Here was the latest news I got, looks bad. I was totally out with
some losses, but better than waiting for the return of jedi.
PLEASANTON, Calif.--(BUSINESS WIRE)--April 7, 1997--YES! ENTERTAINMENT CORPORATION (Nasdaq
NM Symbol: YESS) today announced financial results for the fourth quarter and year ended December 31,
1996. The Company previously announced preliminary results on February 6, 1997.
Revenues for the fourth quarter were $19,576,000 compared to $26,702,000 reported for the fourth
quarter ended December 31, 1995. The net loss for the period was $13,856,000, or $0.99 per share,
compared to net income of $4,295,000, or $0.40 per share for the same year ago period.
Revenues for the year ended December 31, 1996 increased 25% to $69,699,000 from $55,673,000 for
the comparable period year ago period. The net loss for the 1996 year was $12,571,000, or $0.91 per
share, compared to net income of $3,478,000, or $0.41 per share for the year ended December 31, 1995.
YES! Entertainment Corporation develops, manufacturers and markets toys and other children's products,
including a variety of interactive products. YES! uses existing technologies to design innovative products
that are fun for children and build on their natural creativity.
This press release includes certain forward looking statements about the Company that are based on
management's current expectations. Actual results may differ materially as a result of any one or more of
the risks identified in the Company's filings under the Securities and Exchange Act of 1934, in particular in
the section captioned "Business Factors" of the Company's Form 10-K filed with the Securities Exchange
Commission for the year ended December 31, 1996.
YES! ENTERTAINMENT CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Audited) (in
thousands, except per share amounts) Three Months Ended Year Ended 12/31/96 12/31/95 12/31/96
12/31/95
Net sales $ 19,576 $ 26,702 $ 69,699 $ 55,673 Cost of sales 14,956 12,900 42,624 26,623 Gross profit
4,620 13,802 27,075 29,050 Operating expenses: Marketing, advertising and promotion 9,783 2,572
13,192 6,423 Selling, distribution and administrative 8,477 6,143 25,571 17,638 Total operating
expenses 18,260 8,715 38,763 24,061 Operating income (loss) (13,640) 5,087 (11,688) 4,989 Interest
and other expense, net (498) (607) (803) (1,326) Net income (loss) before provision for income taxes
(14,138) 4,480 (12,571) 3,663 Provision for income taxes (282) 185 -- 185 Net income (loss) $ (13,856)
$ 4,295 $ (12,571) $ 3,478 Net income (loss) per share $ (0.99) $ 0.40 $ (0.91) $ 0.41 Shares used in
computing net income (loss) per share 14,032 10,847 13,890 8,534
YES! ENTERTAINMENT CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands)
(Unaudited) Assets 12/31/96 12/31/95 Current assets: Cash and cash equivalents $ 1,572 $ 2,987
Accounts receivable, net of allowance for Doubtful accounts of $465 in 1996 and $432 in 1995 21,956
26,260 Inventories 26,194 12,050 Prepaid royalties 4,045 2,071 Prepaid expenses 1,868 1,903 Other
current assets 1,671 560 Total current assets 57,306 45,831 Property and equipment, net 3,869 2,769
Intangibles and deposits, net 276 270 Total assets $ 61,451 $ 48,870 Liabilities and Stockholder's Equity
Current liabilities: Convertible notes payable $ -- $ 2,000 Loans payable 16,712 10,125 Accounts payable
12,565 5,484 Accrued royalties 1,018 1,267 Accrued liabilities 879 1,012 Capital lease obligations due
within one year 16 87 Income taxes payable 182 185 Total current liabilities 31,372 20,160 Capital lease
obligations 14 29 Other liabilities -- 97 Stockholders' equity: Preferred stock, $0.001 par value: Authorized
shares - 2,000,000 at December 31, 1996 Issued and outstanding shares - none issued at December 31,
1996 -- -- Common stock, $0.001 par value: Authorized shares - 48,000,000 at December 31, 1996
Issued and outstanding shares - 10,738,710 in 1995 and 14,044,422 in 1996 14 69,511 Additional
paid-in capital from common stock 82,707 -- Accumulated deficit (52,656) (40,085) Less amounts
receivable from stockholders -- (842) Total stockholders' equity 30,065 28,584 Total liabilities and
stockholders' equity $ 61,451 $ 48,870 |
