers.
George J. Taylor, Jr. Chairman and President of Farmstead
Telephone, commented, " The management team at Farmstead is quite
satisfied with the Company's progress during the year and especially
our year end results. Because of our strong business relationship with
Avaya and our expanding customer base, we anticipate that we will be
able to continue our growth in both revenue and earnings for the
balance of our 2001 fiscal year."
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.
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Farmstead Telephone Group
Financial Highlights
Quarter Ended Year Ended
December 31, December 31,
2000 1999 2000 1999
---- ---- ---- ----
Revenues $ 11,144,000 $ 9,248,000 $ 42,786,000 $ 32,871,000
============ ============ ============ ============
Net income (loss) $ 944,000 $ (390,000) $ 1,753,000 $ 57,000
============ ============ ============ ============
Diluted net income
(loss) per share $ 0.29 $ (0.12) $ 0.54 $ 0.02
============ ============ ============ ============
Diluted weighted
average shares
outstanding 3,274,000 3,273,000 3,275,000 3,274,000
============ ============ ============ ============
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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 and prior releases are available on the KCSA Public
Relations Worldwide Web site at www.kcsa.com.
--30--jtp/ny*
CONTACT: Farmstead Telephone Group, Inc.
George Taylor, Jr., President and Chief Executive Officer
Voice: 860/610-6003
Fax: 860/610-6001
or
KCSA Public Relations Worldwide
Leslie A. Schupak / Joseph A. Mansi
Voice: 212/682-6300, ext. 207 / 205
Fax: 212/697-0910
e-mail: lschupak@kcsa.com
jmansi@kcsa.com
KEYWORD: CONNECTICUT
INDUSTRY KEYWORD: TELECOMMUNICATIONS EARNINGS
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